It is probably one of the biggest decisions a dentist has to make while purchasing a dental practice and there are some steps you should climb carefully to make the right decision which would satisfy all your need. The number of years of experience that you have in the field of dentistry does not matter when it comes to practice management. As Robbie Rothenberg suggests here, you have to be diligent and rely heavily on others and also review all the key information so that you are sure that finally, you are going to make the right choice for the stability of your professional future as well as your financial health.
There are some demographic considerations to be made before the buying of the dental practice. After you have identified one or more than one such practices that you may be interested in buying, you have to assess a list of data and analyze them as well. All these data include both financial and the demographic aspect of the property which must be wisely calculated. To start with, you must see and consider the size of the property as it is obvious that a practice that can house two thousand patients has more potential than one that can hold only two hundred of them.
Delving deeper into such data, you must analyze the zip code of the property so that you can predict, roughly if not accurately, the number of your patients that would leave you during the transition in the ownership of the property. This is applicable even more to the patients who would want to stay close to their family and home during treatment. Next thing to analyze is the age of the patients along with the type of treatment undergone. The last demographic information that needs careful review is the number of new patients that your practice is providing to you to understand the growth of your business.
When you move forward after taking the ownership of the new property being satisfied with the negotiations and the price of it with the present owner you have to consider some steps to ease the process of transfer and ensure a smooth handover. Get a knowledgeable attorney to review all the agreements and also to decide how the account would be handled during the money transfer. The payment of the vendor bills, dealing with the unpaid vacation time of the staff, accessibility of the seller to the office and its limitations and much more must also be considered carefully.
You must also decide about the time when you should inform the patients about the transfer. All these transitional processes would make it easier for you to plan ahead for a developmental strategy for your business in a new place. The arrangement of all documents like payroll services and HR policies, patient management software and bookkeeping all should be in place and order from the day one. Therefore, get hold of a good realtor which you can only do if you conduct some research regarding reliability, credibility, knowledge, and skill in dealing with real estate.
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