Acquiring an existing dental practice is a big decision for any dentist, and the transition process is much more than just filling out paperwork. During the acquisition process, you want to make sure that you do your due diligence and get things right the first time. What types of things should you consider while acquiring an existing dental practice?
The Benefits and Risks
First, you should consider the benefits and risks of acquiring an existing dental practice. You will be benefitting from an established patient base and insurance relationships, but that also means you will need to choose what to do with those relationships. You also have the benefit of cash flow already coming into your practice as a result of patients and insurance companies. However, you will need to put work in to surveying existing flow, treatment planning methods, staff training, technology, systems and insurance companies and determine which to keep and which to change.
Acquiring an existing dental practice means more than just filling out paperwork. One of the many things you will need to consider is the existing Explanation of Benefits (EOB) system when transitioning from one Tax ID (TIN) to another. Some insurance companies overlook automatically transferring the correct reimbursement rate with the effective date that they promised. APEX Reimbursement Specialists can ensure the insurance company gives you the correct reimbursement rate precisely when they promised it.
Electronic Funds Transfer Options
If the practice you are acquiring does not yet have electronic funds transfer (EFT) set up, you will need to do so to reap their benefits. Most insurance companies use them, and some rely on them as the only way to send you the funds that you are owed. EFT eliminates the need to wait for a check and allows for immediate deposit of funds into your bank account, much like when you direct deposit an employee’s paycheck. We can help you to optimize your new practice using EFT and more.
APEX Reimbursement Specialists Can Help While Acquiring an Existing Practice
Whether you’re preparing for the recredentialing process or looking for assistance credentialing with a new provider, APEX Reimbursement Specialists is here to help. Contact our team today by calling (410) 710-6005. We look forward to working with you to make your practice a more profitable place.