Practice Perspectives, Volume 5

May 2024

Dear Practice Perspectives Newsletter Readers,

Welcome to the fifth edition of Align Companies' Practice Perspectives newsletter! We're delighted to continue sharing valuable insights and expert advice to help you navigate the complex world of the dental industry.

In this edition, we focus on the importance of planning ahead for your practice's lifecycle. Whether you're starting up, acquiring a practice, selling, expanding, or relocating, each move should be carefully considered in the context of your long-term goals. Understanding these dynamics is crucial for achieving sustained success in your practice.

Spotlight Article-The Align & Masserano Practice process: The Necessity of Planning Ahead in Your Practice Journey

Whether you're starting up, acquiring a practice, selling, expanding, or relocating, each move should be carefully considered in the context of your life goals. Planning ahead is key, and so is taking a zoomed-out approach to your practice’s lifecycle. This can be difficult for doctors who are wrapped up in the day-to-day nuances of running a practice. That’s why we at Align & Masserano are here to help. This necessity is precisely why we created the Practice Perspectives newsletter—to help you zoom in and out on the important considerations for your practice’s lifecycle.

The Importance of Strategic Planning

Starting a dental practice, acquiring an existing one, expanding, or even selling a practice are not decisions to be taken lightly. Each move has long-term implications that can significantly impact both your professional trajectory and personal life. Planning ahead allows you to make informed decisions, avoid common pitfalls, and seize opportunities that align with your overall life goals.

For instance, starting a new practice requires careful consideration of location, demographics, market saturation, and financial planning. Similarly, acquiring an existing practice demands thorough due diligence, including evaluating financial health, patient base, and growth potential. Without a strategic plan, you risk making decisions that could lead to financial strain or professional dissatisfaction.

The ADA has a page dedicated to Career Transitions. Their website provides planning and worksheets dedicated to helping dentists evaluate their options and properly plan for career transitions.?

An Example- Expanding your practice’s hours

Imagine you have a thriving practice- congratulations! Business is booming, and you find yourself facing the enviable challenge of meeting higher patient demand. Now you need to decide how to address this need. Should you bring on another dentist? If so, should they be an associate, an independent contractor, or a partner??

For this example, let’s say you decide to bring on an associate. This process is akin to “dental dating,” where your requirements must align with those of your prospective associate. To ensure a successful match, it’s crucial to be very specific about the type of dentist you’re looking for.?

Your ideal candidate should not only meet your professional expectations but also fit well with the culture of your practice. It’s vital to ensure that your potential associate is comfortable with your transition plan. With the right plan, a clear written agreement, and open communication, you can usher in an exciting new chapter for your practice.?

Working side by side with your associate during a “trial” period will help you determine if this partnership is the right fit. It’s essential to gather feedback from your staff and stay actively involved in nurturing your practice’s culture.?

Transparency and honesty are key to a successful practice transition, making a written agreement indispensable. Hiring an advisor to navigate the specifics of written agreements and transition scenarios can be a wise decision, providing valuable assistance and peace of mind.?

Our Expertise at Align & Masserano

With over 50 years of combined experience, Align & Masserano offers unparalleled expertise in startup, space finding, site selection, healthcare real estate, practice expansions, relocations, transitions, doctor matching, and more. Our comprehensive approach ensures that every stage of your practice’s lifecycle is managed with precision and care.

• Startups and Acquisitions: From the initial concept to opening your doors, we guide you through every step of starting a new practice or acquiring an existing one. Our expertise in site selection and space finding ensures you choose a location that maximizes your potential for success.
• Healthcare Real Estate: Navigating the complexities of healthcare real estate can be daunting. Our team specializes in identifying and securing prime real estate opportunities that align with your practice goals.
• Practice Expansions and Relocations: As your practice grows, you may need to expand or relocate. We provide strategic advice on the best ways to expand your space or move to a new location without disrupting your practice operations.
• Transitions and Sales: Whether you’re considering selling your practice or transitioning to retirement, our transition planning services help you prepare for a smooth and profitable exit. We ensure that your practice’s value is maximized and that the transition process is seamless for both you and your patients.
• Doctor Matching: Finding the right partner or successor for your practice is crucial. Our doctor matching services connect you with professionals whose goals and values align with yours, ensuring a harmonious transition and continued success for your practice.

A Doctor-Centric Approach

At Align & Masserano, we understand that you, the doctor, are at the center of every decision. Our process is designed with a Doctor-centered approach, focusing on your individual needs and goals. We believe that successful practice management goes beyond financial metrics; it’s about achieving a balance that supports your professional aspirations and personal life.

Expanding Your Horizons

If you are already a client utilizing our practice design services, now is the perfect time to consider how we can assist you in other areas of your practice’s lifecycle. For instance, if you’re thinking about expanding or relocating, our healthcare real estate services can help you find the perfect new location. Or, if you’re contemplating retirement or selling your practice in the future, our transition planning services can guide you through the process, ensuring you achieve the best possible outcome.

Planning ahead and taking a strategic approach to your practice’s lifecycle is crucial for long-term success. Align & Masserano is here to provide the expertise, support, and human-centered approach you need at every stage of your journey. Our comprehensive services ensure that every aspect of your practice is managed with care and precision, allowing you to focus on what you do best—providing exceptional care to your patients.

Reach out to us for more personalized advice and to explore how we can help you with your specific needs. Planning ahead is crucial, and with Align & Masserano by your side, you can confidently navigate the various stages of your practice’s lifecycle.

May Roundup

This month we celebrated two pediatric dentistry office anniversaries!

Congratulations once again to New Leaf Pediatric Dentistry and Singh & Smile Pediatric Dentistry!

View our full portfolio of Practice Designs for more.

To stay informed of all of our social announcements, make sure to follow us on Instagram and Facebook!

Practice Listings

Our practice listings showcase a variety of practices available for sale, providing a glimpse into exciting possibilities for your professional journey. To stay informed about the latest opportunities tailored just for you, we invite you to visit our website or subscribe to receive practice listing emails from Align Healthcare Practices.

If you'd like to receive marketing emails, information, and announcements from Align please subscribe to receive email communications from us.

Wishing you continued success in your practice endeavors,

Align & Masserano Team