Sometimes documenting what you are
NOT doing is as important as documenting what you ARE doing when it comes to
increasing the value of your dental practice for potential buyers.
In our Practice Information
Summary form, which is used in part to illustrate the value of a dental
practice, there is the section titled ”Procedures Referred Out”. Over
the years, we have noticed that most dental practices simply put a note in the
patient chart, but do not actually record the referral to a specialist. Recording
all referrals to specialists can be worth major bucks when you get ready to
sell your practice. And it only takes a few clicks in Dentrix, Eaglesoft,
Practice Works, Softdent and most other practice management systems in use
Here are actual estimates from one of the practices we assisted with
their dental practice sale:
Procedures Referred Out:
Simple surgery 100%
Implant placement 100%
Perio surgery 100%
Third molar surgery 100%
The potential buyers of this practice just happened to
be able to perform most endo, simple surgeries, implants, and most perio and
third molar surgery. The practice sold for way above average because the
buyers were able to estimate the value of these referred out procedures.
Assuming that their percentage of patients that would
be retained during the transition would be above 90% (it was a perfect fit), they
were confident that they would also be able to retain a very high percentage of
the current procedures that were being referred out. They were absolutely right
on the money!
practice sold for 36% higher than average due to the buyers’ perceived value of the practice to them.
By making just a couple more clicks and recording your
referrals, you may add a substantial amount to your selling price when the time
comes for you to sell your practice.
For more information on this and more tips on “Getting
Your Dental Practice Ready to Sell”, call or email us at 678-482-7305 or email@example.com or click here to subscribe to our free Dental Practice Seller's Guide - a 6 part email series that will help you prepare your practice for sale.