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The LaMaster Law Firm Blog

Thursday, November 30, 2017

Preparing Your Dental Practice for a Smooth Transition

There comes a time for those running a dental practice to consider transitioning and ensure that the business is well positioned to attract buyers. Regardless of how profitable your practice has been, it is crucial to maximize its value before the sale. This article is a brief discussion of some important steps to take to prepare your practice before taking it to market.


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Monday, October 23, 2017

How to Grow Your Patient Base


Today, the practice of dentistry has become increasingly competitive due to an influx of dental school graduates, a rise in the number of solo and group practices, and the advance of dental corporations, all of which give consumers more choices. Given this competitive environment, the question for dentists is how to grow and retain their patient base. In short, it is essential to engage in a contemporary internet marketing strategy while simultaneously improving the patient experience.

Search Engine Marketing

Unless your practice is still operating in the dark ages of the 20th Century, it is crucial for prospective patients to be able to find you online. This starts by having a state-of-the-art website and employing a search engine marketing strategy.
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Sunday, August 20, 2017

Dental Practice Management 101


You’ve done the hard work to earn your medical degree and launch your dental practice, but as a small business owner, this is only the beginning of your journey. Along the way, there are a number of necessary steps to take in managing a successful practice, from managing a budget and implementing marketing strategies to protecting the business from potential liabilities. Let’s take a brief look at some essential dental practice management tips.

Maintain a Budget

As every small business owner knows, it is essential to manage expenses. Whether you are just starting or have an established practice, it is crucial to establish a budget that considers what has previously been spent while forecasting costs for the coming year, such as rent, equipment, utilities, and maintenance.


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Tuesday, July 18, 2017

Risk Management Tips for Dental Practices


The contemporary landscape for dental practices has become increasingly complex due in part to the legal and business risks many dentists face, not the least of which are medical malpractice claims and other lawsuits. One way to mitigate these risks is by obtaining the following different types of insurance. In many cases, if the dentist has borrowed money from a commercial lender to open the practice or is leasing his or her office, the lender or management company leasing the property will require some or all of these coverages as well.

General Liability

General liability insurance is designed to protect a business against claims brought by visitors who are injured on the premises in accidents that are not related to a dental procedure. Whether there are patients or vendors coming to an office, a business may be held liable for personal injuries.


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Thursday, July 6, 2017

How To Sell Your C-Corporation Dental Practice


At a time where many dentists are preparing to sell their practice, it is more important than ever to become informed on the process of selling a dental practice.  While there are a number factors to consider, one of high importance for the seller is the tax implications when organized as a C-Corporation. This article will provide a general "plain language" discussion of the most common questions and concerns relating to the issue of selling your dental practice as a C-Corporation.

How are C-Corporations Taxed?

A C-Corporation is subject to what is often referred to as the "Double Tax." This is because a C-Corporation is a separate taxable entity from the individual.
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Monday, June 12, 2017

Why Your Dental Practice Needs an Employee Handbook


Starting a dental practice involves a number of considerations, not the least of which is attracting and retaining patients. More than this, though, a successful practice depends on having a capable staff of dental hygienists, assistants and administrators. Because employment issues are essential to how the practice will operate, it is important to establish a formal employee handbook.

In short, an employee handbook clarifies the responsibilities of a dental staff and what benefits they can expect from the owner. While the details of the handbook depend on the size of the practice, it should open with a description of the practice and a mission statement that clarifies the objectives of the practice: putting patient care first.


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Monday, May 29, 2017

How to Optimize the Value of Your Dental Practice


If you are considering retiring and selling your dental practice, it is important to make sure you receive top value for your life's work. Before putting your practice on the market, the following steps can help to optimize its value and secure your financial security.

Upgrade Your Office

While the bottom line is profitability, the appearance of your office and the technology in use are important factors in assessing the value of a dental practice.


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Sunday, April 16, 2017

The Evolving Landscape of Dental Technology


How can technology improve dental treatment?

Technological innovation has had a dramatic impact on the quality of dental care, particularly digital dentistry which allows traditional treatments to be administered more expediently and gently. The latter part of that equation is crucial since many patients do not go to the dentist out of fear. By some estimates, nearly one-third of American adults do not go to the dentist.

Today, digital dentistry encompasses an array of technologies or devices that are digitally or computer controlled.  In particular, dentists are using CAD/CAM components in computer-aided dental implants, shade matching of replacement crowns, and even the administration of nitrous oxide.


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Saturday, March 11, 2017

Why New Dentists Should Consider Becoming Associates


What is a dental associateship?

For recent graduates of dental school, it is crucial to get hands on experience, and earn a living, especially given the fact the student loans will need to be paid off. While some new dentists may have the business savvy and access to financing needed to launch their own practice, another option is to become a dental associate.

What is a dental associate?

As the name implies, dental associates are dentists who work in a dental practice but are not owners. Instead, they either work as an employee of an established practice or, in the alternative, as an independent contractor.

In an employee arrangement, it is common to enter into an employment contract that clarifies the dentist's relationship with the practice and the rights and responsibilities of both parties.


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Sunday, February 12, 2017

The Benefits of Owning a Dental Practice


Today, there are a number of challenges related to owning a dental practice not the least of which is lower reimbursements from managed care. In addition, dentists must also contend with significant regulation and fierce competition from the corporate dental industry. Nonetheless, there are still opportunities for independent dentists to operate successful businesses.

While it is critical to be a well educated and trained clinician, running a successful practice also requires having a fundamental understanding of business. Of course, most dental schools don't teach these skills, and dentists who are new to the profession are prone to making mistakes that could lead to profit losses.


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Monday, August 31, 2015

Do you have a Death or Disability Clause in your Office Lease?


This past week I negotiated a lease on behalf of an ophthalmologist and I wanted to share an essential but often overlooked lease provision, “Termination upon Death or Disability.”  If a closely-held company is entering into a lease, the company needs to consider whether it can continue to operate if a critical owner or employee dies or becomes disabled and cannot work.  Examples include physicians, dentists, veterinarians, attorneys, architects, chiropractors and other types of unique personal services where another person cannot easily step in and run the company.  The company must have the ability to terminate the lease if it loses its critical person.

Without protective language in the lease, the company will remain bound to the lease despite the absence of the critical person.
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