There are many reasons doctors bring on associates to help in the practice. You may be so busy you can’t see straight and need some part-time or full-time help. You may be looking to wind down your clinical practice, but want to keep your ownership over the business you built, or you might be an entrepreneur, and looking to move on to build another practice.
Whatever the reason, you want to ensure that the associate will increase your practice’s profitability, not destroy the business you have built. Therefore, there are a few things to keep in mind when bringing on an associate doctor.
Continue reading Practice Tips – Hiring an Associate
If you own your own medical or dental practice, but not the building in which it is located, you have likely encountered the dreaded commercial lease. The commercial lease is legalese in its purest form: 25 or more pages of byzantine, sometimes incomprehensible lawyer-speak that can make even some lawyers’ heads spin. Although people can (and actually do) write entire books on dissecting and explaining the commercial lease, and although you should always have your commercial lease reviewed by an attorney, below are some key concepts you should understand when entering in to a commercial lease:
Continue reading Commercial Leases – What Doctors Need to Know
Whether you are buying or selling a dental practice, we recommend making a timeline and a checklist to make sure that everything is in place for the transition. You should consult with your legal and financial advisors to help address the specifics of your situation, but transitioning into a new practice involves several steps that have to take place over weeks or months, so you should map out a timeline and set goals for each stage in the process. Each of these steps has many individual components, and the following is simply an overview, but generally speaking, here are some of the steps in the process.
Continue reading Buying A Practice – What Do I Need To Do?
Most doctors know that, as part of buying a practice, they need to perform due diligence into the practice’s records to ensure they know what they are buying. However, determining what that diligence will entail can vary widely, depending on the circumstances. As a general rule, you should review at least the following:
Continue reading What Diligence Is Due When Buying A Practice?
In this era of increasing consolidation, declining reimbursements and at least hypothetical universal health care, the business of medicine is becoming increasingly competitive. One strategy doctors employ in order to create economies of scale and cost savings, while at the same time maintaining their practice’s independence, is to form Management Services Organizations (MSOs). Here are a few general points to help you understand what an MSO is and whether it might be worth pursuing in your practice.
Continue reading Management Services Organizations: What Are They And Why Are They Good (Or Bad) For Me?
At this time of year, many people take a moment to reflect on the past year and plan for ways to improve in the new one. In addition to traditional resolutions about personal health, there are some resolutions you should consider in your practice as well.
Continue reading Three New Year’s Resolutions To Keep
In our previous post, we looked at several considerations to take into account when opening and building a practice. Below are some additional thoughts on some of the challenges facing start-up practices.
Continue reading Six Ways to Build Your Practice – Part Two
In a recent post, we discussed some issues that a physician or dentist should consider when purchasing a practice. However, for some doctors, purchasing an existing practice is not a feasible option. For others, they may want to start their own practice so they can have more flexibility in how the practice is operated and the types of procedures they perform. While building a practice from the ground up may, at times, seem like a herculean task, it can be accomplished and—if done right—can be a very satisfying endeavor. In this post, we will be taking a look at a non-exhaustive list of six items to consider in building your new practice.
Continue reading Six Ways To Build Your New Practice – Part One
Whether you have recently opened or purchased your practice, or whether you have an established practice, very few things can be as damaging to your ability to attract new patients than negative on-line reviews. The proliferation of social media websites such as Facebook, Yelp and Twitter, as well as doctor-specific rating sites like Healthgrades.com, Vitals.com and RateMDs.com, have allowed unhappy patients the means to seriously damage your on-line reputation, regardless of the quality of services you provide or the merits of the complaint.
Continue reading How Doctors Can Handle Negative On-Line Feedback
After spending years in dental school and perhaps working for some time as an associate in another practice, you are finally ready to purchase your own practice. Buying a practice is, for many dentists, the most important decision of their careers, and it can be an intimidating task to take the necessary steps to successfully transition from graduate or associate to owner.
Continue reading Considerations When Purchasing A Dental Practice