𝑻𝒉𝒆 𝑫𝒆𝒏𝒕𝒂𝒍 𝑷𝒓𝒂𝒄𝒕𝒊𝒄𝒆 𝑶𝒘𝒏𝒆𝒓𝒔𝒉𝒊𝒑 𝑻𝒆𝒂𝒎
Practice Ownership can be highly stressful but having a team of professionals ready to support you will go a long way to alleviate this stress. I would highly recommend every dental practice owner have the following professionals on side.
Commercial lawyers experienced in dental are extremely valuable when things go wrong. From HR issues and dealing with difficult staff to negotiating leases, a good lawyer will provide valuable and timely advice. Having a Lawyer on retainer is obviously a bit excessive for a small practice owner. However, establishing industry contacts early on and knowing who to contact if and when the time comes will ensure you’re making the right decisions in a timely manner. Our recommendation here is Harry Nicolaidis for K&L Gates. Harry.Nicolaidis@klgates.com
For a dental practice owner it is important to engage an account who has a thorough understanding of the dental industry. Most dentists will not know the ins and outs of tax law, deductions or benchmarking. A good dental accountant can save you many thousands in tax as well as ensure your practice is maximizing profitability. During purchasing they can offer incredible value as they find things the sellers accountants may have missed which could increase profits once you purchase the practice. Our strong recommendation is Bhupesh Kaphle from BDO. Bhupesh.Kaphle@bdo.com.au
I encourage all practice owners to be acquainted with a dental industry specific banker on a personal basis. They can assist firstly when you purchase or setup your practice but will also be of great benefit when investing in new equipment or adding rooms. A banker that knows dental, can get loans over the line that other banks without dental knowledge may not be interested in financing. I have used Jason Savage from Medfin for close to ten years and he is my strong recommendation as a goto. JSavage@medfin.com.au
This is an area that some practice owners will not give much attention. However, it is important that not only the equipment and premises are insured but consideration also given to breakdown insurance, business interruption insurance, cyber insurance, management liability insurance. An insurance broker experienced with dental will provide you with the adequate cover needed.
In the new world of data stealing viruses and malware it is important that our IT systems are well protected to handle this level of threat. Computers need to be setup to mitigate the risk of this occurring and IT support needs to be readily available if systems become problematic.
Sticking with one company for the majority of your major equipment and maintaining a cordial relationship with your equipment rep will not only assist in getting a better deal when you first setup but will also ensure ongoing support if equipment breaks down. Further, having that relationship will also assist in getting better deals for other equipment going forward. Sirona have been excellent for me with regards to support and quality of products and innovation.
These are the major professionals I recommend to have on your side. Please feel free to comment or add to the discussion. If you have enjoyed this post, please like, share or comment below
Our next practice ownership seminar is coming up in Sydney on the 28th and 29th of March 2020. We have many of these professionals that I personally use presenting (providing excellent content and not just up selling their own services). These seminars have sold out in previous years so please register ASAP.
We also offer expert guidance in various areas of practice ownership. Please see the below link for more information.