Merging Dental Practices? How to Do it Successfully
Merging your dental practice comes with tremendous benefits. It typically allows you to reduce your costs and can increase dental care access to patients. Merging practices can also limit competition in the area and combined practices are often more lucrative than solo practices. However, any transition of a dental practice requires careful consideration to ensure you are as successful as possible. Below, our dental transitions attorney explains some of the most important factors to consider.
Consider Practice Philosophy
Different dentists approach practices differently. It is important to have goals but when merging a practice, it is critical to ensure those goals align. For example, if one dentist focuses mainly on the bottom line, a merger with a dentist who does a lot of charity and pro bono work may not be the best fit. Always ensure that you and any practice you are considering merging with have similar goals.
The Location
If one practice is currently in a better location than the other, it may make sense to simply move the other practice. However, it is critical that you consider how changing locations will look to new and existing patients. For example, when creating a new brand, it may make more sense to change locations and cut ties with both solo practices. On the other hand, if continuity of a previous practice is important, moving locations may not be the right choice.
Lastly, consider how moving a practice would impact patients. For example, if you are currently located close to public transportation that many of your elderly patients use, moving the practice may also not be the best choice.
Staff Members
The timing of when you tell your staff members about the merge is important. You should provide them with plenty of time to become accustomed to the idea. However, telling them too early could result in multiple staff members leaving all at once. Before telling staff members, you should also consider whether you will keep all staff members. For example, if both practices currently employ a receptionist, the new practice may only need one. Remain honest and straightforward with staff members about how you will move forward and if their positions will change.
Practice Name and Logo
Many merged practices search for a new identity after the merge. Sometimes, it does make sense to cut ties with both solo practices, such as when two or more dentists are at the same level and want to grow the practice together. In these instances, trademarking a new logo, name, and other trademarks is recommended. However, if one dentist wants to transition out of the practice in the near future, keeping an existing name may be more practical.
Our Dental Transitions Attorney Can Help with Your Merge
If you are considering merging your practice, you need legal advice. At AGS Law, our dental transitions lawyer can guide you through the process to ensure it is as smooth and easy as possible for you. Call us now at 801-477-6144 or contact us online to schedule a consultation and to learn more about how we can help.
Source:
uspto.gov/trademarks/basics
