The dental industry is constantly evolving, and as a practice owner, multi-location dental group, or DSO, it’s vital to stay ahead of the game when it comes to transitions and acquisitions. When considering selling your practice or merging with another dental group, it’s crucial to handle the transition with grace and professionalism.
Many factors come into play during these transitions, such as maintaining patient trust, ensuring staff retention, and managing the financial aspects of the deal. In this blog post, Transcendental outlines essential strategies to help you navigate the transition process smoothly and ensure a successful acquisition for all parties involved.
Curating the Ideal Transition Narrative
When it comes to transitions and retention, preparation and storytelling go hand-in-hand. For current patients, the community at large, and existing staff members, the tale of continuing care unfolds with a fresh perspective, embodying the same or (enhanced) foundational principles that form the heart of your practice’s or group’s mission. This evolution signifies a commitment to growth and excellence in every facet of our service.
For Your Community
The dental industry evolves constantly, with new technologies and techniques emerging daily. As a dental practice owner or DSO, staying updated on these changes is crucial. Prioritizing public relations during acquisitions is vital in today’s market. A solid PR strategy can enhance trust, brand awareness, and reputation management, leading to long-term success for practice owners.
Letter to Existing Patients
Communicating changes such as the introduction of a new dentist to existing patients is crucial in maintaining trust and ensuring continuity of care. Pitched in a positive light, a letter or email serves as a direct and personal way to inform patients about the acquisition and the rationale behind it.
This transparency helps ease concerns about their dental care future, reassuring them of the priority of their needs and comfort. It also introduces the new dentist’s credentials and care philosophy. Addressing potential questions proactively and emphasizing quality continuity fosters inclusivity and respect toward patients. It’s key in creating a positive initial impression of the new dentist and smoothing the patient transition, boosting retention and satisfaction.
Intentional Website Changes
Implementing a prominently displayed banner on the dental practice’s website to highlight the transition is an effective acquisition strategy. An online announcement informs existing and potential patients of the change, symbolizing the practice’s commitment to transparency.
In addition to a brand-new banner, a brief introduction, photo, and link to more information about the new practice owners fosters familiarity and continuity. This approach reassures patients of continued quality care and helps build trust with the incoming dentist. Managing patient perceptions and expectations through proactive online strategies ensures a smooth transition while maintaining high patient engagement and loyalty.
Strategic Social Media Posts
Strategic social media posts can help manage patient perceptions and foster acceptance during the transition before an acquisition. By creating curated posts, the dental practice can introduce the new dentist or practice name, gradually, showcasing expertise, personality, and dedication to care.
Highlighting achievements, sharing dentistry philosophy, or featuring video introductions can build trust early. Additionally, encouraging interactive engagements like Q&A sessions addresses patient questions in real-time, easing the transition and building rapport. This strategy maintains communication and uses social media reach to enhance patient loyalty, ensuring seamless care with the new addition to the team.
Update Your Google Business Profile
In addition to interpersonal communication, website, and social media strategies, updating the dental practice’s Google Business Profile is crucial during an acquisition. An up-to-date GBP ensures patients find accurate information online.
Therefore, don’t forget to revise hours, contact details, new practice name, and the new dentist’s name. Enhancing visibility and reaffirming patient confidence in up-to-date communication. Upkeeping a meticulous digital presence fosters a seamless transition and builds trust with new and existing patients.
For Your Existing Staff
Transitioning a dental practice to new ownership can be challenging. While the goal is to maintain high-quality care, it’s no secret that there can be disruptions as new protocols and leadership are established.
During this transition period, staff support and development are key areas where change is most difficult. Helping current employees adjust to new processes and expectations requires tact, compassion, and consistency. Smooth transitions are integral to acquisition, with staff retention and morale being at the forefront.
Serve As an Associate
Bringing on new associates can pose challenges in integrating them into the team dynamic and culture. However, Dr. Joshua Chupp made the wise decision to serve as an associate before fully taking the responsibility of practice owner of Lakeside Dental Care in Orange Park, FL. Dr. Chupp was able to establish a positive relationship and good rapport with staff and current patients before the acquisition was fully implemented.
If you have the opportunity to serve under the current practice owner before officially transitioning as head dentist, we strongly encourage you to do so. Getting to know the practice as an associate offers insights into clinical protocols, management styles, and relationships, shaping a unique work environment.
Furthermore, starting as an associate dentist first can provide valuable lessons for a smoother transition later on, benefiting the new doctor, office staff, and existing patients–and can boost morale and cohesion in the long run.
Define Your Core Values
Whether you choose to uphold the core values of the dental practice you’ve acquired or decide to build anew, defining your own set of core values is essential. These principles not only guide the practice’s operations but also influence the office culture, affecting how staff interact with each other and with patients.
Clear, well-communicated core values help ensure that everyone on the team is aligned with the practice’s goals, vision, and ethics, fostering a positive and productive work environment.
Training + Expectation Setting
Once core values are established and the current staff is familiar, hosting a comprehensive training session to communicate expectations becomes invaluable. This training should not only cover procedural and operational aspects but also convey cultural and ethical standards to uphold.
Such an initiative ensures all team members, new and existing, align on patient care standards, communication protocols, and teamwork dynamics. By setting clear, achievable expectations and offering support, you cultivate an environment of excellence, accountability, and continuous improvement.
Streamline Your Acquisition Process
Transcendental can help you handle the transition growing pains for current patients, staff, or a new community of patients. Whether you are a seasoned practice owner or a new player in the dental industry, Transcendental can provide you with valuable insights and guidance on how to handle these critical moments with finesse and confidence. Experience a smoother transition at every step of your practice acquisition by working with our experienced dental marketing experts. Contact us today.
