Dentistrty & Orthodontics Myriad Choice of Options Line by line by line THE DENTAL & ORTHODONTIC FIELD IS BECOMING ever more dynamic, and one of the most important milestones – certainly for professionals – is changing practice. Next Whether you are thinking of sale, partnership, or growing into ownership, learning orthodontic practice transitions and orthodontic practice purchase is critical for long term success.
What Are Orthodontic Practice Transitions?
the dental practice of Chamberlains”) by any practitioner who has not purchased the dental practice of Chamberlains (or part thereof)2.7‘Orthodontic practice transitions’ means the process by which ownership or control of a dental practice is transferred from one practitioner to another. This can be full sale, partnership, or a slow buy in. (AJODO) Each handoff has its own story and deserves serious attention so that the transition goes smoothly for the patients, the staff, and the orthodontist transitioning out.
A seamless with practice involves assessing the financial health, patient base and systems in place. It involves helping the seller and the buyer get ready for the professional, emotional and financial shifts that accompany such a major move.
The Importance of Planning Ahead
For orthodontists contemplating retirement or a change in career, early preparation is key. If you don’t prepare in advance, you won’t make the most of practice and then who must continue the legacy of years of hard work? Similarly, orthodontists interested in buying an orthodontic practice can benefit from that same forethought by recognizing opportunities that are consistent with their practice and personal beliefs.
Buying orthodontic practice: Steps for Success
When buying a practice, a large capital investment is necessary, but that is not all. Key considerations include:
Site & Demographics – Knowing what the community needs and growth potential.
Patient Volume – Consider the number, loyalty, and demography of the existing patient base.
Health of finances – How profitable is the company, its level of overhead and trends in long term growth.
Staff & Systems – Review of the current staff and operations to make the transition as smooth as possible.
By taking a close look at all of these aspects, they can make well-informed decisions and be set up for success as owners.
Benefits of Thoughtful Transitions
When executed strategically, the orthodontic practice transition is a win-win. Sellers rest assured that they are leaving their patients and staff with quality service and care, as well as stepping into a business that is thriving and set up with systems and reputation in place on Day 1. Patients derive advantages through the continuity of care, with minimal interference.
Final Thoughts
Whether you are contemplating retirement, growth, or your first experience as a practice owner, orthodontic practice transitions and orthodontic practice buying are exciting opportunities. And with careful planning, thoughtful decision making, and foresight, orthodontists can navigate these changes with confidence, and plan for a smooth hand off and a successful next chapter.
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