4 Things Doctors Should Consider Before Acquiring a Practice
Buying a dental practice can be exciting, overwhelming and a bit perplexing. Many dentists choose to buy an established dental practice for the existing patients, but having plenty of patients is no guarantee of success. There are several other considerations to contemplate, like how much income you can expect to generate and the potential for growth (or decline). Here are 4 basic considerations to ensure doctors find the right practice when they are considering going into solo practice via acquisition.
Consider time required for patients and the attention required for additional team members.
Doctors should assess if they want a location in an urban, suburban or rural area, and how many days a week they prefer to work.
TRANSITION PLAN WITH THE SELLING DOCTORS.
Doctors should know if they want the selling doctor to still work for a period of time or not. A sound transition plan is critical to ensure patient and staff retention.
Doctors should have built up successful strategies for managing employees, negotiating contracts, monitoring cash flow and marketing. Associates who acquire a practice after at least 2 years of practice experience are best positioned for success.
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