Dentaltown New Grad 2013 - (Page 51)

practice management feature by Jason P. Wood, Esq. and Patrick J. Wood, Esq.. There is no greater, all-consuming argument on the business side of the dental profession than whether partnerships are good or bad for the individuals involved in them. One side says you should avoid them at all costs. On the other side, there are national companies that have based their entire business model on the idea that partnerships are the only way dental practices should be run. So who is right? We are firmly and unequivocally of the mindset that… it depends! We believe that most partnerships are rushed into without a lot of thought given to the complexities of what is needed to formulate a good partnership, or are created by companies that really do not have the experience necessary. Too often, people believe that because they are friends or family that they can work together without having to deal with the specifics of a partnership. “We’ve known each other for years and are best friends” is probably one of the worst sentences that can ever go through your head when contemplating a partnership. If you don’t plan this properly, and protect and value that relationship, your best friend (or family member) will become your greatest enemy. It is serious and needs to be approached from a position of protecting that relationship, because aside from your spouse (and maybe your kids) this will be the most important relationship in your life. When formulating a partnership, you need to analyze the individual dental practice, the individual personalities of the partners, individual philosophies of patient care and (dare I say it?) the individual personal lives of the partners. If you are not prepared to discuss these topics with your possible partner, don’t even think of getting into a partnership. Another issue that might arise is doctors attempting to enter into partnerships when there simply isn’t enough money to go around. Routinely, individual doctors who plan to bring on a continued on page 52 dentaltown.com « NEW GRADS 51

Table of Contents for the Digital Edition of Dentaltown New Grad 2013

Howard Speaks: Informed Decisions
Professional Courtesy: So You Want to Be Successful? Be Professional
Continuing Education Update: Never Stop Learning
After Going Through Dental School, What Advice Would You Give Students?
Checklist for Reviewing an Associate’s Work
You Should Know: Townie Meeting
Office Visit: Resident On Call
Office Visit: In His Element
Are You Prepared to Begin Practicing Dentistry?
Three Stages of a Dental Career
What You Need to Know About Student Debt Relief
Gain an Early Financial Edge
Pregnancy and Employment in the Dental Practice
Personal Protective Equipment
Win Patient Loyalty
Denture Stabilization with Small-diameter Implants
Partnerships: A Match Made in Heaven or a Pathway to Financial Hell
Taking Oral Health Care Education from the Classroom to the Clinic
Continuing Education: Nine Lessons from the Real World

Dentaltown New Grad 2013