With years of experience working with dental practices, members of the Coalition of Dental Advisors® understand what it is they need in order to be successful. We strive to supply you with information and resources to ensure your practice continues to flourish into the future.
In our experience, the key to success is establishing relationships with a variety of service professionals who have tools and knowledge geared toward dental practices. As you look over the list below, please know that it doesn’t necessarily include every service professional a dentist may need to work with throughout their career. However, any member would be happy to provide you with a referral if you need a service not offered below.
When it comes to legal matters, it is imperative you have a lawyer who is well-versed in healthcare issues. Whether you are starting a practice, selling a practice or running a practice it is important to find a lawyer who has extensive experience in such areas as practice sales and acquisitions, leases, entity formation, associate and employment agreements, non-competition agreements, patient issues, and other areas specific to dental practices.
A certified public accountant who understands the unique challenges and opportunities dental practitioners face is crucial to your success. Not only should the CPA be experienced in accounting and tax services, but also in practice management services, personal financial planning, valuation, practice transition and practice start-up.
When looking to make a transition, whether it is to buy or sell a practice, you want to engage someone who puts your interests first and foremost in regard to the transaction. A practice broker can provide dental practitioners with assistance in practice sales, appraisals, mergers, partnerships, structured buy-ins and buy-outs.
Having a consultant who understands the internal workings of your practice can make all the difference in your bottom line. A good practice consultant has the skills and knowledge to find areas of profit loss and opportunity in your business such as low patient retention, poor cash flow, holes in scheduling and last minute cancellation.
Working with a real estate broker to lease space, purchase an office condominium or building, or purchase land to build your own building is a critical decision to maximizing practice success and profitability. Any dental practitioner looking to start up a new practice, relocate an existing practice, buy or sell a practice, should meet with a real estate broker to ensure they are making the best financial decision.
When it comes to money matters, working with a banker who is experienced in lending to dentists is fundamental, whether it is for purchasing or starting a practice, or expanding or refinance your existing practice. Bankers who work with dentists have an appreciation for the issues facing the industry and the burden they can place on your day-to-day and long-term finances.