Important Questions to Ask When Buying a Dental Practice
When looking for a new dental practice, you may narrow it down to multiple options that all look equally as good on paper. While there are practical matters you clearly need to address, such as whether the physical space is sufficient or whether the practices are clinically sound, there are other factors that could greatly impact your success. Below, our dental practice purchase attorney outlines some key questions to ask when determining whether any specific practice can grow, contribute, and thrive.
Can I Make the Schedule More Efficient?
Improving efficiency allows you to have a better work/life balance while also contributing to your bottom line. When evaluating the practice, ask to see the current schedule. Determine how much time is allotted for certain treatments and procedures to determine areas you can make more efficient. For example, you may be able to complete treatments in a shorter amount of time, or you may consider doing multiple procedures at once.
Are There Established Office Policies, and Are They Followed?
Purchasers should always comprehensively review any practice’s policies and operations, but it is also important that you perform your due diligence about how the practice is run. After all, you may be tied to the current policies for some time. For example, you should review the following:
- Infection prevention and control protocol
- Chair-side assistance policies
- Patient screening
- Scheduling and reminder policies
- Billing and insurance policies
Understanding how the office runs can help you find new opportunities where you can add value. Still, it is important to understand that staff members may need time to adjust to big policy changes.
When was the Last Time the Fee Schedule was Updated?
Dental practices should review their fee schedules every year. This can ensure that fees reflect the local market and helps you avoid significant increases that patients view unfavorably. If a fee increase is necessary, the dentist who is exiting the practice should raise them before leaving the practice. Patients are more likely to accept small increases from a dentist they already know and trust.
What are Average Wait Times for Treatment?
One of the biggest difficulties of entering an existing practice is to ensure there are enough patients to provide work for all patients. This extends far beyond a patient count. If the wait for treatment time is less than four weeks, the practice already has enough staff and the current owner should be willing to reduce their own hours to provide more for the practitioner buying the practice. If the average treatment wait time is more than four weeks, there is likely enough work to go around. However, both dentists will need to determine how current patients will be allocated and how new patients will be recruited.
Our Dental Practice Purchase Attorney Can Answer Your Questions
At AGS Law, our dental practice purchase attorney can help you through the buying process, answer your questions, and inform you of which ones to ask the current owner so you can make an informed decision. Call us today at 801-477-6144 or contact us online to schedule a consultation and to learn more about how we can help.
