As a lender who specializes in the dental industry, I have worked with hundreds of buyers on transition into practice ownership. The vast majority of these have gone extremely well, but there have been a few where things did not go exactly as planned.
There is a cautionary tale I have heard numerous times during my talks with dentists over the years. While setting up their practice, they were advised that, to “do it right,” they should fully equip all of their planned space right now. That way, they won’t have to worry about it later when they are super busy, and they can readily expand without delay. Reps tend to say something like this:
This is it: You’re finally ready to open your own dental practice. You’ve dreamed of this for years, and have plenty of ideas about how you’d like your new practice to look and feel. The problem is, you have too many ideas, and aren’t sure how to organize and then execute your thoughts so they translate into success.
A common misperception is that employee handbooks only contain rules for how your employees need to conduct themselves—but a well-written handbook also contains many protections for the practice owner and can guide you to comply with employment rules. That is, if it’s written correctly and kept up-to-date.
Most dentists don’t put a lot of thought into IT security. Rather than giving it the priority it deserves, they convince themselves they can just call Steve the IT guy when something goes wrong. These days, that isn’t good enough, and is a mentality that will only serve to damage your practice in the long run.
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