As a dentist, whether you are starting a new dental practice organization, buying an existing dental practice or merging with another dental practice, a new TAX ID will be given to the dental practice thus it becomes a brand new business. Starting a brand new business isn’t the same as running a routine dental practice.
Dentists were taught how to practice dentistry in school and not how to run and own a business. 80% of new graduates become practice owners within 5 years of graduating, however, they know little or nothing about running a business or navigating the insurance industry.
During the process of acquiring a new dental practice, brokers help the dentists to gather high-level information which is useful in closing the deal. But after closing the deal, the dentists have no one to help them. They usually have office managers and insurance coordinators; however, these people already have a full-time job and in most cases have never had the experience of starting a new company.
Once the company is up and running there are thousands of consultants that could help them, but no one is helping them from the contract to the point of running smoothly. No one is ready to help fill the gap from the point where the deal is closed to the point where the business starts running smoothly.
This is where Transition Acceleration Group (TAG) comes in.
Any practice that:
▪ Spends too much time or not enough time on the business mechanics,
▪ Is not strategic about what insurance plans they offered,
▪ Is not marketing to the existing patients that already know and love the practice
▪ Lacks business training
▪ Has improper trained front office staff
Is most likely going to see a huge drop in production or risk business failure.