April 13, 2020
Webinar: “Returning To Your Practice”
Every so often, Professional Transition Strategies (PTS) hosts a webinar for dental practices. On April 6, PTS President Kyle Francis hosted a webinar addressing the current state of affairs during the COVID-19 pandemic and how to return to your dental practice. Here are the key takeaways.
Stick to the facts
It’s easy to get carried away with predictions and speculations, but in trying times, it’s important to focus on what we know and how these situations compare to what we’ve already been through, such as the 2008 financial crisis and even natural disasters, as well as stay on top of news related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and your practice’s earnings before interest, taxes, depreciation and amortization (EBITDA).
Stay in the now
It’s impossible to predict what will happen in a month, never mind next week. Make changes to your office and staff that will impact your practice in its current state, whether that means laying off, furloughing or reducing staff hours, as well as “winterizing” your office with cerac, vacuum protocol and shocking your lines.
Communicate, communicate, communicate
Information is king right now, so be sure to keep your team, patients and referral networks all in constant open and honest communication, as much as weekly. Deadlines are a moving target at this point for all those involved, so just communicate with your group as you would want to be informed.
Be opportunistic and strategic
Above all, spend time thinking about what you want when this is over, come up with a plan and figure out what you can do at the moment to put the gears in motion, perhaps by ordering a prospectus. Also, think about if you are in the location that is best suited for your practice. Is an associate or partner in your future? Now might also be a good time to leverage debt for growth.
Learn more about the dental transition process in an upcoming webinar, then contact the experts at Professional Transition Strategies to learn about the next steps.