Could your practice use a Boost?
A leading dental authority has insight for you.
We had the opportunity to sit down with Dr. Charles Blair, dentistry’s leading authority on Insurance coding and administration. A highly sought after publisher and consultant, Dr. Blair agreed to share his insights in this publication.
Q: In your 4 decades of experience, what is the outlook of dental practices in transition in the near future?
A: In today’s environment, the buyer must do their due diligence. The buyer must evaluate the cash flows in light of lower PPO reimbursements and have an effective plan to grow the practice after purchase. The seller must continue to invest in technology, modern equipment, building improvements, and staff training to expect top dollar for the practice. The effects from the ever growing number of PPOs and corporate-owned practices need to be negated as much as is possible by both the buyer and the seller for the transition to be a win-win.
Q: What can a dentist who is 5-10 years away from a transition do to prepare?
A: Dentists cannot be the “frog boiling in the pot” or the “deer in the headlights”. The time is now to take action to contend with PPO’s, insurance reimbursement, dental corporations, economic challenges as well as deal with practice busyness. Dentists must be proactive in order to survive the next 5-10 years. Tools like PracticeBooster, that increase coding reimbursement, eliminates risk, and reduces stress should be in place and utilized to maximize the value of the practice to both buyer and seller.
Q: How can a dentist considering a practice sale better his/her chances in the market?
A: Dentists must first educate themselves about transitions and they should use a highly qualified broker who is familiar with the ins and outs of an ever shifting marketplace. The transitions broker should understand the buyers mindset and should be able to evaluate, screen, and track potential buyers.
Q: With insurance increasing, how can a dental practice decide how to navigate the many options as their practice winds down?”
A: Doctor busyness is the greatest factor in determining if and/or when to participate in a PPO. If the doctor is booked out less than one week, plan participation should be considered if all other options have been exhausted. Keep in mind that new patient flow is not the only factor that drives doctor business. The factors which drive doctor busyness are: new patient flow, number of hygiene days checked, service mix (the average dentist provides 90 procedures), clinical treatment intensity, case acceptance, emergency patient flow, and if children are treated.
Q: When transitioning your practice, what are the benefits in working with a company like DDSmatch.com??
A: DDSmatch has the experience and tools necessary to make a seamless transition from one owner to the next. Working with a group of knowledgeable professionals, who have the best interest of their client at heart, yields happy buyers and sellers. Peace of mind is the ultimate result and the goal of any reputable transitions group like DDSmatch.
Dr. Charles Blair is dentistry’s leading authority on practice profitability, fee analysis, insurance coding strategies and the developer of Practice Booster. He has individually consulted with thousands of practices, helping them identify and implement new strategies for greater productivity and profitability. Blair, CEO of Dr. Charles Blair & Associates, Inc., is a graduate of Erskine College and earned his Doctorate of Dental Surgery at the University of North Carolina at Chapel Hill. In addition, Dr. Blair holds degrees in Accounting, Business Administration and Mathematics.
Stay informed! Dr. Blair’s new book on coding is available for pre-order at practicebooster.com There are 35 new codes, 37
revised codes, and 12 deleted codes, a record number of changes for dentistry coding.