How to Form a Dental Partnership?

How to Form a Dental Partnership?

February 24, 2021 Off By Glespynorson

Much like any business partnership and alliance, a dental partnership is when two or more dentists decide to band together and co-own a dental practice. However, unlike other business partnerships, dentists have to be wary and careful as it is possible for a dentist to enter into a partnership without knowing – all because they share business expenses and profits with another dentist. Entering into a dental partnership can have its pitfalls, which is why you have to be vigilant and choose your dental partners well. For instance, if your dental partner were to incur debts, then you would be inclined to pay them off if they are unable to do so themselves.

With such pitfalls, why would anyone wish to form a dental partnership? Well, when dental partnerships are formed properly, there are a whole wealth of benefits. All you have to do is learn how to pick your dental partner, know what a partnership entails, and have an experienced law firm protect you when drawing up contracts and if anything were to go wrong.

The following guide is here to help you form a professional dental partnership that will ensure you incur an abundance of benefits and stay safe.

What are the Benefits of a Dental Partnership?

There are numerous benefits of having a dental partnership, however you do have ensure that the dentist(s) that you partner with is a likeminded individual and understands the intensity and severity of entering into a partnership. If all partners are ready to work properly and efficiently, and are likely to not leave you with a mess for you to clean up, then the benefits are worthwhile – more on how you can find the ideal dental partner later on in the guide.

The benefits of a dental partnership are:

Sharing Management Duties

Managing a dental practice can be time-consuming and tiring. There is always a chance of burning out, and if it is only you, then you have to take all the emergency calls and also close down your practice if you ever decide to take a break and go on vacation (this can be quite costly and also unappealing to your patients).

Having a dental partner means that the practice can stay open if one or two of you (depending on the number of partners) decide to take time off. Your patients can relax knowing that if they were to have a dental emergency, they could book an appointment with your partner, for example. Plus, the practice can stay open, continuing to make money and bring in a bigger profit. Having a partner who shares the weight and responsibility can be priceless as it helps you avoid burnout which is common for hardworking professionals.

Partners Having Their Own Strengths (and Weaknesses)

You may have a specific strength when it comes to dentistry, but you may also have a weakness. Finding a dental partner who enjoys the work that you find less enjoyable can mean a higher quality of service but also make work more pleasant.

Having a Partner to Rely on for Advice

All working professionals will have experienced a time when they did not know how to go about a certain situation. Perhaps you needed help finding an answer or you wanted a second opinion. Either way, having a partner who can help weigh in on difficult situations can lead to better treatment but also reduce stress and anxieties.

How Do You Find a Dental Partner?

Finding the right dental partner to strike up a partnership with can take time. This is not a process you will want to rush. For starters, you may wish to scout out potential partners that you have heard of and whose work you are familiar with. Interviewing each potential dental partner is also essential so that you can understand their work ethic and personality better. After all, you will be spending a lot of time with them and you will need to ensure that they share the same values as you and will recognize the importance of a dental partnership.

How Do You Set Up a Dental Partnership?

When setting up a dental partnership, you will want to enlist the help of a respectable lawyer who can help you take advantage of the aforementioned benefits by drawing up the agreement and protecting all the partners who are looking to collaborate with one another. Cohen Law Firm comprises of a team of professional lawyers who are well versed in dental partnerships, so you can rest assured in knowing that the agreement between partners is fair and will protect everyone involved. Be sure to contact them if you have any questions on how to create a dental partnership with minimal risk.

Are you looking to set up a dental partnership but are unsure on how to do so? Be sure to take the above advice into consideration. By doing so, you can protect yourself, your practice, and also those you decide to strike a partnership with.