Dental and Medical Counsel Blog

Why You Should Always Memorialize Your Business Agreements in Dental Contracts

By Ali Oromchian Esq

Framed in the simplest terms possible, legal disputes are expensive. They waste valuable time and money, and can cause a wealth of other issues along the way. The best way to stop this problem is to try and completely avoid disputes and work to minimize risks. By memorializing your dental practice’s business agreements in contract, you can limit the possible amounts of mitigation you will need to do later. You can even avoid trials by including binding language regarding mediation and arbitration. Overall, making sure that your contract language is both clear and detailed is the first step towards successfully memorializing your business agreements.

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Posted on 05/15/2019 at 10:45 AM

Why It's Important to Have a Business Plan Before Opening a Dental Office

By Ali Oromchian Esq

Opening a new dental office is a dream come true for 80 percent of dentists in America. For many dentists, excitement about opening a new practice begins to build long before they complete their degree and training. But if you are like many new dentists, you might be unsure about the steps you need to take to obtain funding and achieve a successful opening. Fortunately, a business plan can help you achieve both of these goals. Below is a look at the important role a business plan plays when opening your dental office and the key elements that you should include in your business plan.

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Posted on 05/08/2019 at 10:11 AM

Dental Law: What to Look for in Dental Associate Contracts as a Practice Owner

By Ali Oromchian Esq

If you are the owner of a dental practice, knowing what to look for and what to include in an associate contract is critical in protecting your best interests. Several main components that an associate contract should include are the salary and benefits package, the terms of employment, and what happens in the case of a separation. Below are several key items that you should include or keep an eye out for when negotiating associate contracts.

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Posted on 04/24/2019 at 12:11 PM

Plan Your Exit Strategy Before It’s Too Late

By Ali Oromchian Esq

If you are the owner of a dental practice, you inevitably have to consider the long-term vision of your business. This can include self-evaluations of your practice, whether you want to sell and when, as well as the impacts each of these decisions might have on your finances. As these can be life-altering choices for your future and retirement, you should consider a number of thoughts along the way.

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Posted on 04/03/2019 at 10:31 AM

How to Recognize Red Flags When Buying a Dental Practice

By Ali Oromchian Esq

If you are in the market to purchase a dental practice, there are a number of things you will need to know about the search process. Whether you are new to the buying game or a seasoned professional, being prepared in advance is the best way to go. By understanding the red flags discussed below and why they are of importance, you will soon be ready to continue forward with the purchase process.

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Posted on 03/27/2019 at 10:16 AM

Three Tips for Hiring and Keeping the Best Dental Associates

By Ali Oromchian Esq

As every good practice owner knows, the right dental associate can truly make or break your business. Associates can help you grow your revenues, allow you more time off to do the things you enjoy, and increase your team’s energy, among other things

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Posted on 02/27/2019 at 10:00 AM

Does It Make Financial Sense to Build a New Dental Practice?

By Ali Oromchian Esq

One of the most common questions I receive from young doctors is whether it makes financial sense for them to be a practice owner.  The answer may seem obvious to some who already own a practice but when you are faced with high student loans and other debt, it is reasonable to worry about taking even more loans to become a practice owner.  

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Posted on 02/13/2019 at 10:00 AM

Legal Ramifications of Dental Practice Buy-Ins and Partnership Agreements

By Ali Oromchian Esq

Dental practice buy-ins and the partnership agreements they often require can be challenging issues for any practice, and carry with them a number of potential problems and legal ramifications for the unprepared. Understanding the legal aspects of practice buy-ins and partnership agreements will encourage you to solve problems even before they start. Like any change to a business, preparation is key. Once you have completed your due diligence, valued the practice, and agreed upon a purchase price and financing structure, a partnership agreement will need to be agreed upon and drafted.

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Posted on 01/30/2019 at 09:00 AM

In A Dental Practice, Owning Real Estate Has Advantages Over Leasing

By Ali Oromchian Esq

Our dental clients often ask us, should I own the building where I have my practice? Our quick answer is usually "yes," but the analysis is – as you'd expect – quite a bit more complicated. In this post, we discuss some factors to consider when deciding whether to lease or purchase real estate for your dental office, and why ownership tends to win out over leasing most (but not all) of the time.

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Posted on 01/23/2019 at 09:19 AM

How to Dissolve Your Dental Partnership

By Ali Oromchian Esq

Ideally, when you put together a dental partnership, you include the terms for what you needed to do later, if one or both of you wanted out of the partnership agreement. Unfortunately, that's not always the case, which means that you might need help to figure out how to effectively dissolve your partnership in a way that works for both of you. Whether you have a contract that clearly sets out how you need to go about dissolving your dental partnership or you're not sure where to start with the dissolution, there are several steps to follow. 

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Posted on 01/02/2019 at 11:47 AM

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