When it comes to selling your dental practice, don’t rule out the option to sell to a dental service organization. Here’s what they look for.
Relocating your dental practice is much more than just packing up your boxes and moving. There are a lot of steps that need to take place before the big move in order to ensure a successful outcome for both your staff and patients. Here are just a few ways to set yourself up for success.
Review your lease
One of your main goals during an office relocation is to have little to no dark time between your move to ensure revenue doesn’t take a hit. By reviewing the terms of your current lease, you can stay in your current location until your new office is up and running. Most importantly, after figuring out a date for the move, don’t forget to notify your current landlord that you are terminating or not extending your lease.
After choosing a moving company that has experience moving large and fragile equipment, create an inventory of your office contents and a diagram of where you want all equipment and furniture to go in the new space. Your best bet is to plan to be at the new office the day of the move to oversee the entire process, including the placement and handling of furniture and equipment. Don’t forget to get moving insurance as renter’s insurance doesn’t always cover damage to furniture or equipment during a move.
Delegate responsibilities among your staff and use this opportunity to declutter your office by getting rid of anything you no longer use or need. Additionally, use this time to update your patient records, including removing inactive patients records. This is also an ideal time to have your accountant review your budget as not only is the physical cost of a move expensive, but the new location can also skew your current budget in terms of a higher lease rate, especially if you moved to a more desirable area or into a larger space.
To minimize your attrition rate, be sure to notify your patients of the upcoming move by displaying a “We are moving” sign in your waiting room, as well as a banner and accompanying map of the new location on your website. Also send out a mass letter or email to all patients detailing your move, including the new address, date of opening, and highlights of your new location. Staff should also mention the move to patients at every opportunity as soon as the announcement is made. Consider even throwing an “office-warming party” to get patients and staff excited about the change.
Learn about the considerations that need to be made when relocating your dental practice. Then, contact the experts at Professional Transition Strategies to ensure a successful transition when looking to relocate your dental practice.
Whether you are relocating your dental practice across the street or across the country, it is important to have your relocation strategy in place before the big day. There are many reasons why one may decide to move their practice from its current location, including the sale of the building, lower rental rates, and upgraded space. Here are some additional considerations to make before packing your bags.
Before settling on a location, ask yourself: What is the average income level of the residents within a five-mile radius? What is the age of the residents? Is the area growing with new homes and businesses, or is it declining or staying stagnant? Does the traffic volume warrant visibility that allows good signage for your practice?
As with any business, it is important to analyze the competition around you before making the move. Be sure to figure out if there are competing dental practices in proximity of the location you are considering. If you are relocating to an area with competition nearby, consider what your unique value proposition is and what will help you stand out amongst the crowd. Also, keep in mind the dentist-to-patient ratio. How many other dentists are in the area? Is the dentist to patient ratio high or low?
In order to minimize patient and staff attrition, try to stay as close to your current location as possible. However, if your current area is not ideal and your practice isn’t ideally established in terms of patients and staff, consider moving to a better area where your practice has a better chance to grow.
When relocating your business, you will need to take all aspects of the new building into account. Consider the accessibility of the practice for your patients. Is the parking adequate for patients and staff? Where will signage be visible? Is there opportunity for expansion if you choose to grow?
Use this opportunity to grow your patient base in your new neighborhood by becoming immersed in the area and market to the community. Make sure to get your name and your brand out in front of all potential clients.
Contacting the experts at Professional Transition Strategies will only ensure a successful transition when looking to relocate your dental practice. Start the conversation now.
You’re in the home stretch! You’ve made your list and checked it twice; now it’s time to buckle down as your dream becomes a reality. Here, we break down the final steps to opening your dental office doors.
5 months before opening
It’s selection process time as you finalize your dental equipment, including an instrument management system, record-keeping and business management software, interior finishes and issue drawing for bidding, and bids on leasehold improvements form contractors, including completion dates.
4 months before opening
Contingent on passing boards and obtaining finances, sign the contract for leasehold improvements and place order for all major equipment and dental supplies. After getting a telephone listing and starting a website, evaluate telephone and answering systems. Review patient management software options, state dental act and codes of ethics, and personnel needs. Lastly, obtain provider numbers for Medicaid, Delta, or other service corporations.
3 months before opening
Now is the time to apply for a narcotics license, professional or occupational license, business permit, tax numbers, dental society memberships, and staff privileges. Confirm timeline of construction and equipment and supply orders to make sure everything is on track. Then, arrange for a telephone number and phone book listing, as well as installation of utilities, in addition to ordering a computer system, patient management software, stationery, business cards, prescription pads, and other office supplies.
2 months before opening
Explore laboratory, pharmacy, and even janitorial options, and arrange for maintenance and uniform and linen service as it all winds down. Complete your fee schedule and payment policies, as well as an application for membership with your state’s insurance provider plans. Join a local credit bureau, make credit card arrangements, and decide which specialists you will refer patients.
1 month before opening
It’s crunch time to hire and train personnel, inspect and test all equipment and work, place and send office opening announcements in online and print publications, arrange for the inspection of the office required by city or county officials, and plan an open house. Then, let the patients roll in!
With so many established dental practice transition options, it’s a natural inclination to take that route. But new dental school graduates especially are in a good position to establish a startup. Breaking down the steps to dental practice ownership can be manageable when following a time table. Here’s how.
9–12 months before opening
As with any major life purchase, start by evaluating your personal financial situation and develop a budget. Then, finalize the city or community in which you want to practice, evaluate alternative locations in the area, conduct a preliminary appraisal and demographic analysis, and review leases with an attorney, as well as confirm that the location meets all zoning requirements. During this time, be sure to think big picture by identifying your personal goals and preferences for a practice, developing a philosophy of practice, and evaluating practice alternatives.
8 months before opening
Start by assembling your team of advisors, including a local broker, attorney, and certified public accountant, all of which should ideally have experience with dental practices. After signing a lease, develop a list of major equipment needed and necessary remodeling upgrades, in addition to determining a desired delivery system.
7 months before opening
Perhaps most importantly, you’ll need to apply for a loan, starting by developing a preliminary loan package with the help of your lender. Be sure to shop around to get the best rates. Get estimates from contractors on pricing and options for office improvements.
6 months before opening
Your dream starts to become a reality as you finalize the loan package, approve office improvements, develop an office policy and procedure manual, and determine the hours of operation for your practice.
You’ve studied for the past eight years and now finally have that much coveted dental degree in hand. Now what? Even if your dreams are to own your own practice, there are other options to consider and a few steps you might want to take first. Here, we break down some options for dental school graduates to add to their list of considerations.
Build an advisory team
Assembling a team of advisors to help guide you through every step of the process will ensure the success of your business is established from the beginning. As with any team, you’re only as strong as your weakest link, so it’s important to choose advisors who have experience in the dental industry, such as a consultant, technology advisor, real estate broker, equipment and supply representatives, CPA, and attorney.
Make sure that your lifestyle works with the location you are considering, whether in a metro or rural area. Also consider the old real estate adage of “location, location, location” also applies to your dental practice when considering a purchase. Evaluate whether you want to lease or buy, your timeframe, and size requirements, as well as how much sweat equity you are willing to put in.
Arguably most importantly, get licensed in your desired area, if you are not already. If you are not currently licensed in the state in which you want to practice, learn the process. Do you need to take an exam? How much will it cost? Do you have the correct insurances? How long will it take?
Purchasing a dental practice isn’t a cut-and-dry process. There are seemingly endless transition options, from buy-outs and buy-ins to associateships and affiliations, as well as options tailored specifically toward dental school graduates, such as establishing a start-up or working for the military, school, or government.