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How Much Is My Practice Worth?

February 22, 2019 Rebecca

4 Steps for Practice Success

Regardless of your transition goals, it’s never a bad idea to hire a consultant to take a step back and evaluate your practice. Where do you stand, and where could you afford to go? Start envisioning your dream dental practice now, and follow these four steps along the way.

Evaluation

When hiring a consultant, the first step is a deep analysis of a practice’s business procedures and value on the market. The in-depth analysis includes as many site visits as necessary to collect data and assess the situation first-hand. The end result is a written document in booklet form that discusses in detail every business aspect of the practice, including effectiveness against potential in production, collections, and marketing. A full appraisal values the practice in its present state, in addition to an assessment of the doctor’s personal retirement planning, if appropriate, as well as recommendations to improve business operations where advisable and to raise the overall value of the practice. 

Strategic Planning

The analysis provides a guide from which to determine the best course of action to pursue. There is no one-size-fits-all solution so a custom-tailored approach is taken to present many options depending on the direction the doctor wants to take their practice. Solutions are then discussed during a practice solutions meeting when the physician or doctor will determine where they want their own practice to excel and will budget their time and effort accordingly. 

Implementation

A strategic plan will only get you so far; the steps must be put into place while being walked through the process. A custom-tailored program is designed by the doctor and implemented by the consulting team working with the doctor and their staff. Acting as a true partner in the process, the consultant implements the ideas in a yearlong program to help build the practice of your dreams, whether that means bringing more patients into the office, determining financial arrangements, building a high-quality team, or transitioning your practice.

Consulting

Consulting is not the process of determining what is wrong, what the solution is, or even the implementation of a change. True medical or dental practice consulting not only includes all those steps, but also manages the change over time. This long-term care is the exact type of care that you give to your patients. An experienced consultant will be able to navigate the mature relationships, expertise, drive, and partners who will be able to ensure the doctor of the realization of the practice’s goals and growth.

What’s next?

Contact the experts at Professional Transition Strategies to figure out your next steps and start assembling your transition dream team.



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