Are you referring a lot of work to a specialist in your area? Perhaps to a periodontist or an endodontist? While you may be building great relationships with other dental professionals in your area, how would you like to keep some of that revenue in your practice?
Adding a specialty or two may already be part of your dental practice plan. Sure, there are many considerations you need to evaluate, but under the right conditions, it may be a great move for you to grow your dental practice.
What if you found someone that could perform specialty services in your office for one day a week? Clearly, this arrangement would only work if your practice is referring out enough of this work. But there are more and more dentists willing and wanting to work part-time. If you set it up right, it can be a win-win for both of you. But how do you even begin to start this kind of process?
Consider the following when thinking about adding a dental specialist:
- Ensure you can keep a specialist busy at a minimum of one day a week. The specialist will most likely want a minimum daily fee for the day. You can tie it into a production model too, along with the minimum fee.
- Work with an attorney who has experience with dental practice planning to draw up a contract that states working hours, confidentiality with your practice, payment for services, and so on. I don’t recommend going this alone.
- Inform your malpractice carrier about what your plans are as you will need to discuss the details of the arrangement with them. They will also have some cautions and ideas for you that you will want to follow.
- Ensure your staff properly knows how to handle assisting the specialist and knows exactly what the arrangement is with the new specialist in your office. They need to communicate to your patients and the public that the specialist is now part of your practice’s services.
While adding a dental specialist to your practice can be profitable for you, it is also possible that you may hurt some relationships in your local dental community. On the flip side, you may also build some relationships. Make sure that the specialist you bring into your practice treats your patients the way you treat your patients. Do your homework on the individual and take your time to get to know them. Plan to have several meetings if it is someone that you are not totally familiar with.
Advice from Ohio Dental Accountants
As with any new undertaking, it’s important for you to receive input from your staff leadership, other dentists, and other professionals—including accountants. If you’re looking to venture into this new territory, or need assistance with other practice planning issues, contact Rea & Associates. Our Bright Dental CPAs can meet with you to discuss setting up this type of arrangement.