Thinking About Selling Your Practice? Preparation is key and the difference between a successful sale and seller’s regret.
Step 1: Call Your Financial Planner
Be sure that you can afford to leave the business
Most buyers will require a comprehensive non-compete and you should be certain that you are financially prepared to retire, sell, or move before signing any restrictions.
You will also want to ensure that you are planning for the income you are about to receive. Are there vehicles in place or options that are best to ensure the purchase price is put to its best use for you.
Consider post sale options if not retirement – are you going to be employed by the buyer? Are you selling to an associate and will phase out? Are you just moving and will need to find new employment/open a practice?
Step 2: Visit Your Accountant
Your business is only worth as much as can be defined on paper.
If a potential buyer cannot make sense of your accounts and assets, you may leave significant value on the table.
Get your financial history in order by reviewing tax returns, profit statements, AR reports, and payroll history for prior 3-4 years.
Clean up creative bookkeeping – you will have to promise the buyer that your financial statements are true and accurate.
Have your accountant help value assets of your business – or use an appraiser if necessary.
Discuss company structure – there may be restructuring needs or you may need to transition to a different structure for tax purposes.
Like most medical practices and businesses in Florida, dental practices have been deemed non-essential except for emergency type services. For good reason, non-life threatening care, surgeries and services are put on hold to help curb the spread of COVID-19, which has left providers with the question of what they can do to maintain and treat patients remotely.
Teledentistry is the use of a telehealth system through a variety of different technologies to deliver virtual health services, including dentistry.
Telehealth includes live video (synchronous), store and forward (asynchronous), remote monitoring, and mobile health. Live video is a live, two-way transmission of audiovisual telecommunications. Store and forward is a recorded file of the patient’s health information. Remote monitoring allows a provider to track patient health data through the use of devices which transmit data to a portal which the provider can securely access. Mobile health is the use of personal devices to share health information and education.
The ADA has echoed local governments calls to alleviate the pressure on emergency services by having healthcare professionals postpone all elective services and non-emergency care. The ADA put forth guidance to help individuals and dentists determine what constitutes a dental emergency, which includes issues that are potentially life threatening and require immediate treatment. Immediate treatment would include stopping bleeding or treating severe pain, infections, or conditions. A more complete guide can be found here.
Health law is the federal, state, and local law, rules, regulations and other jurisprudence among providers, payers and vendors to the healthcare industry and its patient and delivery of health care services; all with an emphasis on operations, regulatory and transactional legal issues.