Buying an existing dental practice can be an exciting but stressful process. Many prefer buying already established practices with existing patients to get a headstart in their dental practice business. However, having plenty of patients does not guarantee success, and there are other things to consider.
You may have many things on your mind, including the true value of the practice, if you will be able to grow professionally, compliance with regulations, etc. You do not want your investment to go to waste. You must take the essential steps to ensure you are on the right path. To get you started in that direction, you can consult with a Fresno Dental Attorney.
Things to consider before buying a dental practice
- Choose a location.
Dentist offices are available almost everywhere in Fresno. You do not want to pick any office blindly without considering the pros and cons of its location. Location plays an important role in any business’s success. You want to work near your family, have a comfortable commute, and where you can gain a good number of patients.
There are various considerations, but choosing a location where you feel most comfortable is best.
- Hire professional consultants.
Now that you know where to buy a practice, it is time to hire professional consultants to ensure due diligence. For starters, you need a broker to help you with valuing the practice and facilitating the sale. Next, you need an accountant to take care of the tax considerations. Remember to hire one with experience working in healthcare.
The most important professional you must hire is a healthcare attorney. You need an attorney to review the documents and agreements and advise you on your decisions and choices. Moreover, you will need them to ensure compliance with the regulations.
- Pay a visit in person.
Before you buy any practice, make sure you visit it in person and see it for yourself. From the exterior and interior to its staffing, every dental practice is different from the others. Getting a first-hand look before making any serious purchasing decisions is important.
You may also want to go over the patient records and examine the patient flow in the last 18 months. Patient flow equals cash flow and determines the practice’s success. You want to determine if the practice is growing or shrinking. A shrinking practice should not necessarily be a deal-breaker if you can identify the problems and find a solution.
