Are you looking to acquire a new dental practice but not sure where to start? In this post, we will look at different structuring options for your staff. This is Part 3 of a 3-part blog series. In Part 1, we offered a few tips on deciding the Location of your practice and in Part 2 we evaluated your Real estate & leasing options.
Your practice structure may depend on whether you are starting your own practice from scratch or buying into one. If you are starting your own, you will have more liberty to make these decisions. Do you want to be the sole dentist or bring in an associate? How many dental hygienists and support staff will you need to be successful in your space?
- Legal Structure: If there is another dentist on board, is he or she a fellow owner or an employee? With either, the situation should be properly implemented to provide for ongoing practice operation. You will also need to decide what terms will go into the rest of the staff’s employee agreements.
- Compensation: The most important part- how is everyone going to get paid? Usually a combination of salary and productivity incentives is a successful strategy.
- Compliance: HIPAA and OSHA are key. Make sure your policies are in place and followed.
Key Takeaway: Determine staffing and compensation options and compliance needs.
Our team is ready and happy to help you with your practice planning today. Give us a call at (919) 900-4720 or visit our Professional Practice Planning page for more information.