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Next Level’s “BIG Guide” to Buying a Dental Practice
November 27, 2023
Next Level’s “BIG Guide”
#buying #dental practice #due diligence #valuation #dental transition #practice acquisition
What to Look Out For When Buying a Dental Practice
How do you properly evaluate a dental practice that you want to purchase without having any past experience in ownership or acquisitions?
You want to be a practice owner and you’re looking to buy, so you likely have many questions bouncing around in your head. Is this practice profitable? How do you make the transition process a smooth one? What makes a practice a good one to purchase? You’ve got the experience and background being a dentist, but stepping into a high stakes business transactions can probably feel like a fish out of water. If this sounds like your situation this blogpost is for you.
Next Level Consultants has helped many dentists through the process of buying a dental practice. Working as a Buyers Representative we provide a peace of mind when making those tough decisions every step of the way. Nonetheless, this guide will also help as you look at and evaluate dental practices now or in the future. Don’t hesitate to get someone to represent you. Sometimes, you just need a professional who’s been through the process before. They will look out for your best interest in the deal. They typically seen hundreds of deals and know what to look out for along the way.
What to Look for When Buying a Dental Practice
You’re ready to start the process of acquiring a dental practice. But where do you begin? One of the first steps to consider is the practice’s finances. You’ll want to closely examine the practice’s financial position and details, such as cash flow. The last thing you want when buying a dental practice is to find yourself in the red. But how do you begin reviewing the financial side of an acquisition? Well, here’s where to start…
War of the Roses: A Dental Practice’s – Front Office vs. Back Office
October 24, 2023
Front office vs. back office at your dental practice – do you have a tight team or is it totally out of sync? A disconnected front and back office in a dental practice is an age-old problem. Unfortunately, most practices are plagued with it.
For some reason–and who knows how this came to be – there is a very clear “line” down the middle of the office. How does this line happen, and what can we do for better flow and communication in your dental practice? It should never feel like a front office vs. back office scenario!
Next Level Consultants are a team of practice management consultants working to help doctors find holes in communication where scheduling is falling flat. Continue reading for the best ways to manage your team when faced with this challenging yet common scenario…
Handling Accounts Receivables in Your Practice: Common Issues and Solutions
September 29, 2023
Handling Accounts Receivables in Your Practice: Common Issues and Solutions
#accounts receivable #balance booking #collections #insurance verification #outstanding claims #delayed payments
Efficiently managing accounts receivables is crucial for the financial health of any dental practice. However, many dental practices often face challenges in this area, which can lead to delayed payments, financial stress, and frustrated patients. In this article, we will explore the common problems that dental practices encounter when dealing with accounts receivables and discuss effective strategies to avoid or mitigate these issues.
Overcome The Challenges of Accounts Receivables?
Outstanding Insurance Claims
One of the primary culprits behind accounts receivable issues in dental practices is outstanding insurance claims. When claims are not adjudicated, insurance companies have not yet processed, reviewed, or finalized the claim submitted by the front office. These claims are typically pending, and their status is awaiting resolution. When claims continue as pending for an extended period, it can become challenging for your front office admins to provide accurate cost estimates to your patients. Delayed claim processing also leads to delayed patient billing. Your patients may receive statements and balances with varying amounts, which can be frustrating and difficult to manage.
Your patients may lose trust in the dental practice if they perceive that their claims are not being handled promptly and statements received have missing transactions or inaccurate amounts. Trust is crucial in the patient-provider relationship, and any disruptions can lead to patient dissatisfaction.
It’s also possible that your patients may experience delays in receiving necessary dental treatments. If insurance claims are pending for a significant amount of time, patients may have to wait before scheduling follow-up appointments or receiving additional treatments, potentially affecting their oral health needs.
How To Avoid Falling Behind on Insurance Claims:
A major solution is by implementing a system for tracking the progress of insurance claims. Your team’s ability to follow up on outstanding claims expedites the adjudication process. Your front office admins must enforce a claims tracing process by documenting the submission date of each claim. This information is essential for tracking the time elapsed since the claim was submitted. Once the claim has been submitted and approved for payment, the front office staff reconciles the dental practice’s accounts receivable with the insurance payments received. This also ensures that all payments will be accurately credited to the corresponding patient accounts.
7 Strategies for Scheduling Patients and Keeping Them Scheduled
August 28, 2023
#scheduling #appointments #patients #followup #recare #hygiene
Did you know that the average dentist needs to schedule 24-50 new patients per month to grow consistently? When it comes to scheduling patients at your practice–and keeping them scheduled–it can feel stressful and difficult. The good news is that there are several simple strategies that you can implement today to help your practice schedule patients and keep them coming in. Try these 7 techniques to help your dental practice thrive and grow.
Navigating Burnout: An Article for Dental Professionals
July 19, 2023
Identifying Burnout for Yourself and or Your Denal Practice’s Team members
In today’s fast-paced and demanding work environment, dental professionals often find themselves susceptible to burnout. As a dental consultant and leadership coach, I see this happening every single day. The accumulation of responsibilities when running a business can take a toll on your well-being and job satisfaction. There are high expectations to clinically produce, and pressure to keep pace with the ever-evolving challenges in the dental industry. All of this makes your job extremely stressful.
However, by recognizing that there are signs of burnout and beginning to implement strategies to adapt, cope, and move forward; dentists and practice owners can manage their hardships, regain a sense of fulfillment and balance in their professional lives and personal lives.
Gallup article, March 13th 2020
Before we dig into how to go about creating a healthier and more productive work-life balance, here are some general burnout statistics I would like to share.
• In a Deloitte survey, 56% of workers say that their managers did not encourage conversations addressing burnout.
• 77% say they have experienced employee burnout at their current job, with more than half citing more than one occurrence.
• In another survey done by Adam Grucela, a published writer on the topic shared; Millennials are the most burned-out generation, with 59% experiencing some symptoms of burnout. (more…)
The Ship Is Sinking… And They’re Taking You Down with It!
May 10, 2023
Let’s face it: your team, regardless of the number of team members you have, runs your practice. They drive the success of your business, sell your dentistry, enhance the level of care you provide, and without them, you essentially don’t have a practice. The challenge is that you may be facing an organizational crisis right now without realizing it!
Why Investing in Diode Lasers for Your Hygiene Team Is a Wise Move
May 2, 2023
When it comes to modern dentistry, technology is an invaluable asset; there are all kinds of new tools and equipment that continue to improve and reshape how dental work is carried out. One new innovation that stands out is the diode laser, and in the hands of a capable dentist or dental hygienist, this unique tool can ultimately improve patient outcomes by increasing the efficiency of dental care and improving the overall level of safety. Here’s more about why you shouldn’t hesitate to outfit your hygienist team with diode dental lasers.
Chatting with Jill Allen, the “Ortho Queen”
April 22, 2023
Listen to this Episode Here.
Jill Allen began her career in orthodontics over 27 years ago, and since then, she’s had the opportunity to master virtually every position in the orthodontic office—and now, she’s thrilled to be able to impart her wisdom to new orthodontists chasing their dream! She joins host Mike Dinsio of Next Level Consultants to talk shop and share some useful industry tips she’s picked up over the years. Continue reading below to learn more about Jill and what she does, or feel free to hear what she and Mike have to talk about on the latest episode of Start Up Unscripted.
Putting the “Comprehensive” Back in the Hygiene Department!
February 11, 2023
A skilled team of hygienists is one of the most important assets that a dental practice can have. As an integral member of the dental team, a hygienist assists with all kinds of tasks that contribute to improving the comprehensive level of care that a dentist can provide for their patients. But when it comes to the dental hygienist field, there are inherently going to be discrepancies across the board in technical knowledge and skill, among other attributes.
This is where a dental hygiene growth plan becomes invaluable; by providing hygienists with the means to enhance their practice’s hygiene department, the entirety of the practice will benefit in many incredible ways. Keep reading below to learn a little more about how skilled hygienists bolster the level of care a dental practice can provide, along with how our dental hygiene growth program can help.
Dental Acquisition: Purchase & Sale Agreement with Rob Montgomery
February 5, 2023
Listen to This Episode Here!
In a lot of ways, a purchase and sales agreement is similar to dating; as you’re going through the process, you’re looking through everything with due diligence and trying to ensure that you’ve found a good match and that you’re set up for a happy future! That may seem like a very technical breakdown, but this is what Rob Montgomery, lawyer and founder of Robert H. Montgomery, III, Esquire P.C. thinks—and he has several tips and tricks that can help you out when it comes to breaking down the specifics of these agreements and setting things up for success. Continue reading below to learn a few of his secrets to winning purchase agreements, or feel free to check out his recent appearance on the latest episode of Dental Acquisition Unscripted.