Growing your dental practice and making more money. Sounds awesome, right?
It would be nice if you could just snap your fingers and make it happen. Unfortunately, it doesn’t work that way, but there are other ways to grow your practice.
There are many methods that you can implement that can help you achieve that goal. These can range from marketing campaigns, offering new products, or even expanding services. Another way that you can grow your practice which is often overlooked but can be very profitable is a practice acquisition.
If you’re unfamiliar with what exactly a practice acquisition is, it’s basically a complete envelopment of a seller’s practice into a buyer’s facility. This gives you, the buyer, instant access to the selling dentist’s patients and staff without you having to sacrifice any ownership stake, going from two facilities to one to maximize effectiveness.
Practice acquisitions can be very beneficial to both parties involved, but as with most things in life, there are elements that need to be in place to maximize those benefits. As the purchasing doctor, you will need to make sure that your office space and capacities can accommodate the new patients as well as the incoming dentist and staff, if applicable. You will need to make sure you have the staff in place that will be able to handle the influx of new patients as well. These points barely even scratch the surface of the litany of checkpoints that need to be evaluated as well.
After the acquisition takes place, one of the major benefits to the purchasing dentist is that they can add many new patients without having to increase overhead by much. Certain things like supplies, lab fees, etc. could go up, but you’ll have the same staff and the same building costs. The return on investment from an acquisition can be exponential compared to a marketing budget, as marketing doesn’t guarantee that it will lead to new patients.
Next time you’re interested in gaining new patients, consider a small acquisition.