Practice Management Insider: Is now a good time to sell or buy a dental practice?

Dear Practice Management Insider,

Plenty of questions have surfaced in the past few months about dentistry, its current state, and what the future holds for the industry. Those questions include whether the time is right for an experienced dentist to sell his or her practice and/or a young dentist to purchase his or her first practice.

Dr. Teresa Yang spoke with a pair of practice brokers for our most recent Insider Exclusive and got their opinions on what the market looks like now and how it might look in the near future. She also obtained some great advice that will help any dentist who is thinking about buying or selling a practice in 2021.

Also in the Practice Management Community, Dr. Roger P. Levin recently discussed the seven scenarios that he believes could determine dentistry's direction in 2021. Coming off the most unusual year for many of us in our lifetimes, there is an air of uncertainty as we push deeper into the new year. Dr. Levin offers the barometers he will be watching early on to see where our industry might be heading.

One of the internal barometers that often spells success or trouble for your practice is what your team members are bringing to the business every day. What constitutes acceptable behavior from your team members? What happens when one of them crosses that line? Is it time for that person to leave, or is he or she coachable? These questions and more were recently posed during a discussion between dental consultant Lynne Leggett and a dentist. Their conversation could change the way you look at your team members and next steps during a difficult time.

Finally, there's no doubt that artificial intelligence will become a bigger factor in our industry and society in 2021. The Dental AI Council, a new nonprofit dedicated to artificial intelligence in dentistry, has highlighted results from its first major study showing dentists don't often agree on a dental diagnosis or the cost of a resulting treatment plan. It's a fascinating read and insight into what this technology could mean for dentistry.

On behalf of the team here at DrBicuspid.com, we appreciate you being a Practice Management Insider. We wish you a tremendous start to 2021.