1 CDE

PMOD15 - OMS Practice Ownership: Pearls and Pitfalls

On-demand

Speaker(s)

T. Matthew Jacks

Sole Proprietor
AAOMS, ABOMS, ACOMS, ACS, ADA,
Eugene, Oregon

Disclosure: Nothing to disclose.
Aaron Quitmeyer, DDS

Private Practice OMFS
AAOMS, ABOMS, ADA
Rockingham, Virginia

Disclosure: Nothing to disclose.

Having both transitioned from the U.S. Navy, the speakers bought their own practices on opposite coasts of the United States. After four years, many similarities for optimizing their practices have emerged, but more importantly are the contrasts, mistakes and pitfalls that could have been avoided. From choosing vendors, staff and equipment to leasing vs. mortgaging, investing in real estate vs. a cash balance plan, contracts with hospitals (trauma), corporate dental, VA and medical, both doctors and former academic surgeons have tallied what works and what does not. Those who are a newly minted OMS, associate or even a current practice owner can learn what to do and what not to do as they venture forward.

Learning Objectives:

At the conclusion of this presentation, participants should be able to:

Review owning an existing practice with a real estate purchase vs. a lease and whether one is an investment while the other frees money to invest.
Evaluate a practice purchase consultant/broker while considering consultant/brokers seem to have all the answers and whether they are answering the right questions.
Identify that buying a practice accompanies the benefit of preexisting operational and administrative standards and when does the wheel need to be reinvented.
Discuss that all practice owners eventually reach the same conclusion (everyone wants money) as well as reasonable fees for outside services and products.
Analyze contracts for services and how much can be negotiated to the OMS's advantage.