Top 3 Tips to Boost the Valuation of a Dental Practice
Are you a seasoned dental professional looking to sell off your already established practice? Or are you a newcomer to the industry and want to run your business in a way that will be lucrative in the long-term? Regardless of which situation you belong to, Holbrook & Manter’s Business Services & Solutions Team has three major tips to help boost the appraisal value of your dental operation.
What do you believe is the most valuable facet of your dental organization? Many believe this to be a talented & experienced staff, top of the line medical equipment or a robust catalog of both cosmetic & surgical services. But the single most important factor is your active patient count. In fact, upwards of 75% of your business’s value can be placed on this factor alone. Ensure that your patient count is plentiful & loyal to maximize your appraisal.
2) Give Your Reputation a Routine Cleaning
Believe it or not, those reviews on Yelp!, Facebook & other evaluation-based platforms carry weight when it comes to appraising a business. Reviews act as a measurable “word-of-mouth” metric. Greater reviews amount to greater brand loyalty. More loyalty amounts to a stronger patient pool. Establish your company in the web world by regularly using relevant social media platforms & updating your website/blog. By providing answers to the questions that are being asked & interacting with potential/current clients, you can obtain positive reviews & comments – which all play into the worth of your dental organization.
3) Work with a Dental Office Accountant Throughout the Process
With any scenario that involves a vast amount of variables, its always a great idea to consult with a specialist on the topic. Medical & dental practice appraisal is no different. Seek out a dental practice accounting firm that carries a strong, positive reputation. Take some time to research the best regional firms. Having a reliable accounting firm on retainer will be your ace in the hole with in comes to your next appraisal.
For more information regarding your dental office appraisal, contact H&M BSST today!