So a colleague of mine is starting up a dental practice. I posted a blog about some of the first steps earlier and so the conversation continues. See what we discussed below as this is just the beginning of all that needs to be done!
Hey Dominique! Just thought I’d update you since the last time we talked. I can tell this is going to be an exciting process but a stressful one! Where did you even begin? Did you just start writing a list of all the things you needed to do beforehand like all the different permits and licenses and just get them done one at a time? Any advice would be appreciated! Thanks!
I was just thinking about you: Congrats!!!!!! Yes, it is overwhelming, because it is all new. At least you aren't starting from ground up. You should have a lot in place already that you will transition. Luckily the broker will help with that a lot. I had to figure each step out on my own but as you purchase equipment the vendors will be helpful too. My bank was very helpful as they are use to counseling dentists on this. And you are also so lucky you don't need to worry about staff. I am going on my 8th employee starting today. It is so much work each time we have turn around but haven't found the right fit yet.
Advise to start with: get your PLLC (or whichever your CPA suggests) docs in order with your attorney and a DBA to establish your name and legal entity.
Logo and branding. If you are acquiring it get access to the logo and website. You'll transfer the domain to your name for your website or start new. I did mine with Squarespace and purchased my domain with Go Daddy.
Office manual. You are going to have to rehire everyone under your company so you will need an office manual (legally needs to be updated every year) and all the documentation that you gave them a manual and they will sign confidentiality statements so they know not to share patient information as it is your property, you are purchasing the practice. I started writing all my new hire paperwork which is payroll info (your CPA can advise) and OSHA and HIPAA stuff first (practice may have and you can just use that, I had to write all mine). You will need to train all your staff in OSHA, HIPAA and Radiation. You'll need to declare a radiation safety officer with the state (or in Texas we do). I am the privacy official for HIPAA, OSHA coordinator and radiation safety officer for my practice but some of your team can serve as those.
You'll need to transfer your CO with the county and get all your licenses and rx numbers transferred to this address
Start credentialing, your front office can do this as usually there is a time period you can bill under the former doctor.
You'll need to transfer Dentrix or he software to your name and get bank accounts for deposits. They won't set that up without your legal name as it is a business banking account, not personal. Get use to having large amounts of dollars going in and out. It is a business, business costs $$$.
Get a company credit card and start putting office expenses on it. Transfer your cell phone to it, as you transition everything to your name put it on there.
Decide if you want to use their labs and utilities, sharps removal. Transfer all. Meet their supply rep and see what other monthly payments you will have to choose if you need them.
Get an insurance agent to do your workmen's comp, business insurances and increase your disability to cover office overhead.
Ok, so don't mean to overwhelm you, once I thought back, it was a lot but one step at a time, many people do it, you definitely can!!!!
Feel free to email back specifics as some may be foreign to you and also, I went by what I did for Texas, Florida may be different.
So excited for you!!!
And take my number, (xxx) - xxx - xxxx, you'll need it!