Archive for December, 2012

Considering a Practice Acquisition? Do This:

Wednesday, December 19th, 2012

First and foremost, be objective when evaluating a practice that you are considering acquiring. If you become emotionally attached to a practice, you will find yourself making decisions based upon emotions, rather than logic. Be methodical in your approach.

 

Exercise caution if you are considering a “For Sale by Owner” property. Many of those in the business of negotiating practice sales recommend staying away from sellers who are attempting to sell their practices on their own for three reasons:

 

1) Owners are unrealistic about what their practices are worth.

2) There is a much higher cost associated with a for-sale-by-owner (FSBO) transaction.

3) The likelihood of the transaction falling apart is much greater in FSBO transactions.

 

Look at practices that are being sold by reputable dental brokers, with extensive experience in the local marketplace. However, as the buyer, you must always remember that the broker’s true client is the seller, not you, even with companies claiming to provide “dual agency.”

Do You Need an Office Manager?

Wednesday, December 5th, 2012

The office manager is like the chief operating officer of the corporation, and the dentist is the CEO, chief executive officer. It is critical that this person receive professional training that is tailored specifically for dental office managers on the “business” of dentistry, including practice management systems.

 

When selecting an office manager, keep in mind that a “good employee” does not necessarily make an effective office manager. The position goes well beyond being a loyal team member and working well with staff and patients. This person should be a natural leader. S/he should be comfortable taking the reins on an issue and addressing it. Being a good problem solver by nature is essential because the office manager, not the doctor, should be the first point of contact for the patients and the staff when issues arise.

 

Not every practice needs an “office manager.” Some doctors are comfortable managing the practice as well as doing the dentistry, while others do not want to be burdened with the management responsibilities. But don’t toss around the term “office manager” lightly. This is a position that carries significant responsibility and requires specific skills. If you do appoint an “office manager,” give him/her the tools to succeed, specifically, professional training.

 

 

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For more information about Office Management you can leave your comments/questions here or contact a Dental Practice Management expert direct at 877-777-6151