Friday, April 10, 2009

Dental Multi Specialty Practice Set Up

Hello

Any input would be helpful on the best way to set up a multi specialty partnership.

I want to have all the funds go into one pot for Endo, Oral Surgery and Periodontics. So all the collections for each go in one pot and all overhead is paid out then what ever each collected gets paid on that percentage.

I realize they are all different overheads but if combing them all in the end to come out ahead and make more money than trying to break it all up.

Each specialist will own equal share of the partnership as well.

Any advice on what you have experienced?

Thanks for the help.

About 15 years ago I had an orthopedic group as a client, 4 doctors, one was a hand specialist, one was knee, one was hip and one was back\neck (as I recall).

Anyway, I thought the way they handled it was very easy and straight forward. Basically each had their own entity and they created a 5th entity (which each was an owner) which was simply a joint checking account (to keep it simple).

They made an initial capital contribution into the joint checking account to fund the opening of their office and they prepared an operating budget based upon the common or shared expenses, like rent, front desk labor, x-ray tech, shared nurses, common supplies (casting material, bandages, ace wraps, etc.). Each month they funded their equal share into that joint checking account (the 5th entity) to fund those expenses.

Each did their own billing, paid for their own specialty material (knee implants, hip implants, crutches, slings, finger splints, neck braces, etc.) and paid for their own labor in addition to the shared nurses (personal secretary, etc.)

The system worked very well for them, they kept it simple and clean.

This first appeared on Dentaltown.

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