It’s never too early to start thinking about selling your dental practice since there are many steps to take in order to optimize the practice for sale. By starting the process early you ensure enough time is allotted to seeing every step of the process all the way through.
During the optimization process you’ll notice that these changes that are geared toward the long-term goal of selling the dental practice are also in line with your short-term goals of practice building. Here are four ways these short-term goals and long-term goals overlap:
- Increasing revenue – Part of the process of increasing the final sale price is finding ways to increase revenue. The sooner you focus on increasing revenue the longer you’ll be reaping the rewards of the increased revenue before the sale.
- Improving operations – A seasoned dental advisor has seen it all and knows exactly where to look in order to increase operational efficiency in a dental practice in order to maximize profit. Any efficiency that is implemented can have a ripple effect on profitability, patient experience, and even staff retention. The sooner the efficiencies are implemented the larger the rewards to be gained from them.
- Cutting overhead – There are many ways that dental practices can cut down on overhead and increase profitability. In fact, our dental advisors have been helping practices reduce their overhead for so long that they have developed a tool that helps find ways to cut overhead more efficiently. If excess dental practice overhead spending is cut early enough it will generate profits that can help grow the practice even more.
- Increasing flow of profitable patients – A practice advisor can help you identify the most profitable patients in your practice and set you up with a marketing team that will help you get more of them. As always, the sooner this is implemented the better.
- Building practice reputation – Not only will getting more profitable patients mean more money for the practice, but also more people talking positively about the practice and improving the practice image and reputation. The more patients you get into your practice the more advocates you create to solidify your standing and reputation.
It’s never too early to think about selling your dental practice. Even if you don’t plan on retiring for ten more years, the changes and optimizations that will be put into place for the sake of selling the practice will result in improved revenue and profitability for the short term as well.
If you would like to move forward on optimizing your dental practice, give us a call, or click here to schedule a call.
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This is some text about the listing. Here’s the story behind it that numbers don’t tell. One more sentence of description so that it is a reasonable length.