Transition Is A Must As Time Waits For None!

Transition Is A Must As Time Waits For None!

Sep 01, 2019

Dental practice transition is not possible unless that someone else wants to buy. There are many factors that need to work in your favor for selling a practice.

Dentistry is defined as the branch of science which deals with the healing of teeth including the prevention, diagnosis and cure of the disease along with the restoration of the affected teeth. It is usually performed by dentists with a backup of the team. Like any other profession, Dentistry also requires the basic parameters which mark its success resulting in Saleable Dental Practice.

Understanding True Practice Transition:

In simple terms, it is a comprehensive process of incorporating another investor in your practice by either profit sharing or by transferring the ownership of the business on a decided future. It is different from an immediate sale in the sense that a transition is implied on either the growth strategy or a later sale out a strategy or maybe a combination of both these factors in the near future as decided by both the parties.

However, this practice transition is more relationship-oriented because here both parties must have worked together for a certain period before the partnership or eventual buyout. This process is unique because no two parties can be the same and therefore must share a common vision to make the venture a success.

The beginners in the transition process must follow certain ground rules:

  • They must follow a balance between work and life.
  • The goals must be defined for the particular kind of dentistry one is involved in.
  • A thorough examination of the relationship between the mentor and the Startup the dentist.

Role of Dental Support Organizations

A collaboration between a Dentist and A DSO not only promotes the business of the dentist but also helps him in providing affordable care and to lay importance on treating their patients completely especially for the working-age adults, the young and the poor for whom affordability of such treatment is a cause of worry. It also ensures the dentists to be precautious of patient care and allows knowledgeable business professionals to assist in the non-clinical procedures involved in the practice. This not only saves the time of marketing for the dentists’ but also enables them to provide their services at affordable prices which eventually attracts the masses in taking up these services. This creates a Saleable Dental Practice.

However, the dentist’s practicing in a DSO has to maintain the same quality and professional standards, maintained by the non-adhering dentist or independent dentists. They also hold the responsibility of their clinical and ethical decisions regardless of who is holding the business responsibility and should comply with the state laws and regulations.

The Dental Support Organizations specifies certain principles for the member company.

  • The member company needs to act with integrity and transparency.
  • Their priority should be on meeting with the needs of the dentist.
  • They under any circumstances should not interfere in the clinical treatments and decisions.
  • They should ensure the best quality staff and use efficient methods to deliver competitive support
  • They should be open to a variety of options to meet the total needs of the dentist firm.
  • They should provide charitable activities as and when required.

These organizations come in handy for a Start-Up Dental Practice as starting a practice of your own can be an overwhelming process. These organizations come up with a proven implementation system customized as per your need and thus ensuring a successful and profitable start-up. The Dental Start-Up Consulting Company helps in hiring staff, set office policies, choose computer software, create a marketing strategy and undermine budgets. These steps and assistance provide assured profitable business in less time. Therefore these companies must also constantly upgrade and review their system with the changing times and the needs of the industry, to provide profitable business to its clients.

So if you are planning to start with a Dental Practice or you own a Dental practice and are considering transitioning the practice, a strategic option is to affiliate with a Dental Support Organization for a profitable profession.