Why are Non-Dentists Buying Dental Practices?
The ownership of Dental Practices by non-dentists is growing. The implementation of deregulating the Australian dental system has opened the door for non-dentists to buy their own practice. A number of practices are now owned by Corporates or Individuals who are not dentists but have worked in the industry in some capacity such as practice managers, hygienists and dental assistants. There is a discernible shift from the traditional dentist ownership to non-dentist ownership in practices across Australia and there are a few reasons why this trend continues to grow and is a popular business model.
Most dental practice owners want to focus on what they do best which is providing the best dentistry to their patients. It can be overwhelming to run a Dental Practice and learn the business of Dentistry. There have been many changes in the dental industry in such areas as employment law, work health and safety issues and dental regulations and it can be hard to keep up and continue to run a successful practice while maintaining a level of service your patients. It can become exhausting trying to be both, which is why we are seeing more non-dentist owners.
There are significant profits to be made in Dentistry, but to achieve these profits you need to have great clinical skills and also excellent business management skills. This is a business model that liberates dentists from the day-to-day running of the practice so they can concentrate on developing exceptional clinical skills and meanwhile, the non-dentist owner has the time to create a customer-centric practice while ensuring all aspects of the business from marketing, social media presence, staff relations or accounts are all working seamlessly.
Who will be the Buyer? They might be working in the Dental practice. It could be the perfect opportunity for the associate Dentist, the Practice Manager or the Hygienist.
Surrounding yourself with a team of professionals who understand the complexities of a dental Sale will help you explore all options whether you are buying or selling. If you are looking at buying or selling a Dental Practice please contact Lara Cassidy at ABS Business Sales.