Dentistry is a major aspect of the American healthcare industry as a whole, and many millions of Americans visit the dentist every year. In fact, dentistry ranks among the top 10 most trusted and ethical professions of all, so a dentist’s office may see a lot of business. Dental assistants will be on hand to support the practicing dentist, and these assistants (who may be dental school interns) are highly motivated to advance their careers and provide the best possible care for patients. Ultimately, though, dentistry is a business like any other, and for an owner, the time may come to sell your dental practice. You may have decided to move to a more lucrative location for dental work, or moved out of the business entirely. In any case, there is a process established to buy and sell a dental practice, and dental practice brokers may also be brought on board to help. A dental appraisal must be done, and you can reach out to a dental appraisal company to get this process started. Selling a dental practice may take some paperwork and effort, but it can be done.
What sort of business are dental appraisal companies working with? Dentistry is huge, and the demand for dentists may be growing ever more. It has been determined that by 2018, there were about 61 working dentists for every 100,000 people in the United States, and there are many dental assistants at work, too. Overall, this industry has grown around 2.5% in the last five years, and it may reach $135 billion in revenue by the end of 2019. More and more women are getting involved in dental care as well, and as of 2018, 32.3% of the 199,486 dentists in the industry were women. Working as a dentist or a dental assistant can be highly lucrative work, and many dentists and their assistants make a proper career out of it.
Dentists most often work in buildings, and patients will visit their offices for dental checkups and other procedures. In other cases, it is the other way around: dentists are mobile, and they visit their patients in refitted RVs. This is mobile dentistry, and it can be very convenient for patients who cannot easily get the transportation or find the time to visit their dentist. A mobile dentist’s office won’t have all the features of a dental building, but it will have the basics for standard dental care. But what about selling this practice?
Buy Or Sell the Dental Practice
A dental practice is a privately owned enterprise, and it can be bought and sold like anything else. Even a smaller dental practice may be worth a lot of money, and there are complicating factors such as the practice’s location and how much revenue is expecting in the coming months and years. So, professionals should be brought onto the scene to help ensure that the practice is bought and sold for a fair price. A dental appraisal company will be used for exactly that.
A business owner looking to sell their dental practice may reach out to dental appraisal experts, and ask to have a confidential appraisal done on their dental practice. Once a confidentiality agreement is signed, the appraisal company will send out one or more experts who will, to put it simply, appraise the value of the dental practice in question. They may check for the qualifications and experience of all dentists and dental assistants working there, along with the quantity and type of dental and surgical equipment on hand. The practice’s location and popularity may also be a factor, along with its predicted revenue in the future. The current owner will also provide their own prepared overview of what their dental practice has to offer, and once further paperwork and inspections are completed, the buyer may start integration. The practice’s staff may be integrated into the buyer’s own staff, and the same is true of the premises and equipment. Legal agreements may be drafted and signed to ensure that everything is transparent, legal, and fair. The buyer, seller, or both may also hire lawyers to ensure that all paperwork is done correctly and fairly, and ensure prompt and fair payment to the seller.