Wednesday, 10 April 2013 13:20
Maryam Beyramian, DDS
The process of acquiring a new practice can become overwhelming. In this 4-part series, we will look at different practice transitions, including distressed and traditional sales, associate buy-in and buy-outs, and practice mergers. For this first part, we will discuss the basics of all practice transitions, the numbers and our emotional need.
Regardless of the type of purchase—traditional, distressed, or transitional—the basic elements of the evaluation process will remain consistent, evaluation of the numbers: new patient flow, hygiene recall, production and collection, and accounts receivable. The fifth, and possibly the most important factor to consider, is personal and emotional needs. What kind of patient population do I want to treat? Not necessarily, where do I want to practice, but what demographic am I most interested in treating? The physical location of a practice may not necessarily determine the type of dentistry you will be practicing. The demographic of the population, age, income status, and dental IQ will determine your practice’s tone. Each transition type will meet different emotional wants and needs of the dentist and for this reason not all practice transitions are the right type of transition for every dentist.