Solo Dentists Shouldn't Go It Alone When Merging Their Practices
Date: June 10, 2009
Co-Author: Philip M. Bogart, Esq.
"One is the loneliest number," goes the old song, and it can feel that way for some solo dentists. After years in practice, many solo doctors begin to consider other ownership alternatives, such as partnerships and group practices. These offer dentists the potential of enjoying more personal freedom and producing a higher income with a lower overhead. Partners benefit in a multi-doctor practice by sharing management responsibilities, marketing duties, and operational costs.
With appropriate forethought and planning, a group practice may indeed be the right choice for a dentist. However, there are potential drawbacks and pitfalls to joining a group practice. It is therefore imperative to work with trusted financial and legal advisors who understand the business of group practices. Remember, a handshake is never enough. Each group practice comes with distinct financial and legal issues. When entering into a multi-dentist practice, dentists want to ensure that the arrangement is appropriately structured and documented to deal with all of the possible consequences both now and later.
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