The Texas Dental Association recognizes
that dentists work in a wide array of practice settings. We also recognize that dentists often require assistance from their
professional association to support them in
whatever practice style they have chosen.
And we believe strongly in supporting you
in your quest for practice fulfillment.
In the coming years, dentists will retire
who may have delayed such after the 2008
economic downturn. As these practices
avail themselves, opportunities will be
presented to the newer practitioners to
purchase anything from a “legacy practice”
to an insurance reimbursement-driven
practice. But how does the potential buyer
know that he/she has the correct practice
in mind? The buyer has to know what they
are searching for, and they will need a
Philosophy of Practice which will guide
their search.
A friend sold his practice two years ago.
Forced out of clinical care due to health
issues, Dr. Steve (not his/her real name)
desperately wanted a buyer with the same
values. He contacted a practice broker for
assistance, and fortunately, the broker was
more interested in finding the ‘right’ buyer
as opposed to ‘any’ buyer. The broker identified a qualified candidate, and after a relatively short amount of time, the buyer and
seller worked thru contractual issues and
the sale was completed. What now?
ships while allowing minimal disruption to
the practice culture and flow. Again, likeminded individuals with similar values,
ethics and goals.
Many practice styles exist. One style does
not fit all! Low volume, boutique practices
are often focused on fewer types of treatments and refer to specialists to an extensive degree. High volume, multi-service
practices often keep patients within the
practice and do not make frequent use of
outside referrals. Practices with a significant amount of insurance reimbursement
revenue are adept at maximizing insurance
benefits for the benefit of patients, but this
requires extensive follow-up on insurance
claims. Relationship practices tend to be
far less concerned with reimbursement
sources and have the benefit of being flexible with patients in achieving their optimum, whole-health outcomes. Socially
conscientious practices cater to a dentally
vulnerable population, such as some
Medicaid practices. How we describe practices generally is not to say that you cannot
have aspects of other practice types. It all
boils down to what you want, and how will
you achieve it?
We at the Texas Dental Association are
here to support those dreams and aspirations. We are here to protect the profession
and the patients we serve from outside,
often intrusive, interests. We believe the
single most important aspect to a quality
profession is keeping the dentist as the
leader of the dental team. By allowing the
TDA to assist you with your dreams, we
believe you will achieve a higher likelihood
of professional fulfillment.
Dr. Bill Gerlach currently
serves as the Texas
Dental Association’s
Vice President from the
Northeast Division and
chairs the North Texas
Legislative Action Committee. Dr. Gerlach
maintains a private practice in Plano, Texas.
One option was for the selling doctor to
leave immediately. Another option was for
him to stay around the office introducing
the patients to the new practice owner.
Fortunately for the patients, this was
the path he chose. The practice remains
quality-driven, and the buyer and seller
remain close friends to this day. The reason
for their successful transition was simple –
the broker merged two like-minded individuals, people with similar values, ethics
and goals.
Another practice transition story has different parameters but the same conclusion.
The buyer was only interested in a practice
where the seller remained as the associate
dentist. This role-reversal allowed the new
practice owner to develop patient relation-
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