Watch this video to learn the steps one should anticipate when transitioning to a new orthodontic practice. The process looks simple but can cost you so much if not well thought out. A dental practice transition occurs when an existing practice employs a dentist who is supposed to bring existing patients with them. These changes can be complex and require immense planning. Whether one is planning to retire or is trying to add a new dentist to the premises, undergoing a smooth transition is crucial.
For a successful transition, the new and existing practice’s patients must be comfortable. Additionally, new and existing relationships must be built and maintained between the existing personnel and the new providers. There are several categories of transitioning. They include when a new buyer entirely purchases an existing practice, when two existing practices merge, or when associates partially buy an existing practice. No matter what your circumstances are, you want the finished product to be a cohesive business instead of an environment that feels like two disjointed components.
The common mistakes made when transitioning a orthodontic practice include opting to sell a practice when you have not done enough research, ignoring the associate trial period, failing to communicate with existing patients, and making significant changes during the transition.