Like business partnerships, dental partnerships empower practitioners to pool their resources, share knowledge, and create a synergy that propels their practices toward unparalleled success.
In today’s competitive landscape, dental partnerships offer an alluring proposition. They provide an opportunity to foster growth, enhance patient care, and maximise profitability. By forging strategic alliances, dentists can tap into a multitude of benefits that go beyond the capabilities of individual dental practice.
What are the Benefits of a Dental Partnership?
There is an abundance of benefits to entering a dental partnership in lieu of setting up a sole practice.
Shared overhead/costs
Partners involved in a dental partnership can share the costs associated with running a practice. This includes operational, marketing, and technological expenses that can quickly add up over time. Each partner’s capital contribution can be leveraged to purchase larger, more expensive equipment and technology that may otherwise be too costly for a single practice.
In addition, partnerships provide access to bulk discounts that individual practitioners may not be able to take advantage of. More money can be made when costs/overhead are shared by all doctors in a partnership.
Spreading risks and liabilities
A single dentist doesn’t have to absorb all potential risks and liabilities. The risks and liabilities can be spread out and allocated across all the partners, which can cause less stress. You can also get the assistance of an experienced dental solicitor to help draft an agreement that is fair and equitable for everyone involved. It is a great way to ensure successful partnership agreements and minimise the potential for disputes down the road.
Life Balance
A single owner dentist typically must shut down its practice when taking a holiday and therefore such an owner rarely wants to take time off. In a partnership, the practice does not need to shut down when a dentist wants to take time off because the other partners can practice and manage the practice in the interim.
What can Jacobs Legal offer?
We can structure the partnership business and documentation for you. There are a lot of interests to protect among all the partners so it just makes sense to hire an expert to make sure that your partnership is off to a right start.
As you can probably imagine, a partnership agreement is very complex because there are several parties involved and several points to address. Dentists generally always know how to get into a partnership, but they don’t always know how to operate through a partnership and certainly don’t nearly examine how to get out of a partnership thoroughly enough. Jacobs Legal can help guide you through this process.
The agreement will contain all pertinent information regarding the partnership to make sure that everything is covered. This is very important to make sure that all future issues can be easily resolved because they will be covered in the partnership agreement. This agreement will include information regarding cost sharing, income splitting, retirement, death, disability, disagreement, working capital, management authority, etc. The document should also include restrictive covenants for all the partners to protect the interests of the partnership if in case one partner decides to
part ways.
We are very thorough in making sure that all agreements are iron-clad and do not have any potential loopholes that can present headaches later on.
We have a knowledgeable team ready to help you and can address all critical issues that may face a partnership.