February 20, 2020
How to Maintain Attrition During a Dental Practice Transition
Confidentiality is key during the dental practice transition process, especially when it comes to maintaining attrition rates of both patients and staff alike. Buyers and sellers may be equally excited to pass the proverbial torch, but if not done properly, both parties will suffer the consequences. Here’s how to handle the transitionary period to make sure all involved are on board for the ride.
How to handle
Especially in the case of retirement, it can make financial and logistical sense for the current owner to stay on for a transitionary period to reinforce to the staff and patients that they are in good hands with the new dentist. Limited office hours for a month after the sale will give the seller the opportunity to introduce patients to the buyer and offer advice on operating the dental practice.
The transitionary period typically lasts for three months but perhaps longer, such is the case when selling to a dental service organization (DSO) so the seller can stay on with the practice but wants to release managerial responsibilities. Similarly, since financing and purchase price depend on patient retention after the sale, notifying your patients needs to be done properly and in a timely manner.
What to do
During this time, it is up to the selling dentist to provide introductions in the form of a letter to patients, hosting an open house or writing a newspaper announcement. Not only will all these steps help put patients at ease and afford opportunities to learn about the new dentist, but it also becomes great marketing for the dental practice.
Contact the experts at Professional Transition Strategies to help guide you throughout the dental practice transition process.