Buying an oral surgery practice is a rewarding process that requires much diligence, attention to detail, and organizational management.
OMS Partners is an experienced, professional group who helps clients interested in acquiring an oral surgery practice navigate the buying landscape and experience a successful transition.
Benefits of Buying an Existing Practice
Starting an oral surgery practice from scratch has its rewards, but it can also be challenging and time-consuming. Many oral surgeons opt to buy an existing practice and hit the ground running instead.
- You will already have experienced staff. While you can make changes to staffing as you see fit, you will be starting off with a team in place to keep things running smoothly during the transition and as you settle in.
- You will acquire a book of business. An existing practice already has established patients, so you will not be spending all of your time trying to drum up business to stay afloat. You can focus on providing exceptional care and expanding your current patient base.
- Processes and procedures will already be in place. You will have access to established billing, accounting, payroll, and management practices. You can adjust these systems as necessary to fit how you will want to run the practice, but the foundation already exists.
Steps to Acquire an Oral Surgery Practice
Once you have decided that you are ready to buy an existing oral surgery practice, there are several steps that need to take place:
- Surround yourself with knowledgeable professionals. You will want to work closely with a team that is experienced in finance, law, accounting, management, and other areas to ensure that you are purchasing the right practice for you and getting a fair deal.
- Prepare an offer and letter of intent. After you find an available practice, you want to submit a reasonable offer and discuss what will be included and excluded from the sale.
- Secure funding and insurance. Work with the bank to get a loan for the purchase. You will also need to set up your own insurance policies such as malpractice, property, and liability.
- Sign the agreements. Once you have reached a mutual agreement, sign the documents to make it official.
- Send a transition letter to patients. Introduce yourself to existing patients and let them know about the change in ownership and any changes to the practice.
Services We Offer in Acquiring a Practice
At OMS Partners, we offer a comprehensive suite of services to assist our clients with oral surgery practice acquisition.
Before purchasing an existing practice, you must make sure that you are following all required financial, legal, and managerial guidelines.
Of course, knowing these guidelines thoroughly is an ambitious task for any individual, but especially so if you do not specialize in this information. At OMS Partners, we are trained to know the required guidelines from start to finish so that we can properly advise our clients during practice acquisitions. We offer the necessary guidance to ensure that you heed all the regulations, rules, and best practices during an acquisition and its subsequent transition.
The advisory role we play also includes making sure that both your letter of intent and the initial offer are not only reasonable but also effective.
The financial aspect of acquiring an oral surgery practice is an overwhelming landscape of documentation, financing, and insurance policies. OMS Partners helps you negotiate the lending process so that you can secure the financing you need to fund your acquisition of an oral surgery practice.
We can also connect you with the right insurance carriers who can certify that the targeted practice is ready to accept insurance prior to your grand reopening. Note that this may include accepting insurance your new patients used under the practice’s previous doctor.
Once you have bought the practice, your journey is just beginning. Before the ink on the contract is dry, the transition process has begun. The transition is just as critical as the buying process since this time period determines the success of your grand reopening. OMS Partners helps you navigate the transition by:
- Managing timelines to keep the transition on track for the grand reopening
- Offering support for hiring new staff or retaining current staff members
- Upgrading any desired practice features
- Managing budgets
Frequently Asked Questions
What Should I Look for in Finding an Available Practice?
When identifying an available practice that would be a good investment, you should look at the number of active patients, the number of new patients every month, whether the facilities require renovations, and whether the leasing agreement is affordable. These are some general guidelines, and individual frameworks will depend on each situation and its context.
What Should I Say in My Letter of Intent?
Your letter of intent should clearly state both the offer you want to make and exactly what you do and do not intend to purchase from the practice.
Get Started Today
Acquiring an oral surgery practice can be challenging, as several steps in the timeline of buying a practice come with their own requirements, essentials, and potential pitfalls. Despite the work that goes into purchasing an oral surgery practice, the benefits are many. If you are considering acquiring an oral surgery practice, OMS Partners offers professional assistance and support to help protect you and your interests during your acquisition journey. Contact us today to learn more.