Add these specialized vendors to your support system
Dental professionals can smoothly manage practice transitions and ownership with the right resources and support at the ready. It doesn’t need to be a road to tread alone; there are several organizations who specialize in serving the dental industry and can help you as a future or current owner. Consider adding providers in these specialties to your support system for a successful dental transition.
Obtaining accurate demographic data on the practice’s physical location offers a level of diligence and a clearer picture of the market and potential patients. Companies that offer demographic research reports can provide information on the number of dentists in the area, income per household and target patient age. It’s also helpful to discuss marketing tactics and the most efficient ways to market to your potential patient base. These demographic research companies often provide these services on a complimentary basis, which is done to build a relationship with you so that you may consider them for your future needs.
Banks that specialize in the dental industry can help you understand what you are considering and can set realistic expectations. Even if the decision to purchase or sell is one or two years in the future, it’s beneficial to understand what banks require for acquisition loans specific to dental practices. Some critical components to know and prepare for include the level of personal cash you have accumulated, your existing debt and the amount of the potential loan.
At the end of the day, dentistry is your career, one that you need to leverage as a means to provide and protect your family today and tomorrow. Having a partner to help you leverage your practice to achieve your financial goals can provide an immense amount of comfort, while you take care of the dentistry. NDP’s affiliate company, Cain Watters & Associates, is a well-rounded firm that offers services in financial planning, taxes, investments and accounting to thousands of dentists nationwide.
Whether it’s property, casualty or financial insurance or assisting with risk management, a dental-focused insurance broker can provide the most effective solutions, making your protection their utmost priority. Make sure your agent is aware of your long-term plans so that they know how to specifically help you.
Practice Management Consultants
There are times you need a consultant to improve one or more aspects of the practice. Website development, new patient flow, office systems, billing, case presentation, office construction, and new equipment needs are just some of the areas where the advice of an outside consultant can be helpful.
Student Loan Resources
With dramatic increases in dental school costs and student loan interest rates, we all know that student debt is not a new pain point. There are institutions that can help manage this debt and offer peace of mind despite the high numbers. There are also advisors, like NDP, who can show you that ownership is possible, regardless of your level of debt.
There are various marketing strategies to take your practice to the next level. Whether it’s content marketing, SEO, paid advertising or website design, dental-specific marketing agencies can effectively maximize the ROI for your marketing budget.
There are ways to maximize your profit while saving on your day-to-day equipment, supplies, payroll services and other items or services. NDP’s affiliate company, Elite Dental Alliance, has completed the research and put together a comprehensive list of the best companies and products at negotiated rates.
Connecting You with Specialized Providers
While NDP can be your transition advisor, we also work closely with dozens of experienced vendors in the dental industry. If we don’t have the answer, we know experts who do and can guide you to the best possible solutions. Contact us to learn more about the specialized providers we partner with to ultimately help you as a dental professional.