As a dental professional, you have probably always dreamt of owning your practice in Pasadena. The first few steps are often the hardest, and you have two broad options – to buy an existing clinic or create a brand of your own. Both decisions have a few pros and cons, and to top it all, the healthcare industry is highly regulated, which means you have to keep up with the state and federal laws. A Pasadena Dental Attorney can help determine whether you are making the right choice and can help you get through the process. In this post, we are discussing the aspects of buying a dental practice and how an attorney can be your savior.
Pros of buying an existing dental clinic
- You get to start with a brand, which means you will also have an established pool of patients.
- You get to keep the experienced staff members.
- You can have a better idea of how the financials may shape up in the first year.
- You don’t need to make any major investments right away.
- You can save on marketing.
On the flip side
- You can expect a change in patient turnover.
- Some of the older employees may leave due to management changes.
- You may have to work extra hard to ensure that the dental practice performs as per your expectations.
What can a dental attorney do for you?
Dental attorneys know the laws and regulations that govern the industry and can help you deal with the basic steps, including –
- Deciding on how to negotiate the purchase or whether going for joint ventures or partnerships would be a better idea
- Negotiating affiliations with health care networks
- Ensuring that the transaction is done as per California laws
- Ensuring compliance with state and federal laws
- Reviewing, drafting, and negotiating business contracts
- Handle all the necessary paperwork
- Look into the dental practice documents to find issues and concerns that may need attention
As a dental professional who is now ready to run a practice, you have to think like an entrepreneur and must keep up with the norms of the industry. Expectedly, you may not know it all right away, which is precisely why hiring a lawyer is your best bet. Look for an attorney who has worked with professionals in the sector for years and has credible experience in dealing with the purchase and sale of existing practices.