Association unveils ADA Practice Transitions
October 29, 2018
Honolulu — The ADA Business Innovation Group revealed Oct. 18 the official name, logo and website of its new service to oversee and test pilot programs to foster relationships between dentists at key transition points in their careers.
Aptly named ADA Practice Transitions, the service will manage pilot initiatives, including the testing and assessment of an online platform that would match dentists who are looking to join a practice with owners who are seeking a partner, associate or someone to purchase their practice.
The unveiling of ADA Practice Transitions was made during the House of Delegates town hall meeting at ADA 2018.
The ADA Business Innovation Group had announced in October that Wisconsin and Maine will be the first states to test the online platform in the first quarter of 2019. ADA Practice Transitions will evaluate all elements of the program throughout the year and make recommendations for expansion by the end of 2019.
The pilot program was developed after field research uncovered a need in the marketplace for dentists who want to connect for both employment opportunities and to facilitate the transition of a practice from one owner to another but have had difficulty doing so. Research also found additional needs around learning skills related to basic business management, ownership, patient acquisition, purchasing and staff relationships.
The ADA recognizes that there is a need for a more reliable process than what currently exists in the marketplace today. Using an algorithm, the online service will match dentists with practice owners by considering aspects such as philosophy or care, personality traits, location and desired practice characteristics.
Once a match is made, an ADA advisor will be assigned to the partnership to help facilitate the process and foster a positive relationship for both parties, beyond the transaction and into the transition.
In addition, the ADA Practice Transitions will also oversee the ADA Board-approved pilot initiative to test the feasibility of purchasing up to two dental practices with an intention to sell the practices to dentists who express interest after a target period of time.
This pilot initiative was developed after research found a surprising number of practices that are closing down simply because the owner dentist could not find a buyer for the practice. Many of these practices are located in rural areas.
For more information on ADA Practice Transitions, visit ADA.org/PracticeTransitions.