December 19, 2022
Top 5 Dental Practice Transition Searches in 2022
Whether you’re looking to buy or sell a dental practice, chances are, you’ve turned to your search engine to figure out where to start. Well, we’ve done the research for you to help point you in the right direction. Read on for the top search results for dental practice transitions, then where to go from there.
“What is a dental practice transition?”
Maybe you’ve probably already decided that selling your dental practice is the best option at this point in your career, whether it’s for retirement or managerial purposes. But if you don’t know or haven’t started exploring all your options yet, it’s time to work with a dental practice broker to learn the different types of dental practice transitions, each of which comes with its own set of factors and timeframes. There’s no one way to ensure a successful transition of ownership but a professional broker can help answer all your questions.
“What are the current trends in dentistry?”
The past two years have certainly had their ups and downs with so much unpredictability during unprecedented times, but in the world of the dental industry, there are a lot of trends and technology to keep up with. If you haven’t already explored augmented reality, artificial intelligence or 3D printing at your dental practice, now is the time. One trend that isn’t going away anytime soon: dental service organization (DSO) consolidation. Yes, DSOs are always increasing in popularity, but when the pandemic forced many established dentists to consider early retirement, it paved the way for a new generation. The practices that are being bought up and sold to DSOs are making it more affordable for dental school graduates to focus their efforts on attracting new patients and offering the latest technology.
“What makes a dental practice profitable?”
If you’re still following the business model you established for your dental practice 20 years ago, you’re missing countless opportunities to increase your profits. General inflation, your current patient base and your competition are just a few reasons why it’s important to focus on the “now” of your dental practice. It all comes down to cutting overhead costs, preparing for an inevitable transition of ownership, how you train your staff, and establishing a plan to grow your services and practice in the long run.
“How can I make my dental practice stand out?”
In a competitive environment, it can feel like bigger dental practices have bottomless marketing budgets. In order to grow your business, a smart tactic can be to look at other industries for ideas and inspiration. Personalized marketing and online efforts are just scratching the surface of how you can reach new patients. One specific area to look at is your website. Above all, your website should answer questions upfront and be marketed appropriately. Rather than trying to add this task to your already-full plate, a professional marketing company can make the technology work for you. And, in a completely different direction, don’t discount the impact your dental practice can have in giving back to your local community.
“How do I transition my dental practice to a DSO?”
It would be seemingly impossible to begin the process of selling your dental practice without considering DSO. Sure, any good dental practice broker will point out the advantages and disadvantages of selling to a DSO. But even if you are sold on the idea of affiliating with a DSO, there are some considerations you’ll need to take into account first. A professional broker will walk you through the different types of DSOs, what DSOs look for when purchasing dental practices, why DSOs can pay more for a dental practice than a single practitioner and even the reasons to sell your dental practice to a DSO if you’re not yet ready to retire.
Only time will tell what 2023 has in store for the world of dental practice transitions. Contact the experts at Professional Transition Strategies to start the new year off on the right foot.