As dentists, we routinely concern ourselves with value. We consider how valued our services are to our patients, the contribution of and value of oral health to general overall health as well as the overall value of our private practices. For us, the term “value” encompasses so much.
But what does value really mean? The Oxford dictionary defines value in various ways but, the two most meaningful definitions in this particular context include:
As you read through this issue of the Professional Advisory, you will appreciate the different ways in which our team of contributors helps us enhance the value as it relates to our professional and personal lives. In “Avoiding an audit: what’s on CRA’s Radar?”, David Chong Yen reminds us that there are certain expenses and claims that will raise red flags when we are filing our tax returns. By avoiding an audit, we save ourselves valuable time, energy and stress.
David Lind’s “Creating Your Own Most Valuable Practice (MVP)” resonates well with those dentists who currently own or aspire to own a private practice since our practices are one of our most treasured assets. He shares with us that by creating value for our patients, we are actually creating and increasing the value of our practices.
For those readers who may be potential vendors or purchasers, David Rosenthal discusses the process of a staged sale and the upside for both the vendor and the purchaser in his article, “Selling a Dental Practice in Stages”. In this type of sale, the purchaser and vendor usually share some fundamental core values which can make the transition easier. Additionally, the purchaser has the opportunity to benefit from the valuable insights and experiences of the vendor.
Mark McNulty outlines some of the short- and long-term investment strategies that can be employed in “Investing the Proceeds from Your Practice Sale”. The ultimate goal of these strategies is to increase the worth of the initial investment as well as keep pace with or outpace inflation.
“Lease Negotiation: What Dentists Need to Know!” advises us about the current landscape when it comes to landlord-tenant relationships in dentistry. Our premises lease is one of several key factors when it comes to the valuation and ultimate value of our practices. As a result, a well-negotiated lease can reduce headaches and enhance practice sale values. This article by Ian Toms outlines the essential elements of a lease that will guide dentists to make sound decisions and seek appropriate guidance, as required.
Finally, in Dr. Weintraub’s article, “Dealing with an Unpredictable Future: A True Group Practice”, we learn the value of a group practice especially in our changing environment. While there are definite upstream financial and practical patient care advantages for dentists within the group, there are also downstream benefits for our patients and community, at large.
From this instalment of the Professional Advisory, I am certain you will derive significant value (however you choose to define it) from our contributors. I have no doubt that with the information at hand, you will be able to continue creating and building value for your patients, team members, families and society.