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Orthodontic Partnership Seminar Announced

Bentson Clark & Copple Partnership SeminarPartnerships are on the rise. They are one of the fastest growing practice types throughout the United States. However, creating a successful partnership between two dental professionals isn’t easy – it’s more than just a handshake. Clear expectations and a solid financial plan are the keys to a smooth transition. Establishing effective and inclusive partnerships takes time. It is important to create the right framework from the start and review both the structure and process of the partnership on an ongoing basis.

If you have considered adding an orthodontic partner or even a pediatric dentist to your practice, we invite you to attend a full-day lecture, hosted by Bentson Clark & Copple, which will focus on the key elements of partnerships from a panel of distinguished experts with first-hand experience.

Building a Lifelong Partnership is scheduled for Friday, June 19th from 7:30 a.m. to 4:30 p.m. at the O. Henry Hotel, located in the heart of Greensboro, North Carolina. This educational lecture will focus on the business of building a lifelong, successful partnership. From the legal aspects of creating a partnership to the physical building requirements needed for a partnership, our guest speakers will offer their first-hand experience of long-term partnerships with both orthodontists and pediatric dentists. Many topics will be discussed, including the different types of partnerships, considerations in building a partnership and how to locate a partner.

The lecture will close with an open forum, panel discussion, where you may pose questions to the Bentson Clark & Copple team and guest presenters regarding anything partnership-related. Scheduled to present are Chris Bentson; Doug Copple, CVA; Dr. Jeffrey Johnson; Joyce Matlack, RDH, ASID; Dr. Michael F. Nelson; Shannon Patterson, CPR; Dr. Ronald K. Risinger and Daniel Sroka, JD.

Bring your potential orthodontic partner, future pediatric dental partner and/or your spouse to this event. Registration is open now. Early bird rates of $499 are available before March 1, 2015. Registration fees will increase to $599 after that date.

 

Dentistry Going Corporate

There was an interesting article featured in the April 9, 2012 issue of the ADA News.  The cover story, “ADA Explores Growth of Large Group Practices” caught my eye. The article sites a recent study conducted by the Health Policy Resources Center of the American Dental Association (ADA), which concludes that the rate of solo practitioners is falling. In 2010, 69% of dentists were solo practitioners compared to 76% in 2006.

Certain states and areas of the country are experiencing the expansion at a faster rate than others. For example, the Minnesota Dental Association reports more than 12% of dentists in the state are employed in large group practices.

The American Association of Orthodontists (AAO) surveyed new graduates in 2009 and 2011 and found that 16% of respondents are practicing in a non-traditional setting, defined as either an interdisciplinary practice or a practice where they are employees or independent contractors. Chris Vranas, AAO Executive Director says, “Overall our membership is still at 69% in solo practice, 16% in partnerships, 6% in associateships, 4% interdisciplinary practice and 5% in large corporate practice.

We ask the question – what is driving the trend? The ADA article references educational debt of young doctors and the growth of Dental Service Organizations who need employee doctors to grow.

This trend of dentistry going corporate is something Bentson Clark & Copple has been watching for several years and one that you may have noticed in your drawing area. It will take some time to have a major impact, but understanding this trend will help you as you think strategically about your brand and identity as you communicate with new patients and referrals.

To learn more about the trends of today’s orthodontic residents, check out Bentson Clark & Copple’s 2011 Annual Residents Survey Results.

Dental Practice Management Firm Shares Tips on Finding the Right Partner

The most important decision for many orthodontists after buying an orthodontic practice is finding a partner to share the workload in a growing business. Bentson Clark & Copple specialize in dental practice management, and are experts in matching orthodontists for the best fit when entering a practice.

Doctors from across the United States approach the firm when they have an orthodontic practice for sale. The American Association of Orthodontists can also provide seekers with a wide range of practice opportunities.

Shannon Patterson, Director of Practice Opportunities at Bentson Clark & Copple, oversees the orthodontic resident and selling doctor matching database, a matching assistance program focused on assisting doctors in finding opportunities based on their geographical location and personal preferences.

Patterson, who gives consultation on buying an orthodontic practice, now advises that there are four main factors to remember when looking for a future partner.

1. Have your office undergo a practice valuation
Generally it is ill advised for orthodontists seeking a future equity interest to join a practice that does not have a comprehensive practice valuation. A written practice valuation allows for complete transparency of the financial and operational health of the business. It also gives selling orthodontists a specific idea of what their practice is worth. Make sure the practice is financially ready to take on a partner and has a plan for adding another doctor.

2. Get the word out
Contact orthodontic training programs or individuals in the military to help determine if any interest exists for your practice. Try every possible approach to identifying potential associates/buyers, which may include advertising in industry journals. Bentson Clark & Copple also maintains a well-developed database of orthodontic residents, military personnel, and practicing orthodontists interested in relocating and purchasing a practice. Consider registering for the AAO Practice Opportunities JobBank, a fully automated, secure website that is ideal for doctors who are seeking to add a partner or transition a practice.

3. Personal visit
Once the selection pool has been vetted to a couple of qualified doctors, meet with the candidates one-on-one. Invite the potential orthodontist(s) to visit the practice. If you are comfortable with allowing your staff to be involved in the process, include them. If not, simply plan to meet with them and their spouse outside office hours over dinner and then visit the practice.

4. Consider all the details
Be willing to invest enough in the importance of this transaction to seek the advice of knowledgeable legal and financial professionals that specialize in practice transition. Do not have a potential associate/partner enter your practice merely on a handshake. Become as knowledgeable with the transition process as possible.

Remembering these tips will ensure a good doctor/ practice relationship has been formed and new doctors will merge seamlessly into the practice with the staff. Following these guidelines will ensure doctors help their practice by finding the best candidate that will continue to make the practice profitable and successful.

Call today to learn more about orthodontic practice sales or to receive a free 30-minute consultation.

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