Over the years, a successful dental practice has built up good patient relationships. In the event of selling a dental practice, you should take your patients into consideration. There are several things you can do to help ensure that they are still getting quailty dental care after you’ve gone.
Notification of Dental Practice Sale
Most states require dentists to notify their patients well in advance if their practice is closing or being sold. Check your state’s laws but in general, you must offer notice 30 to 60 days in advance. This can be in the form of a letter or even an annoucement in your community paper. Once that annoucement has been made, be sure to not start any treatment that cannot be compeleted by the time the practice is sold or closes.
Transfer Patient Records
According to the ADA, When selling a dental practice there are three ways for the dentists to transfer patient records:
- The dentist can keep the original patient records and give they buyer a copy. In doing so, the dentist selling the practice can be protected in the event of a malpractice claim.
- The selling dentist can make copies of all records to keep. If this method is chosen, the seller should be aware, these copied records will not provide the same protection as the originals in the case of malpractice.
- The seller could make it so the buyer must allow them access to the records if needed. If this is the case, in the sales contract, make sure there is also a clause about keeping the records in moisture and fire resistant containers.
Be sure to check with an attorney to get more specific information regarding patient records for your state.
Answer Questions
Your patients will most likely have questions about how the sale of your dental practice will affect them. Make sure they know you are willing to answer those questions and that you will help point them in the right direction of you do not know an answer.
There are things you should do on every How to Sell a Dental practice checklist. Make sure you keep your patients in mind and make their needs and interests a priority.
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