Dental practice owners should ideally begin succession planning about five years before their intended exit. That timeline allows you to improve the practice’s value, address legal and operational concerns, find the right successor, and complete the sale without rushing major decisions.
Some transitions happen faster, but additional time...
Dental service organizations continue to expand, and a successful transaction can create long-term revenue opportunities. Still, acquisitions often involve legal complications that might not be obvious until after closing.
Many problems begin during the due diligence and structuring stages. A rushed review, incomplete agreements, or misunderstandings about ownership...
When you’ve decided your dental practice needs a different space, there are several factors you should keep in mind to help you make the right choice.
Know Your Space NeedsFirst, you should consider your space needs. Specific details that may affect the practice’s choice...
As a dental practice owner, you may have a choice between filling your staff with employees or independent contractors. However, before you make a hiring decision, you should understand the differences between employees and independent contractors and the legal and financial implications of those differences.
Understanding the DifferenceYou may need to determine the value of a specialty dental practice for various purposes, such as obtaining financing, buying out a partner, or purchasing the practice. However, specialty practices, such as orthodontics, oral surgery, periodontics, or cosmetic dentistry, may have unique factors that can make valuing the business more challenging compared...
Dental practice owners can use digital dentistry to enhance accuracy in diagnostics and treatment planning, improve patient outcomes, and streamline workflows. If you utilize digital dentistry tools in your dental practice, it is crucial to understand how to protect your intellectual property. Protecting intellectual property will help you safeguard your unique...
Dental practice owners are required to train their staff on patient privacy procedures. The Health Insurance Portability and Accountability Act (HIPAA) is a federal law that protects patients' private health information (PHI).
Training your office staff on HIPAA regulations can minimize the risk of data breaches. Effective training...
Dental practices account for a specific niche within the healthcare industry, but they are still required to comply with a range of laws at both federal and state levels. California, in particular, tends to have strict laws related to healthcare providers and businesses in general.
As a provider of...
Dental practice appraisals help the buyer and seller agree to a fair price for the sale of a practice, making them similar to home or property appraisals. Of course, there are only two instances in which you will ever need to acquire a dental practice appraisal, those being when you purchase a...
Having patients at your dental practice sign liability waivers may seem like an easy way to limit your legal exposure, but they won’t automatically protect your practice from a potential lawsuit. You need to understand what these documents can and cannot do and how a poorly written liability waiver may create more...
