For a generation we have served the dental community in Canada as consultants, helping our clients succeed by bringing them our experience, professional expertise, sound judgment, manpower and contacts.
We provide consulting services for the following:
We take a lead role overseeing your practice’s business initiatives, from defining the project through to implementation, always working with and reporting back to the client. We will develop a plan, budget and schedule as well as manage the overall process. We will ensure the client knows where their time will be required and keep them updated regularly on the progress and cost of the project.
Project Management services we can provide include:
- New practice start-up
- Purchase an existing practice
- Selling a dental practice
- Dental Practice Management
- Practice Expansions
- Practice Mergers
We can take a lead role or an advisory role in a consulting capacity.
Consulting services include all of the above listed under Project Management as well as:
- Practice Development
- Transition Planning
- Team Building
- Employee Salary Reviews
- Business Planning
- Lease Negotiations
- Hiring and Managing Office Staff
- Conflict Resolution
- Associate Agreements
- Help increase the efficiency of the dental team
- Financing Office or Equipment
- Comprehensive Office Evaluation
New Practice Start-Up
Starting up a new practice, taking over an existing practice or leaving a practice to set up your own can be a very time-consuming and overwhelming experience.
First thing that any dentist starting up a new practice has to realize is that they might need some help. It is not as simple as it might seem, and this is where a start-up consultant can come in handy. We can lay out a Business Plan, prepare a Project Plan and budget, and we can manage the entire process on the client’s behalf.
We can also put our clients in touch with legal, lender and accounting contacts who are experienced with dental practices.
Practice Solutions has years of experience successfully mentoring and managing practice transitions such as practice acquisitions, the integration of new associates and practice mergers. Practice Solutions can offer expert advice developing a Transition Plan and implement that plan all the way through to completion. We’ll help navigate the numerous issues and challenges involved with all practice transitions. Whether the goal is to hire an associate or enhance a practice’s performance for a future sale, our transition planning services will help.
An Associate Agreement should accurately reflect the terms agreed to between the owner dentist and the associate dentist. The challenge for new dentists is to know what to look for in a contract and what should be included on their behalf. In general, many experienced owner dentists have limited experience in developing contracts, which can lead to a lot of unnecessary headaches down the road. Practice Solutions can assist in drafting fair, legally sound associate agreements tailored to everyone’s unique needs.
Help increase the efficiency of the dental team
See Dental Practice Management and Team Building.
Comprehensive Office Evaluation
Every change in the dental industry, the economy and our society presents us with both threats and opportunities. Practice Solutions will come to your office, review your practice and present you with a practice treatment plan designed exclusively to move your practice forward. We will identify areas where you may not be performing to full potential, areas where you might increase performance/profitability and recommend the steps you’ll need to consider taking to improve your practice.
Your Dental Business Plan is perhaps the most important document you as an entrepreneur can create. Your business plan helps guide the direction of your practice and is required by any lender you may be considering for funding an initiative. Whether you are creating a business plan to start up a practice or reviewing/updating an existing business plan, Practice Solutions has the expertise to help. We can help you prepare a business plan that will get you the financing you need. We can also work with you on an existing plan to ensure you are focused on where you are currently and help track your progress toward achieving your long-term objectives.
Whether your practice is moving to a new location or expanding an existing office, Practice Solutions can help you make a smooth transition. Expansion decisions may involve the addition of equipment and personnel or decreasing idle capacity through the process of space sharing. We have extensive experience working with clients and contractors to make sure that the practice has the smoothest opening possible and the most profitable results.
Employee Salary Review
Employee salary reviews are a necessary, often anxiety-filled, yet productive part of the employment cycle. They are an indispensible part of your employee evaluation and promotion process. Practice Solutions can provide you with the toolset to manage and justify salary reviews/increases and performance increase amounts.
See Transition Planning.
Practice Sales or Purchases
The sale or purchase of a practice, or a share in a practice, will be one of the most important transactions of a dentist’s life. We see it as our role to reduce the burden on our client and minimize the stress.
If you are contemplating buying or selling all or part of your practice give us a call. We are happy to have a no-obligation chat with you, advise you on steps that you should take to prepare for the sale or purchase, and explain what will be involved.
Practice Solutions has completed dental valuations for all types of dental practices over the past 30 years. Our clients, as well as their counterparties to any deals requiring a valuation, have always been happy with the valuations we have prepared for them. We have the experience and track record to complete professional and competitive dental practice valuations. If you have questions about a valuation done by someone else, we can provide a second opinion by reviewing the document on your behalf.
Dental Practice Management
We can provide dentists and their administrative team with the knowledge and tools to create a consistent standard of patient care, a positive business relationship and coach the administrative team to be proactive in practice development projects.
Hiring and Managing Office Staff
Practice Solutions can provide you with the toolset you’ll need to describe the skills required for available positions, define your expectations and manage your staff. We can also help you find and hire staff.
Practice Solutions has experience in negotiating office leases for dentists, helping them secure rental concessions and long-term occupancy security. An experienced Practice Solutions Lease Negotiator will represent you in all dealings with your landlord or equipment providers. You will always have final say and approval.
Occasionally partners have a difference of opinion on the running or direction of their practice and need an objective third party to help resolve issues. We are in a position to bring a fresh approach. Problems can be resolved in many ways. We can work with you to define the problems and help come to a resolution. In the event the conflict cannot be resolved, we can help negotiate a compensation agreement or buy/sell agreement.
Financing Office or Equipment
Practice Solutions can help you get the financing you need to purchase a practice. We can also work with you to finance or lease your equipment.
We can come in and develop or improve upon the procedures, processes/tools or protocols to make your practice more efficient, ensure the staff clearly understands their roles and provide the necessary coaching. If you are unsure of the magnitude of what is required, we recommend performing a Comprehensive Office Evaluation first and then work on the approved portions of the Practice Treatment Plan.
Practice Solutions believes that in the best negotiations both parties (e.g., buyer-seller, lesser-lessee, partner-partner, owner-staff member) achieve their expectations. We have a solid history of successful negotiations. Our experience and ability to understand concerns and offer alternative concessions result in innovative solutions.
The most important asset in your practice is your dental team. A well-trained and motivated team consistently provides high-quality patient care and increases practice efficiencies. In addition, a proficient team reduces both the doctors’ and other team members’ stress.
Turning your diverse group of employees into an effective team can be challenging. Practice Solutions can work with your staff members to better understand any problems that may need to be addressed and develop a sense of teamwork. We will recommend changes to rectify problematic situations and train the client on how to keep the staff motivated to work hard and feel enough satisfaction with their jobs to stay in the practice for many years.