Things to Consider Before Entering into a Dental Partnership

Dental staffDental partnerships can be delicate relationships, much like a marriage. And, like a marriage, it is not a relationship to jump into too quickly, otherwise, you may find yourself frustrated, disappointed, and stuck in an unpleasant situation! This is why it’s important to make sure you take enough time to find a dental partner who shares your goals and values and will be committed to the practice.

Dental Partnership Tips

Below are a few things to consider carefully before joining a partnership or bringing on your own dental partner:

  • Personality Fit – Obviously it’s important to make sure that a potential partner is a good fit with your philosophy and personality. Make sure that you share the same business and professional goals, as this will make your dental practice successful.
  • Due Diligence – Before becoming a partner at a practice, make sure to do your due diligence. Ask questions and review patient records, leases, equipment lists and financial records. If you have any concerns, voice them.
  • Purchase Price – Agreeing on the value of a dental practice can be a major hurdle to overcome. It’s normal for this to be an emotional process, but make sure that communication with your potential partner is a priority.
  • Partnership Agreement – Lastly, draw up a partnership agreement outlining the daily responsibilities of the practice. Make it clear on who is responsible for which duties and discuss the agreement at length with your potential partner. Make sure you agree on all points before agreeing on a partnership.

Every dental practice and dental partnership are unique, which means that there aren’t really any one-size-fits-all answers. If you have questions about this transition or for help with your insurance credentialing, please contact Dental Insurance Credentialing today.

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