PUTR: An Important Tool for Dental Practice Owners

PUTR: An Important Tool for Dental Practice Owners

For many dental practice owners, the thought of an unexpected transition can be daunting. Whether it’s due to an unforeseen health issue, a sudden change in personal circumstances, or any other unexpected event, the potential impact on the practice can be significant. To mitigate these risks, it’s essential to have a solid transition strategy in place. One of the most powerful tools in this regard, and a staple at Rosen Dental Transitions as we support future and existing owners with the buying and selling of their dental practice, is the Practice Unexpected Transition Resource (P.U.T.R.). 

What is P.U.T.R.?

PUTR is a simple yet powerful form that dental practice owners can fill out to ensure that, in the event of an unexpected transition, their bases are covered and damage is minimized.

Why is P.U.T.R. Important?

First and foremost, it helps ensure that the practice can continue to operate smoothly in the event of an unexpected transition. By providing detailed instructions and contact information, the form makes it easier for family members and staff members to step in and keep things running smoothly.  It can also help preserve the practice value when listing it for sale.

Second, P.U.T.R. helps protect the practice’s reputation. By having a clear plan in place, the practice can avoid any confusion or uncertainty that could lead to negative reviews or complaints from patients.

Finally, P.U.T.R. can help protect the practice’s financial interests. With a plan in place for managing billing and other financial matters, the practice can minimize the risk of any financial losses during the transition.

How to Implement P.U.T.R.?

Implementing P.U.T.R. is a straightforward process. The first step is to download the form. Once you have the form, you can fill it out with your practice’s specific information. 

Next, you’ll want to review the form with your family members and estate attorney to ensure that everyone understands their roles and responsibilities in the event of an unexpected transition. You also want to inform your staff and consider conducting a practice run to ensure that everyone knows what to do in an emergency.

Lastly, you’ll want to make sure that the form is easily accessible to key staff members and appropriate family members. This may mean keeping a physical copy in a secure location in the office, as well as providing digital copies to your estate attorney and family.

By providing detailed instructions and contact information, the form makes it easier for family members to manage the practice in the event of a personal tragedy.  While your family is grieving and managing a difficult personal time, this can alleviate the burden of what to do with the business. 

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