There is always risk when you buy a practice. The key is to have a team that can minimize risk and maximize the opportunity in front of you.
If you do not know how to decipher the health of a practice by digging into the practice management software, you need to hire someone who can.
You have worked too hard and invested too much time and money into your career to leave this to chance. Through our partnership with Rosen Summit Dental Advisors(hyperlink) we go into the practice software with you and pull 10-20 reports to help you avoid devastating setbacks in practice ownership like mismanaged accounts receivables, sloppy billing practices and unclaimed insurance checks. On top of all of that, we will find growth opportunities by looking at the production by procedure by each provider.
Can you buy the practice, pay the loan back, pay your taxes and pay yourself fair compensation for your production?
If you do not know the answer to that question, you should not buy the practice. We dive deeper to identify expense categories that are outside the industry norms and where you could save money or expect to spend more. With our dental lending experience, we can recommend different financing options that could improve the cash-flow situation for your practice and make sure you do not have to put money down.
Demographic & Marketing
In order to take your future practice to the next level, you have to understand the current market.
We partner with a dental specific marketing firm that can reach your target audience based on incredibly specific criteria. We work with you to develop your vision of the office and suggest a strategy based on the competitive landscape of your market and the clientele you want to attract. Imagine having the marketing data of a big box retailer and being able to apply it to your dental office. From expectant mothers for pediatric dentists to understanding if you need bi-lingual employees based on your immediate surrounding market, we have you covered.
This is your first time buying a practice and that is exactly why we want to help.
You need a team to evaluate the cash-flow of the practice, the business operations and how you can grow the practice after the purchase. Under the Rosen family of companies, we have the experience to help you through every step of the process. The transition to ownership is an exciting step in your career. To maximize the opportunity in front of you, the team you hire needs a diverse background of expertise. That is exactly why we should schedule a call.