Congratulations! This has been a long, expensive and painstaking journey. It was not easy and at times very frustrating.
The practice you now own most likely was not the first practice you rolled up your sleeves and pursued. What an exercise.
Exhale and breathe slowly. You are now entering a new stage as you now have the platform to practice your vision and craft.
It is crucial that you understand that re-engineering the practice you now own to where you want it positioned takes time and patience. If you do not understand this, you will be humbled by your exuberance as you immerse yourself in the practice.
As much as you wish to make changes right away, integrating consultant changes regarding new protocols will most likely alienate you to the staff who are crucial for the support and endorsements you need. PPS has witnessed too many enthusiastic buyers who do not understand that they need to tread lightly.
Your first and only task as you take possession is to invest yourself in getting to know the Team and impressing upon them that you need their support. Establish rapport and lighten-up. Do not be stiff and totalitarian. Be yourself and use humor where appropriate.
Do not be critical. As they come around and grow to like you rather than feeling threatened, their positive feelings about you shall be communicated to the patients and your schedule shall start filling up.
Please understand that if you reduce staff compensation and then hope that they shall support you simply flies against all human psychology. Decide what is best for you and your practice in the long run.
Integrating digital radiography at the onset is an upgrade the patients shall appreciate. Upgrading sterilization equipment is something the staff shall appreciate. If you wish to hit a home run, upgrade the staff lounge.
Making wholesale changes to the delivery systems and décor may communicate a message to the patients that their oral healthcare is going to see a spike in costs. If you are patient and win the patents’ trust, these changes can be made in the future when you know the patients shall not bolt.
PPS has witnessed that Buyers who take it slow and easy retain the goodwill they purchased and enjoy a nice stress-free transition.
Those who push things faster than the staff and patient community are ready to accept face a tougher task and typically invest more money in trying to “right the ship” with consultants after they witness staff and patients exit.
We at PPS liken the acquisition of a practice to the following analogy: “When you acquire a practice, do not be Barry Bonds swinging for the fence. Be Pete Rose and hit singles each day.” You shall strike out less and get on base more often. That is success!
You paid a lot of money for your practice which is mostly goodwill and a loyal patient following. If you desired a modern high-tech office, you could have simply signed a lease and carved one out. Take your time and use common sense, and you shall do very well.
This is a long-term investment. Be smart and handle it as such.
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