NEWS
Expanding Your Dental Practice through Strategic Chart Acquisitions

Welcome to another episode of The Dental CEO Podcast with me, Dr. Scott Leune. Today, we’re diving into a topic that, while not commonplace, offers a fascinating opportunity for growth—chart acquisitions. This strategic move can significantly accelerate the growth of your practice, and I’m excited to share how you can leverage this to your advantage.

Understanding Chart Acquisitions

Let’s start by understanding what a chart acquisition is. Essentially, this involves purchasing patient charts from a retiring dentist who, for various reasons, may not be able to sell their practice outright. This transaction not only benefits the retiring dentist by monetizing their life’s work but also offers a thriving practice like yours the chance to rapidly grow your patient base.

Evaluating the Opportunity

Recently, a colleague of mine considered acquiring 1,000 patient charts from a retiring dentist. This situation presented a unique opportunity: the practice in question was smaller in network coverage than the charts being acquired, suggesting a partial but significant patient conversion. Before pulling the trigger, evaluating the potential and understanding the logistics of insurance and patient conversion rates are crucial.

Negotiating the Deal

A chart acquisition doesn’t always have a one-size-fits-all approach to negotiation. One common strategy involves purchasing a portion of the charts outright for a set fee, with the remainder paid for as patients actually transfer over and appointments are booked. This pay-per-performance model can mitigate risks associated with patient retention during the transition.

Preparing for New Patients

Once the deal is inked, preparation is key. Firstly, assessing your practice’s capacity to handle an influx of new patients is vital. This might mean hiring additional staff, expanding office hours, or even physical expansion. Communication training for your team will also be essential to ensure they are prepared to handle questions and concerns from newly acquired patients effectively.

Best Practices for Integration

Integrating new patients into your practice requires a tactical approach. It’s prudent to have strategies in place for scheduling, patient onboarding, and managing patient expectations that align with your standards of care. For instance, offering a seamless transition for these patients by honoring their previously scheduled appointments can create a positive first impression and encourage long-term retention.

Conclusion

While chart acquisitions are less common than other growth strategies, they present a unique opportunity for substantial growth. Whether it’s your first time considering this strategy or you’re looking to perfect your approach, remember that thorough preparation and robust negotiation strategies are key to maximizing the benefits of such opportunities.

Thank you for joining me today. I hope this discussion inspires you to consider chart acquisitions as a viable option for growing your practice. Remember, each opportunity is unique, so careful consideration and personalized strategies are essential. Here’s to the continued success of your dental practice!