ADA Practice Transitions, known as ADAPT, is now available in Michigan to help facilitate career and practice transitions. This new ADA service can help dentists find the right match, and provides support needed to ensure success. A dedicated ADA Adviser guides members through each step, only suggesting practices or dentists that match their criteria and philosophy of care.
This program can be especially helpful for members in late-stage practice, both in finding an associate and also in helping to transition a practice — particularly in the harder-to-sell rural and northern areas.
Here are some questions and answers about this new ADA program:
What types of transitions does ADA Practice Transitions assist with?
ADAPT can assist with associate placement, practice purchase/sale, or partnerships.
I am a specialist. Can I use this service?
Not at this time — but stay tuned!
Why is “philosophy of care” important?
If dentists entering into a transitions share a common vision about how patients, staff and their communities are to be taken care of, they will be happier and more successful. Even if the owner will not be staying in the practice, the patients will be happier if they continue to experience a similar treatment style and thus more likely to stay with the new owner.
What is the purpose of the profile?
The online platform, which includes a personality assessment and extensive questionnaire, helps dentists think about and articulate their philosophy of care. This information is used by the ADA Advisor to connect dentists who are compatible in key areas that determine a successful transition.
What does the ADA adviser do?
The ADA Adviser can suggest potential matches via the online platform, assist with the introduction by providing guidance on the interview process, act as a sounding board for dentists who are not entirely sure of what they want, refer the dentists to the appropriate legal and financial professionals when it is appropriate, and follow up with the dentists after the transaction is complete to ensure it is going smoothly.
Why is the ADA doing this?
Market research that lasted more than two years identified that owners and incoming dentists were having problems transitioning in and out of practices.
Owners are frustrated with the cost of the typical broker and the fact that practices outside urban areas are not being well served — but their primary concern is having someone come into their practice who shares their philosophy of care, they want their patients taken care of by someone who shares their values.
Incoming dentists are frustrated because they are not aware of the options that are available to them and are often being caught in “standard” contracts containing language that ends up jeopardizing their future plans. For example, a dentist goes into a practice with the promise of ownership but the owner ends up not following through. The incoming dentist, who wants to own, is established in the area — maybe has a family — must deal with a non-compete that forces them to move if they want to pursue practice ownership.
I am not a member — can I use the service?
YES, but if you take a close look at the pricing page found on adapracticetransions.com, you will see that it may make sense for you to become a member before signing up.
What does this cost?
It is free to fill out the platform but you will not have access to the adviser or matching until you subscribe to the service for the monthly price o$25/members or $50/nonmembers. Owners who are ADA members will pay $3,500 ($5,000 for nonmembers) if an associate is found for the practice. Likewise, ADA owners will pay 4% of the sale price (7% for nonmembers) if the practice is sold. Incoming will pay $500/members or $1,000/nonmembers if placed as an associate. Incoming will not pay any fees if purchasing a practice.
I want to find associates for my DSO. Can you help?
The service is available to private practicing dentists only at this time.
I am having trouble filling out the platform information. Can you help?
Call the ADA Practice transitions team at 800-232-6119 or email them at email@example.com.
For more information and information on fees, visit adapracticetransitions.com.