By purchasing an existing practice, you are making money from day one. You have a staff up and ready to go, a client base, and a reputation in the community. Our experts are able to assist you with:
- Dental Practice Analysis and Valuation
- Tax Issues in Making an Offer on the Dental Practice
- Financing the Purchase of a Dental Practice
- Consultation Regarding Offer Terms
Whatever stage you're at in the buying process, we're here to help as your trusted financial advisor. Contact SVA today and learn how our team can help you.
If making your practice more profitable and productive is at the top of the list, and you personally can’t handle more patients…..then bringing on an associate may be the answer. Not everyone will agree when a practice should bring on an associate, and some want to do it for more personal reasons, but here are a few general guidelines or thoughts to consider:
- The number of active patients exceeds 2000 in a general practice
- The dentist is booking 4-6 weeks in advance (counting next appointments only, not a booked treatment plan)
- You want to take your practice to the next level
- You have completed the financial due diligence needed with your accountant and this is the right time financially
- The practice is profitable
- You’re looking for an exit strategy and a person to eventually buy the practice
Then when bringing in a new associate, there are many factors you will need to consider such as determining how new patients are handled, the compensation, how expenses will be handled, an independent contractor or an employee, the employment agreement and if buy-in options are a consideration.
The business components of dentistry are complicated. Our SVA Dental Services Team has extensive experience and deep knowledge in the dental industry and understands the many pieces that must work together to attain your goal of an efficient, profitable, and satisfying dental practice.
You need to make sure you understand the financial data of your practice to fully understand where your practice is now, what adjustments you can make to help improve your bottom line and the value of your practice, and how the decisions you make will impact the profitability and value of your practice.
Are you ready to take your practice to the next level? Our experts will work with you and your staff to:
- Identify and resolve the pain points in your dental practice
- Grow your practice’s production by assessing doctor production and hygiene department performance, identifying areas of improvement, and developing and monitoring a growth plan
- Maximize profitability of your practice by benchmarking production, receipts, and expenses against your peers and industry norms
- Enhance top-line revenue by analyzing payor and insurance company contracts and fee schedules
- Address the challenges of office staffing including employee/associate compensation and benefit package design
- Design employee incentive programs to align the office towards common goals
- Assess the who, what, when, where, and how of hiring an associate
- Analyze your current business entity and its tax structure to ensure it meets your current and future needs
Our practice management solutions culminate with better patient care, smoother running practices, and ultimately… a financially “healthier” practice!