3 Important things to consider when re-structuring an existing practice

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So, it’s time to decide! Are you going to buy that brand new building for your practice or are you considering taking over an existing practice? Of course, setting up a brand-new office just the way you want it, sounds amazing. However, a new office comes to a lot of responsibilities, bills, and other factors that are not always considered when making such an important decision. Acquiring an existing practice can provide you with a perspective on business operations that a startup cannot. And Dental school only prepares students for about two-thirds of the what it takes to run a successful dental practice.

Here are three factors to consider when restructuring an existing practice:

  1. Previous patient’s expectations
    • Because you are taking over an existing practice, previous patients from the former practice will make an appearance at your office. Whether if they are aware of the transition or not, they will be expecting an experience that is a similar service to their previous experiences at that location. That’s why it’s important to get to know and even work with the selling doctor because their existing patients probably love their current dentist; they wouldn’t be there if they didn’t. These types of patients are normally not wanting a new dentist, or at least they think they don’t want a new dentist. Which why it is crucial that you take the time to listen to the selling dentists and learn about the types of clients they have. This will give you an advantage when existing clients come in, and it’ll make your overall transition feel smooth.
  2. Receiving assistance from other local specialists:
    • Instead of changing everything with crazy new ideas, take a moment and think about how you can improve the existing business operations. Sometimes we find ourselves trying to accomplish too many things at once and not allowing enough time to improve things that are already established such as your business and clinical skills. As well as, taking the time to build relationships with other local specialists in the industry. For example: If you are not comfortable doing a specific type of service, then do not force yourself to do it, instead network with other industry professionals that specialize in that type of service and ask for their assistance. This will allow you time to take a moment to educate yourself and get comfortable performing a variety of tasks. In time you will grow don’t think about the money, all of that will come eventually.
  3. Marketing an existing practice like new:
    • Marketing can seem like a crucial factor that can either make or break your entrepreneurial career, and the truth is… it can. Now there are different types that can be used to grow your business, such as digital, direct, and relationship marketing. Digital marketing is a combination of all marketing efforts that use digital channels such as social media, search engines, email, and websites to connect to prospective and current customers. Direct marketing allows you to communicate directly with customers and prospects through email, mail, texts, filers, and any other promotional materials that reach the audience directly. Relationship marketing focuses on building connections and relationships between the customers and the business. By not always trying to sell the customer something but by building more organic connections. Customers who love the brand and their experiences with a business making them more likely to return.

But above everything, patience is the key to succeeding in establishing your practice. Whether if you’re planning on getting that shiny new office or exploring the idea of taking over an existing practice; it is important to you focus on patient retention, not just bringing in new patients but providing each patient with a quality service that’ll keep them returning for years to come. This can be difficult at first, but it’ll make the rest of the transition a lot simple.

Listen to our most recent podcast featuring Dr. Stephen Dugan, DDS as we discuss practice management and his methods of transitioning into a new practice.

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