HIPAA is a federal law designed to protect private patient information. As healthcare providers, dental offices are legally required to fully comply with the requirements outlined in HIPAA. Unfortunately, HIPAA is complex. It can be easy to engage in practices that inadvertently leave you in violation.
HIPAA violations can...
Owning a dental practice comes only after many years of hard work. You know that the dental industry naturally leaves you vulnerable to a variety of liabilities, and you also know that having the right insurance coverage is non-negotiable. However, figuring out exactly what insurance your practice needs is rarely easy.
Whether you’re considering buying or selling a dental practice, you want to get fair value in the transaction. Determining the practice's fair market value is one of the best ways to avoid making a financial mistake.
How do you determine the value of a dental practice? There’s no set...
If you flip through the dental section of a phonebook (assuming you can still find one), you’ll notice that many dental practices have names like Simons, Alvins & Theodore. This is because many dental practices are partnerships.
There are plenty of benefits to creating a partnership. However, those benefits...
One of the biggest decisions that you need to make when creating a dental practice is how you will acquire your dental equipment. If you choose to purchase the equipment, you will have to spend a lot of money all at once, and you may have to take additional loans to...
Selling any type of business can be a lucrative but complicated process. This is especially true if you are selling a dental practice.
A significant portion of the value of a dental practice is in intangible factors that can be difficult to explain to a future owner. If...
In establishing your dental practice, there are several legal documents that will cross your desk. One of the most significant ones will be your dental practice lease agreement. Resist the urge to sign off on this without a second glance as it can have profound impacts on your business, not to...
Branding in its broadest sense is what you want your business, your team, and yourself to represent to the world. When done so intentionally and mindfully, branding can allow you to set your business above the rest and define its goals. Properly executed branding can make your clients and the public develop...
A business plan can act as the foundation for building a strong business, setting it up for long-term growth that is sustainable into the foreseeable and unforeseeable future. A dental practice is no different. As a budding business, a dental practice should have a strong business plan in place for a number...
Have you dreamed of one day owning your own dental practice? Many dentists do and it is no wonder why. While owning any type of business can be a challenge, owning your own dental practice can be a rewarding professional endeavor. If you are on the fence about starting your own...
