Everyone is familiar with the idiom, “a picture is worth a thousand words.” Well, you can think of your dental practice’s office design in much the same way. The best way to value your practice is to list all the hard assets on an excel spreadsheet and assign a fair market value to them. Want to sell used dental equipment? Your lawyer can help you draft a standard NDA. Transition professionals are there to address your specific concerns and guide you through the entire process. Work in tandem with the new physician for 30-60 days and personally introduce your patients to the new provider. I think the prices are extremely high. But consider staying on a little longer to smooth out the transition process. They usually own 30 to more than several hundred dental practices under one or more corporate ownership/management organizations. My current dentist has about 20 people in the office staff in a huge new building. . And in order to attract new dental patients, a practice must offer a competitive product at competitive pricing, along with convenient quality services – all backed by a solid dental marketing plan. Dentists are looking for ways to improve their profit margins and increase their hourly earning capacity. Because of our extensive portfolio of successful transactions, we are able to be your go-to resource for market insight, location assessment, and practice valuation knowledge. Appraisers are just what the name says. Selling your dental practice is one of the biggest moments in your career and you only have one chance to do it right. Have you placed an implant in the past 3 months? Our experts at PTS are extremely experienced when it comes to correctly structuring a sale. The top 3 DSOs in the US right now are Heartland Dental, Aspen Dental, and Pacific Dental … DMOs have been in the market for more than 20 years. A copy of this post will be emailed to the administrators. 8. Which path i... A scratch practice that's completely out of network. Send a letter to all your patients stating that you have sold your practice to a new provider and include a biographical sketch of the new provider. When marketing your dental practice for sale, highlight these competitive aspects! Thousands of dentists nationwide have chosen Henry Schein Professional Practice Transitions (Henry Schein PPT), a subsidiary of Henry Schein, Inc. to help them close the deal. Listing your practice on Clineeds is a great way to put your practice in front of thousands of healthcare professionals for FREE! ... Our experienced staff will arrange the best method for shipping. Peg Lateral as Abutment for a 3-Unit Bridge? It’s a process that typically takes years and often hinges on firming up the financial plan of the owners. 3. Your email address will not be published. Patient referrals are key. If you're selling something of lower value your cost-of-sale could be too high, so find somebody you can piggyback on, where your product complements what they have even if it means giving away half the revenue to them. Selling to a Dental Service Organization, or DSO. Our team at PTS is experienced, provides high-quality representation, and here to answer any questions you may have. We have “been there and done that”, so we know how to streamline the process. Fact: Many recent graduates do not have the financial resources to purchase a practice. When I … Once you’re ready to list your dental practice for sale, you’ll need an accurate assessment of the fair market value of your dental practice. Myth: I run an extremely profitable dental practice (for example, making $250,000/year after expenses). While buying or selling the oral practice, there is a need for clear-cut examination of every […] An Efficient Way To Sell A Dental Practice | Online Drifts: Guest Posting Site When the age of retirement comes people tend to sell their dental practice to a really good hand who can perform everything well. You can have an exciting, yet profitable, conversation when empowered with knowledge. Host a meet-and-greet day for your patients to interact with the new provider. Finding and connecting with the right buyer is no simple task! These are specialized accountants that will give you the fair market value of your practice. It’s definitely to your advantage to hire a lawyer who has experience in the healthcare industry, understands healthcare regulations (Stark Law/Anti-Kickback Laws), and has worked on similar transactions. I have been valuing dental practices for over 30 years as a CPA, selling dental practices for 12 years as a broker, and teaching top business valuation experts the esoteric art and science of dental practice valuation for over 20 years. Site Raptor New Patient Marketing System, Special Offer For Townies: Free Website ($995 Value). The best way to sell a dental practice Posted on February 07, 2017 in Articles & Frank Taylor & Associates Lis Hughes, Managing Director of Frank Taylor Associates, outlines some of the most common mistakes when selling a practice…. Have them ready and organized in a binder for review. In order to encourage more patients to buy your annual dental plan, you can offer large discounts on expensive dental treatments to make them more affordable for your dental plan members. One of the most overlooked part of the Dental Practice Sales process is the sales negotiation. 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