Dentaltown march 2016 - (Page 50)

practice management feature WHAT HAPPENS IF YOU'RE NOT THERE? by Frederick E. Heppner Frederick E. Heppner has been serving the dental industry since 1983. He has enhanced dental offices across the country as a management consultant, and with his experience and knowledge in practice transitions, has helped dentists sell and buy practices with "win-win" results. His business management firm, Proactive Practice Management, specializes in professional, objective practice guidance for dental professionals nationwide, and Arizona Transitions assists dentists in valuing, analyzing, buying and selling practices. Heppner can be reached via cell, (602) 320-8073, by fax at (480) 513-0472, or e-mail at FredHeppner@cox. net or FredH@ADSTransitions.com As a small-business owner, a dentist has many responsibilities to keep the business running smoothly-employing staff, maintaining the office equipment, and marketing for patient flow, to name a few. However, with all the careful planning and attention to detail, there is one aspect that the majority of dentists don't plan for: how to keep the business viable if the dentist is unable to practice. Every year a fellow practitioner may unexpectedly lose the ability to practice due to an unexpected injury or illness. Weeks or months of lost practice time will affect patients, staff and cash flow. Moreover, disability insurance has a waiting period before benefits will be paid-typically three months. In this article, I wish to share events that I have witnessed, including how they were handled, in hopes that others may benefit through proper planning and organization. The bad news Since 1983, when I first became involved in dentistry, I have worked in nine major metropolitan cities and served clients in 50 MARCH 2016 // dentaltown.com countless others. During that time, numerous events occurred that were both sad and frustrating. Dental offices were left stranded without a practitioner for a variety of reasons, including: a dentist needing time off for recuperation after emergency surgery, dentists with broken arms or hands, and unexpected death. In these cases, the dentist wasn't able to treat patients, the employees in place didn't know what to do, and the spouse often did not have the business acumen to carry forth the business operations, and therefore the business faltered. In the event of death, a practice's productivity would plummet until a potential buyer arrived with an offer far less than the previously thriving business was worth. Sad, but true-the estate of the deceased dentist may be left with little, if any, proceeds from the sale of an asset. Most dentists carry disability insurance, but again, the period of time until benefits begin may be far too long to wait for muchneeded funds. This can destroy a fine dental practice. http://www.dentaltown.com

Table of Contents for the Digital Edition of Dentaltown march 2016

On Dentaltown.com
HOWARD SPEAKS: Do Your Employees Feel Safe?
PROFESSIONAL COURTESY: Wonder Women in Dentistry
Continuing Education Update
SECOND OPINION: Pedonomics and the Affordable Care Act: Emerging Economic Impacts That Can Propel Your Practice
Industry News
Rod’s Incredible Perio Protocol: The Remix!
Assistance with Provisional Fabrications
Transitioning with a DSO: How it Works
Function and Esthetics of Lithium Disilicate Restorations
What Happens if You’re Not There?
The Role of CBCT Imaging in Dentistry
Why Your Site Must Be Mobile-Ready in 2016
Make Lower Denture for Existing Upper Denture?
Product Profi le: AMD Lasers
Women in Dentistry: INTRODUCTION: FACING CHANGE
GIVING SURVIVORS A REASON TO SMILE
WOMEN IN THE BOARDROOM
“DEAR DENTIST...”
FROM REFUGEE TO RENAISSANCE WOMAN
IN THE VANGUARD
WHEN IT’S YOUR CIRCUS
CECILIA MESCAIN
Product Profi le: Schick
Implant Maintenance Protocol
The New Force in Dental Marketing
Product Profi le: OCO Biomedical
Practice Solutions: Perio Protect
Ad Index
Product Profile: Integrated Dental Systems
New Products
You Should Know: Kallpod Health
Poll
CONTINUING EDUCATION: An Observation on the Superiority of Articaine versus Lidocaine in Dental Anesthesia
Dentally Incorrect

Dentaltown march 2016