Making the decision to purchase a dental practice is one of the biggest career benchmarks a dentist will make. It’s not an easy decision to come by because there are a lot of variables to consider. Then, there are the questions of how you will go about buying a dental practice. The decisions you make when buying a dental office can either create a successful practice or have devastating financial consequences. It’s best to consult with a dental practice consultant to ensure you make sure you follow through with the right processes so that you can have a successful dental practice transition.
6 Questions to ask yourself before making your final decision
These are important questions you need to ask yourself when looking to buy a dental practice.
Is the location of the dental practice conducive to your practice goals and work/life balance?
Location, location, location doesn’t just apply to real estate. You always want to make sure your practice is easily accessible by patients. But it’s also nice to have an easy commute each day. Having a short commute to your practice helps establish you as the go-to dental practitioner in case of emergencies.
Will the selling dentist be able to offer assistance in introducing you to existing patients?
Before you sign any contract, ask the seller if they will introduce you to existing patience so that you can get to know them and assure them that their quality of care will not change. Having the support of the selling practitioner can really help smooth over the transition.
Does the dental practice support your professional vision?
Will this dental practice office allow for you to attain your professional goals? If you are looking to evolve your dentistry to include wellness services, would this dental practice be able to accommodate that?
Does the practice seller share the same quality of care philosophy as you?
When your quality of care philosophy aligns with the philosophy of the dental practice seller, it makes the transition much easier. When you visit your potentially new dental practice, look for these elements:
- Training and support for continued education for staff
- Measures in place to ensure patient safety
- Procedures for bookkeeping and maintaining records
- Upkeep of the facility, equipment, and sterilization process
Will you have to replace any medical equipment?
Replacing medical equipment can be expensive. From X-ray machines to lighting, medical equipment is not cheap. When purchasing a dental practice with equipment that is outdated or broken, you need to factor in the costs of replacing equipment into your offer. You also want to make sure that the existing equipment is up to industry standards.
Will you be able to offer the same specialty services that were offered in the practice being sold?
If you’re purchasing a practice that specializes in cosmetic surgery for children, and your primary patients are adults, would treating children be within your comfort zone? You will need to make a decision on whether or not your skill extends to treating children or if you will refer child patients to a pediatric specialist.
