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Monday, September 16, 2013

Success Begins By Taking Ownership Of Your Situation (Part 1)

Whatever the situation with your practice purchase, you can turn the corner more effectively if you immediately take “ownership” of your new business with a professional marketing approach – one that brings the doctor, the practice team, and the patient file, together as one. 

by: Daniel Pisek, Practice Marketing Coach


More and more young dentists today are starting their businesses by purchasing an existing practice -rather than building from scratch. This is especially true in more established cities, where many dental offices exist and competition is fierce. With dentistry becoming more competitive every day, dentists are seeing more value in getting a head start by purchasing patient files, rather than starting at ground zero. For them, the future business model is in “Transitioning A Practice”.

For every doctor looking to purchase an existing practice, there are many factors that influence a buying decision. While the number one factor in evaluating a practice is always the number and quality of the charts, there are also many other variables that need to be considered. For example, one must take into account practice location, storefront visibility, local community demographics, current branding identity, team dynamic, and marketing strategy. These variables need to be considered to really understand the current situation and business potential of that practice.

Having worked with many dentists to successfully transition their new practices, I will say that every case is unique - with its own storyline and cast of characters. Consider the associate dentist taking ownership of the practice after the principal dentist has passed away. Or the purchasing doctor who had a verbal commitment from the selling doctor to stay on for six to twelve months, only to have the selling doctor vanish forever after the sales contracts were signed. And the dentist who bought the state of the art practice in a great storefront location, but then realized that the practice had been terribly managed and patients were unhappy with inconsistent office hours and an unprofessional approach.

Whatever the situation with your practice purchase, you can turn the corner more effectively if you immediately take “ownership” of your new business with a professional marketing approach – one that brings the doctor, the practice team, and the patient file, together as one.


Continue Reading: Success Begins By Taking Ownership Of Your Situation (Part 2)


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