Dentists need to be very careful because. A dental partnership occurs when two or more dentists act as co-owners of a dental office, for profit. Sharing a dental office with a partner creates enormous freedom for both dentists. It allows each dentist to take a vacation, care for a sick relative, or take care of their own health needs without worrying about the financial burdens of office overhead.
Staff can continue to be productive in the absence of a dentist, as the second dentist will be able to keep the office open most of the normal hours. An individual practitioner often pays staff to clean the office or reorganize systems in their absence; however, without the doctor supervising them, often little is achieved. To retain good staff members, some doctors give their staff more vacation time when they are away and the office is closed, but this does not meet the patient's needs. Dental associations, on the other hand, are specific to our industry.
A dental association can incorporate a structured trade association, but it must also address clinical details. Factors such as how patients are divided and who pays for equipment maintenance fall outside the scope of most business plans. If the purpose is too broad, society could be held responsible for the acts of a partner not related to dentistry or practice. It will allow dental partners to enter into contracts (such as office leases) and pay bills on behalf of the company.
If the office must be sold, often the retail price is not what it would have been if a healthy dentist had the office for sale. Regardless of the type of dental association you choose, it's important that you thoroughly understand your goals, expectations, and resources in advance to be sure that the association you choose will be the best fit for your long-term professional success. Of all the challenges faced by the dentist, one of the most difficult is making the transition from an individual practice to a group practice. Start looking at your office as a business that, one day, can be partially or fully sold to another dentist.
Snyder received his DMD from the University of Pennsylvania School of Dental Medicine and his MBA from the Graduate Division of The Wharton School, University of Pennsylvania. It may be wise to define the purpose of the dental association with specificity rather than a broad statement such as “Dentistry and any other legal business purpose.” Dental Entrepreneur is the information hub that provides the vision, knowledge and data to enable you to make informed decisions about your professional future. The business structure of a dental office generally has little to do with the clinical aspect of things. Unlike appointing a regular company or a professional corporation, the California Secretary of State places no restrictions on the appointment of a general partnership.
For example, an older dentist looking to retire may want a younger partner to keep up with patient demands while their hours decrease. CDP can help you understand the best types of dental associations for your career and your patients. In a nutshell, any name that does not include the last name of each partner, or that implies that there are additional owners, is a fictitious business name. It can be difficult to know if you're getting a good deal or not if you've never created a business partnership before.