Your Legacy

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Services

Seller Representation

Buyer Representation

Seller Representation

Thinking of selling your practice?

Unfortunately, most dentists wait too long to prepare for the sale of their practice; resulting in disappointing offers and less control than they would like, over their practice transition.

Following are questions you should be able to answer before you transition your practice, to receive the best price, retire on your terms and protect your legacy. 

  • What is your practice worth?
  • How many active patients does your practice care for?
  • How often do you update your fee schedule? 
  • Do you have an emergency exit plan and directive? 
  • Who do you envision as the buyer of your practice? 

How familiar are you with your practice’s numbers?

Do you know the following numbers for the previous year and year to date?

  • Total production
  • Total collections
  • Adjustments and write-offs
  • Accounts receivable
  • Number of new patients 
  • Percentage of active patients scheduled for Recall

Regarding the Health of Your Practice

  • Are your individual overhead percentages healthy?
  • Is your A/R healthy? If not, do you know how to get it in shape without writing it off?
  • Regarding turnover, do you have systems in place for continuity of practice policies and positions?
  • Have you had a practice potential analysis based on your current active patient numbers, hours and fees? 
  • Are you making the amount of money you need to make? 

What is your practice’s potential?

  • Have you had an overhead analysis? 
  • Are you a participating provider for PPOs?
  • Have you had a practice potential analysis based on your current active patient numbers, hours and fees? 

Will your practice sell quickly? 

  • Have the numbers increased, decreased, or plateaued in the past three years? 
  • Have you updated your practice décor within the last 10 years? 
  • How old is your equipment? Does it all run well? Are there replacement parts available?
  • Do you have the necessary technology for a young buyer to purchase your practice? 
  • Is the exterior of your practice neat and clean?
  • Is the interior of your practice neat and clean?

Protecting Your Legacy

  • Do you have optimal management systems in place?
  • Have you recently reduced your practice hours? 
  • Do you believe your team will stay on post-transition?
  • Is your equipment in good working order and are there replacement parts available if repairs become necessary?

If you’re in your last years of practice and looking forward to retirement, or just tired and ready to work a shorter week, but need to keep your team employed, maintain the value of your practice please, reach out to Mary. She can help. 


Buyer Representation

Planning to Purchase a Practice? 

With knowledge gained through years of working as Practice Transition Broker Mary understands how to navigate practice transitions. Years of experience working as a Practice Management Consultant provides her with unique perspective on practice transitions. The combination provides her clients with peace of mind, knowing they’re in good hands.

Mary’s expertise allows her to identify and solve issues that most aren’t aware exist until it’s too late. 

Mary knows how to handle issues that come up during negotiations: 

  • Work in progress
  • Remakes
  • What do you do about the A/R? 
  • Who is responsible for the credits on patient accounts, and how are they handled? 
  • Who is responsible for contacting patients to let them know the practice has sold? 
  • Who is responsible for costs associated with notifying patients the practice has sold? 
  • How are employee benefits handled and/or distributed? 
  • Who tells the employees the practice is sold and when? How is this handled? 
  • Review the profit and loss report and determine the true practice overhead.
  • Determining the potential of a practice.
  • Determine the number of active patients. 
  • Determine the number of patients participating in PPO’s (if applicable) and the number of active patients in each PPO
  • Review of fee schedules used fees schedules billed to PPO ins. 

Most dentists assume the practice management reports speak for themselves. The fact is, the higher the number of PPO’s or managed care accepted in the practice, the higher the likelihood that production to collection percentages are inaccurate. Many practices with a large PPO or a managed care base, bill at the PPO fee schedule rather than the practice’s normal fee schedule or UCR. 

Chances are, the practice owner doesn’t truly know how the data is entered and under what parameters. It’s easy to see why they would take their numbers at face value. This is another reason why it’s so important to have a consultant who knows what to look for and where to look.

Want to know what working with Mary would look like?

Schedule a call with her here



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