Conducting Due Diligence When Buying a Dental Practice in Framingham

After you find purchasing practice, you need to do a thorough test and after entering a letter of intent or sales contract, review the patient records.

This is your opportunity to learn more about exercises and review the practice properly. You can consult with professionals and discuss the important points that are necessary to consider during purchase of dental practice in Framingham.

The audit approach is easiest to do methodically and step by step.

1. See Financial Reporting Practices. This must be completed within three months of starting your dental practice (average income statement).

This should include an initial income statement, as well as tax returns for the past three years, and an income statement. Often times, the best way to get specific information is to have a consultant or accountant analyze it to make sure you don't overlook relevant facts.

2. Review patient records. Knowing the number of active medical records in the office is indeed important, but many dentists do not know the exact number. A practical consultant can help you gather this information by carefully setting parameters when reviewing sample files.

You can also make arrangements that allow a claim for damages to be made if the seller misinterprets the information in the summary report. The appointment system can also be reviewed to check activity levels live and to measure the percentage of new patients per month.

3. Check the personnel file. It shows you how long each employee has been training and whether they have any relationship with the salesperson. Gross wages must account for between 22% and 28% of the total gross benefits. You can also look at the benefits currently available and need to decide what benefits you will provide in the future.


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