Co-Ownership Contract Issues - Part 1
More practitioners today are recruiting associates to become future partners. Although many doctors feel that partnerships do not last, that is not necessarily true. Partnership failures are often related to inadequate planning or failure to consider all options that can make or break a successful partnership. In this two-part series we'll address key issues that must be thoroughly reviewed to ensure that a partnership can be successfully sustained.
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A Lot to Consider When Selling Your Practice
As our economy slowly recovers, we have seen an increasing number of doctors making the decision to sell their practice. Don't think this decision is like turning on a switch - there are many things you need to consider. Here are a few points.
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Delaying a Practice Purchase Can Be a Big Mistake
Most recent grads have in excess of $200,000 in dental education debt. Many of them may feel that they have to work as an associate for many years before even considering purchasing a practice. We have found, however, that the cost of delay can be significant. Oftentimes, the sooner you buy a practice the better your long term financial outcome will be.
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Do Your Homework When Purchasing A Practice
Will 2011 be the year you make a decision to purchase a practice? Whether the practice is purchased through a broker or you find one by your own efforts, a number of key factors have to be considered in order for you to ensure that you make the right choice.
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Will 2011 Be the Year to Launch Your Practice Transition?
The impact of "The Great Recession" over the last several years has caused many dentists to defer their exit strategy. However, as the financial markets have been improving over the last year, an increasing number of practitioners are more confident about their financial situation, resulting in an increasing number of doctors who are ready to sell their practice. If you are still "on the fence," there are a few things that you need to consider, strategically, if you are seriously considering taking the final step of your dental career.
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What Will It Take To Make Your Associate Successful?
In previous columns, we've spoken about the concept of saturation, whereby most general practices with an excess of 1700 active patients enter the "recruitment zone" for an associate. For those doctors with a patient base of 1800 - 2100 patients, it is obvious that you will not be able to support a full-time associate unless you were to significantly reduce your time, so a part-time associate will not fit the bill. However, if you are fortunate to have a larger patient base so that your practice can support a full-time associate, you need to project the level of clinical services that your associate will need to produce in order to be paid a reasonable compensation.
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Outside The Box: Practice In A Small Town Or Rural Area
The access to care problem in both medicine and dentistry has risen dramatically in the last ten years. In our dental profession, the number of Dental Health Shortage Areas (as defined as one dentist per 3,000 people) has grown from 1,853 shortage areas to 4,230 shortage areas in 2009. This is a 128% increase! So why are these areas growing so rapidly?
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