Buying a dental practice can be an exhilarating
experience that can enhance your career. You will have the opportunity
to make decisions that will have a direct impact on your practice and
be able to benefit monetarily from those decisions. But it is of utmost
importance to follow certain guidelines that will help you find and
acquire the practice of your dreams.
Few dental schools offer an adequate amount of courses regarding the business and financial aspects of their profession. As a result of the lack of training in these vital areas, many dentists start their careers behind the eight ball. This article addresses how important it is to have a solid plan in place before the practice opens its doors.
Dentists face a variety of day-to-day challenges, from staying on the cutting edge of new techniques to marketing their practices to meeting increased competition. Maintaining an adequate level of dental practice working capital does not have to be a problem because dental invoice factoring stabilizes cash flow.
I recently interviewed Dr. Scott Olson, a dental professional and owner of Premier Dental in Springfield, Missouri. Dr. Olson was voted the best dentist in Springfield by readers of the News-Leader. I wanted to find out the secrets of his success, so I asked questions about how he operates various facets of his dental practice.
Dr. Blair’s nationally-acclaimed Profits Plus program computes over 100 different statistics for each participating doctor’s dental practice and provides industry benchmarks for comparison purposes. Having reviewed over 200 practices to date, he lists the following benchmark ratios as those that provide the greatest keys to improving profitability in most practices.