Buying A Practice

 As the buyer's representative, Practice Evolutions advises Oral Surgeons on the many factors to be evaluated to ensure the acquisition is not only a fair deal but also an opportunity for continued success and future growth.

Slide 1
  • “Value”is an economic term that stands apart from price. 
    Practice Evolutions will not only help evaluate the practice by fair market standards, but will also help determine its “Value” 

    The "Value" of a property is typically determined by a 3rd party expert, whereas "Price" is negotiated between two specific parties. 

    Using a scientific approach based on industry knowledge and experience to value the property is an excellent way to lead a buyer and seller to a mutually agreeable price. 

    While there is no such thing as an exact, precise, nor perfect “Value” that a professional valuation expert can provide for any kind of business, including an Oral Maxillofacial Surgery Practice, there are methods to provide a more thorough and complete assessment.

    A solid Oral Maxillofacial practice valuation requires comparison of the subject practice's assets and statistics to comparable practice benchmarks. 

    By carefully reviewing all the facts and assumptions, 

    by looking at the overall view of how the practice will transition and perform after ownership is transferred.

  • Acquiring a business and opening a practice with potential upgrades demands expertise in a variety of fields other than Oral Surgery. 

    Practice Evolutions will assist you with defining the overall project scope, creating and maintaining an overall timeline, defining and controlling costs, and reducing various risks throughout the project. 

    Our comprehensive project management services include in-depth knowledge and seamless integration of all the following industries

     Commercial Real Estate 

    Finance & Accounting

     Commercial & Professional Insurance

    HR & Business Development

     

  • Too often old or out dated equipment severely affects practice efficiency and quality of patient care. 

    We take pride in our finished product - inside and out, which is why we emphasize the importance of equipping our clients' offices with state-of-the-art medical dental equipment designed for Oral Maxillofacial Surgery. 

    We will help ensure that a proper equipment analysis is provided and budgeted for if necessary. 

    With more than 15 years of experience in medical equipment consulting, allow us to guide you in selecting the appropriate equipment for your facility. Practice Evolutions is affiliated with numerous medical and dental equipment vendors and our team of in-house equipment installers will not only personally coordinate with you on preferred install dates, but they will also provide clinical equipment training for your staff.
    We also offer on-going support for your facility connecting your office with a host of service specialists to provide continuing support and maintenance.

  • Understanding an Oral Maxillofacial Surgery Practices’ needs, objectives, work flow and technical environment is vital to providing technology solutions capable of supporting your practice. 

    Regardless of project size or complexity, the understanding of how an Oral Maxillofacial Surgery Practice can utilize and integrate technology efficiently is critical. 

    We have experienced people that understand both the technical and clinical side of Oral & Maxillofacial Surgery which allows us to analyze your needs and, if necessary, design a network that will enhance your practices efficiency and productivity.

  • Regardless of your business acumen or background, if you are planning to buy an Oral Surgery practice, your first step is a business plan. 

    The key elements of your business plan will include 

    an Executive Summary, a Cash Flow Analysis, and a Contingency Plan. Your Business Plan will supply you with the knowledge of what, why, how, and where your capital is best used for maximum profitability.

    Shaping your ideas and creating the right business plan is crucial to attaining necessary financing. Practice Evolutions will help you draft a business plan that details all aspects of an Oral Maxillofacial Surgery practice that will provide you a road-map for how you will achieve success. 


  • Our long standing track record of success in the Oral & Maxillofacial Surgery industry coupled with our strong relationships with lenders allows us to help you attain 100% financing for buying an existing practice and guarantee that your lending process will run smoothly and efficiently.
    Our lenders provide highly competitive rates and their approval processes are fast and efficient. Keeping the unique circumstances of an Oral Surgery practice acquisition in mind, we collaborate with our lending partners on your behalf to ensure loan terms are optimized to your situation.
    Preferred terms we negotiate are: The principle loan amount is all-encompassing to cover project hard costs, soft costs and working capital to help you get started and ensure you have money to pay yourself; initial interest-only loan re-payment options are available while you adjust to ownership; and long-term loan re-payments remain affordable and safe from interest rate changes.

  • In order to take insurance at a recently purchased practice or treat patients at a near-by hospital or medical facility, you must first go through a credentialing or re-credentialing process. When buying an existing Oral & Maxillofacial Surgery practice the primary goal is to either maintain, or when possible, negotiate to increase reimbursement rates with the insurance companies (which is often the case). 

    The process of credentialing can be challenging and can take anywhere from 3-6 months to submit the paperwork, supplementary documentation, and correspond with insurance companies’ credentialing departments. Because of the time-consuming nature of credentialing and the large amount of paperwork that is required, most generally find the process undesirable and either take shortcuts or choose to opt-out of the process altogether - both of which have seriously damaging effects on procedure reimbursement rates.

    We help you navigate this process by either educating you on best practices to do it yourself or by introducing you to companies that specialize in credentialing and contracting for Oral & Maxillofacial Surgeons.

  • More often than not, when purchasing an existing practice, a buyer is starting from square one in terms of a Marketing strategy. The buyer most times will either find an office with an established reputation and strong existing relationships or an office that has unfortunately been on the decline for the previous few years. In both cases, a strategic marketing plan is needed to promote the transition of ownership and emphasize the continuation and/or improvement in the level of patient care and service. In order to maintain and increase the existing practice revenues and referral sources, Practice Evolutions works with the buyer to develop and execute a customized, comprehensive marketing plan that incorporates a variety grass roots, digital, and print marketing tactics.

  • To operate at a high-efficiency performance level, a practice needs a strategy and an action plan. 

    Our Practice Development consulting provides our clients the tools and hands-on advice they need to improve patient care and office efficiency.

     We want to maximize your office flow for a higher production rate.

     We will help you develop a Practice Vision Strategy and implement sound practice policies that will provide your staff with specific workflows and duties and appointment and procedure preparation checklists to standardize a quality patient experience and referral relations. 

  • If your practice does not have efficient, quality employee programs in place then you could potentially be losing thousands of dollars in monetary costs through separation processing, replacement hiring, training, lost productivity, and potentially lost business. 
    Focus On Business 
    In your practice there are things you love to do, and things you have to do. Let us help you handle the things in the area of HR that you have to do. So you can focus on what you love to do. 
    Reduce Liability
    A single poorly handled employee incident could jeopardize your entire practice. Issues ranging from wrongful termination to a hostile workplace never need to be an issue in a practice that is doing all the little things necessary to prevent them. The problem is many practices are not aware of their responsibilities, and this can lead to disaster. 
    Increase Employee Productivity
    Implementing a strategic performance management plan for every employee in your practice, allows the practice to monitor, report and review the performance of each member of your staff. 
    A Better Workplace
    Our clients benefit from thoroughly planned and proven HR administration that dramatically reduces turnover. From recruiting the best people, to designing effective compensation plans, to regular performance reviews to training and development programs, we can help. The goal of any practice should be to provide a friendly and challenging workplace for all employees. Employees who love their job and their employer stick around and produce more.