Is your practice at the point where you might consider a merger? There are many reasons a merger could be beneficial to both practices. Baby Boomer dentists are nearing retirement, and thinking about succession plans. If you’re close to retirement, what plans have you put in place? Will another dentist in your practice take your place, or is a merger something worth thinking about? In a new article for Dental Economics, industry consultant John Cahill, MBA, addresses the topic of dental practice mergers.
In addition to the large numbers of retiring dentists, there are economic factors that could make a merger appealing. Rental space is becoming more expensive, which impacts a practice’s bottom line. In addition, talented staff are harder to find and attract, which means salaries and benefits are costing practices more.
“Many of the fixed costs (rent, insurance, staff salaries, computer expenses, etc.) already are being paid for through your existing practice,” writes Cahill. “Without these costs – and with the addition of new patients – a merger can immediately translate into higher profit margins.” In addition, you gain a pool of trained, talented staff without having to recruit and invest in the same level of training.
To read more, see Cahill’s full article from Dental Economics.
Note: This content is accurate as of the date published above and is subject to change. Please seek professional advice before acting on any matter contained in this article.
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