How Will You Evaluate the Financial Documents? Does the banker have a role in the lending decisions being recommended and made? A list of all active patients. Still, you need to understand any changes to headcount or compensation. Your lawyer may be able to refer you to a good dental CPA or you can ask other dentists for recommendations. Not only will you have to train the staff on new treatments, but you'll also have to spend money promoting your services and take time to get the patients up to speed. Questions to ask when buying dental practice manager. Sign up for Funding Circle newsletter! If the practice has experienced substantial growth over a short period, is that growth organic and sustainable or manufactured by over-treating and marketing ploys that do not attract recall patients? Two of the most consequential decisions you'll ever make in your life are (1) which practice to buy and (2) which person to settle down with. Questions to ask a dental practice broker. Those are tough waters to navigate. ADA Practice Transitions is now matching general dentists and specialists nationwide! Henry Schein Professional Practice Transitions, Inc. is a national leader in dental practice transitions.
The more information you have before buying a practice, the better off you will be and the more likely your new practice will be all you expect it to be. Are there other dentists in the area? Are you looking for EHR?
These are not just questions you have so you can snoop but are important things for you to know during the transition process. Six Questions Dentists Should Ask Before Selling to a DSO. With a lease, ensure there are a sufficient number of years remaining on the term to avoid the need to relocate the practice. Before you meet with the seller or get on a call with the broker, write down your questions. Likewise, the parties should ask their accountants to think about the purchase price allocation sooner rather than later. As part of the interview/evaluation process, ask to see the current schedule.
A description of any contractual relationships of the patients, employers or, insurance companies including HMOs, PPOs, DMOs, and capitation plans. Does the seller hesitate when talking about the hygienists? They're looking for someone who will run the business they've worked to build, likely for the last several decades of their life. Questions to ask dentist. Here's a list of 20 questions to get you started in the right direction so you can feel confident in making your selection. Meaning, the same term length as the bank term length. How about the ratio of patients with dental insurance to fee-for-service patients? Next, look at the number of active patients the practice has. Remember that the purpose of this first meeting is not to conduct in depth due diligence but for you to form an impression about the practice. This is an open-ended question.
When you visit your potentially new dental practice, look for these elements: - Training and support for continued education for staff. There is a perception that DSOs will pay a significant premium on the practice purchase price compared to a private buyer. The interview with the seller is by far one of the most important things in the due diligence process. And that means having a plan. Another crucial aspect is whether the seller is selling stock in the entity owning the practice (either a professional corporation or association, a partnership, or a limited liability company) or the assets of the practice. 4 Questions For Your First Meeting with a Seller - And 4 Questions to Avoid. Today, let's zero in on your first meeting with a selling dentist. In addition to looking at the size, condition, and aesthetic of the property, you should also consider whether or not you'll have to make tenant improvements or undergo remodeling to change the office layout. Depending on your personal skill set and comfort level, offering these services in-house might create excellent growth opportunities. We turned to two experts for advice on how to successfully purchase a dental practice. If there are associate agreements in place, they should be reviewed by a legal professional to verify the adequacy of their non-competition and non-solicitation clauses. Historically, medical and dental practices have some of the lowest default rates in the nation. This is also an opportunity to gain insight into the team members' relationships with one another and the benefit packages that the owner currently offers.
Your goal is not to be confrontational, but to have your questions presented in a way that inspires the seller to want you to be the one dentist to whom he or she wants to sell the practice. What might be the perfect practice for one person might be a poor choice for another. Don't try to dig into what's going on with that hygienist; instead, talk about the star employee. It is the recent rapid expansion of the Emerging and Mid-Market groups that are now making the biggest waves and presenting more intriguing options to potential sellers. Is the current dentist going to stay onboard? How long are your contracts? Your CPA needs to look carefully at the history of the practice and the trends of the revenue. Plus, you can receive a response in as little as one day after submitting your application. It could also be because the buyer did not know what documents to ask for and failed to consult with proper professionals to assist in the purchase. Questions to ask when buying dental practice valuation. For assistance in this purchase project, you need to start by assembling an advisory team. Not because you're going to get every piece of information you'll need to make a final decision, but because this is your chance to make a good impression. When you do a buy-out with no transition, Doublestein said you can expect to lose between 20% and 25% of patients.
These important factors need to be negotiated. Is the cash flow of the dental practice such that it can provide the income you need for your support, including the payment you will be making for the purchase of the dental practice and the practice's expenses? Will I retain the services of the current dentist? Questions to Ask Your CPA When Buying a Dental Practice. What percentage of revenue comes from insurance, HMOs, PPOs, Medicaid? The dental The DSO model goes back several decades, but it wasn't until the mid- to late-1990s that pioneers such as Heartland and Aspen began to emerge at scale. One who knows the tax implications and how to assist your lawyer in making sure you get the best deal when you purchase your dental practice.
A better measure of a practice's success is active patients, or people who are scheduled out 12 months into the future (for a teeth cleaning, for example) and have appointments dating 12 months back, Doublestein said. For some buyers, this might have been their second, third, or even fourth office – but they were all dentists who would have direct involvement in the practice they were buying. Make sure your practice can financially absorb those costs if you absolutely need to move. A comprehensive dental examination is often the first place to start with new dentist can examine the patient's teeth and gums, and develop a treatment plan.
Of the two options, I recommend the first option, mainly because it is easy and settled all upfront. Beyond looking at the practice's patient base, Stalcup said you also need to determine other key details, such as: Above all, "Take advice from people who are familiar with dental practices, " said Stalcup. What does cash flow look like if there is patient attrition? Look at how much time is allotted for different procedures and see where you might add value. Certain practices may be more dialed in when it comes to their staff, patient base, and revenue, which means these places may also come with a higher price tag. Doing any type of construction takes time and money, so it's important to ensure you have enough cash and resources to make the changes you want. Below are the top six questions you should ask yourself before purchasing a dental practice. Most DSO-acquired practices should expect to see an immediate shift into the DSO's centralized support services, which often includes changes to practice management software, operating hours, payor mix, dental supplies, labs, etc. This will ensure that your lease does not expire before your loan is paid off.
Patient characteristics — Are most of the patients returning patients or are there a lot of "one-offs" on the books? "You want to see if the practice is growing or shrinking, " Doublestein explained. It's for you to judge! There are countless ways to structure these deals, so be acutely aware of the components in the offer beyond the purchase price. The seller has probably been with the practice for a long time and would be happy to share information and advice with you.
"They set you up for success from the start, " said Doublestein. You want to know that your own treatment philosophy will mesh with what's already already in place at this practice. Again, you have a lot of options. Certain patients may not like the changes you make to the practice, while others may not be as motivated to make appointments with a dentist they don't know personally. She is deeply connected in the dental community and is well known for providing clients with all the resources and experts they need to make sound financial decisions. Your answers will greatly impact your future as you get ready to make one of the most important decisions of your professional career. Your conversation should flow easily, and you should feel comfortable working with this person in the future. If fees go up right after a new dentist joins, either as an associate or an owner, that dentist may be seen as "greedy. " Expect a rebrand to happen within the first 12 months.
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