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Blending Efficiency with Quality Service
Today, dentists must compete in a more competitive environment than in the past. The “standard model” for the delivery of services is giving way to retail-like, storefront operations, which are forced to operate longer hours. These bring with them a host of management challenges that Lohn Caulder can assist with.
Many dentists have added more specialized services which they can offer in-house, as opposed to the traditional system of referral to specialists. This introduces concepts such as time, staff and faciltiies utilization and hourly production targets, which were not traditionally part of the model ‘professional practice’, but are mandatory today.
Valuation and Assistance on Practice Acquisition or Sale
With so many dentists in our clientele, we have participated in many transactions involving the purchase and or sale of a dental practice, or the admission of a new associate to a practice.
Such transactions require timely and relevant input from professionals knowledgeable in matters of tax and finance – and Lohn Caulder is that firm.
We can advise as to:
- Valuations: We are familiar with the profession’s ‘standard’ rules of thumb for practice valuation and are aware of the particular factors which can influence practice values.
- Financing: We have extensive contacts within the banking industry with specialist personnel who deal exclusively with dentists and other health professionals. These resources stand ready to provide low-cost financing to any dentist seeking to establish, acquire, or expand a practice. We can also assist with cash flow considerations, so as to facilitate the simultaneous objectives of debt servicing, maintenance of personal lifestyle, and capital accumulation for future security and estate planning objectives.
- Documentation and Terms: Our experience with deals of this nature gives Lohn Caulder particular advantage in suggesting particular features to be included in the formal legal agreements which accompany such significant transactions. We are familiar with the format and wording of such agreements and have often provided precedents for legal advisers for incorporation into the overall deal.
Management of the Day to Day Activities of the Practice
Dentists have numerous issues relating to overheads (staff payroll, office and equipment leases, computers and technology).
Lohn Caulder can advise on:
- Payroll:
Payroll regulations can be complicated and difficult. And compliance problems can lead to significant penalties from CRA. Lohn Caulder can assist on setting up an efficient payroll system. - Staff Retention:
Keeping competent staff on hand is always a challenge. But it is also all too easy to be overgenerous. We have a number of ideas which clients have implemented designed to retain good employees. - Lease Rates:
Equipment and premises represent a significant cost. They must be managed as efficiently as possible. We have worked with many landlords, banks, financing companies, and leasing companies. A customized solution that suits your specific needs is critical, and we can advise on that.
