If you are in the market to buy an existing dental practice, the possibilities can seem endless. In all the excitement, it can be easy to make mistakes. Here are some common mistakes that can plague you as you start the dental practice purchase, and ways to avoid them.
Failing to Secure Endorsement of Outgoing Dental Professionals
If you are purchasing a successful practice, chances are that the current dentist has seen the same patients for years. Patients grow to trust their dentists and this endorsement can make or break your new practice. If possible, the outgoing dentist should remain with the practice for a time to help ease the worry of patients during the transition. If the patients know that the outgoing dentist is confident in you, you will retain more of the existing clientele.
Raising Costs Too Quickly
As you begin to wade through the financials of the existing dental practice, you may realize that prices will need to be increased in order to meet your own financial goals. The practice may need to be renovated or new equipment may need to be purchased to bring the practice up to date. All of these changes mean that prices may have to be adjusted to meet the demand. Before you raise your prices, make sure you have been accepted by the majority of the client base. If possible, try to keep charges for routine visits steady for a while.
Making Administration Changes
Dental patients become used to procedures, including the billing practices, fees associated with late payments and even the administrative staff. It may be necessary to change administrative practices, but it is best to bring on these changes slowly, with plenty of advance notice to patients. If possible, incorporate changes over the course of the first year, and give patients time to acclimate to those changes.
There are many moving parts involved in buying a dental practice, and these parts can make mistakes easier to make. Don’t take chances with your dental practice future. Buy the Right Practice has the experience you need to successfully purchase a dental practice that can put you on the right path. Call to schedule a consultation today.
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