Mastering the Art of Purchasing a Dental Practice with Blake Cohen
Entering the realm of dental practices, especially purchasing one, can be a daunting endeavor. To shed light on this intricate journey, we delve into the insights of Blake Cohen from Rosen Summit Dental Advisors, an expert in dental consulting. With years of experience and a unique trajectory from a front desk beginner to a renowned consultant, Blake offers invaluable advice to those on the cusp of owning a dental practice.
Meet the Expert: Blake’s Journey
Blake’s foray into the dental consulting domain began in 2013. What’s fascinating is that he started with no dental knowledge at the front desk. Yet, his educational background from Bentley and his business acumen rapidly propelled him to the forefront of dental consulting. His expertise, stemming from real-world experiences, lends credibility to his guidance for those considering purchasing a dental practice.
Blake’s Tips for Potential Dental Practice Buyers
1. Recognizing the Shifts Over the Years:
Blake emphasizes understanding the evolving landscape. Since 2010, notable changes, especially in insurance dynamics, have come into play. With insurance firms tightening their reins, potential buyers must be prepared for these challenges.
2. Navigating the Waters of Insurance Audits:
One major hurdle is the heightened scrutiny by insurance companies. They have become vigilant, often flagging practices that submit claims above the average. Blake stresses that while most discrepancies aren’t intentional fraud but rather gaps in knowledge, they should be addressed promptly to avoid costly audits.
3. The Integral Role of a Dental Consultant:
As a buyer, while you’ll focus on the clinical aspects of a practice, having a consultant like Blake can be invaluable for assessing the business side. This comprehensive approach ensures a holistic evaluation, guaranteeing both clinical and operational excellence.
4. Transition Smoothly After Purchase:
Once you’ve acquired a practice, the transition can be overwhelming. Blake advises that while minor tweaks can be integrated quickly, significant overhauls need more contemplation. Importantly, financial shifts, especially those aimed at enhancing cash flows, should be initiated within the initial six months.
5. Building Trust is Paramount:
Your dental practice isn’t just about equipment and procedures; it’s about people. Blake recommends establishing genuine connections with both staff and patients. Sharing personal stories and being relatable can foster trust, paving the way for a harmonious working environment.
6. Identify Growth Opportunities:
Every dental practice has room for expansion. Blake suggests focusing on essential services like periodontal treatments, given their widespread prevalence. Evaluating the current range of services and discerning potential in-house treatments can also provide avenues for growth.
Embarking on the journey of purchasing a dental practice can be smoother with the right guidance. Blake’s insights underscore the significance of a balanced approach, considering both clinical and operational aspects. As you take this pivotal step, remember that understanding the evolving landscape and building genuine relationships are key to long-term success.