Volume 17: Presentation of Charts

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Since patients and profits make up most of the value in a dental practice sale it is important that patient charts present themselves in the best possible light. There are a number of important steps that should be undertaken before a valuation is started.

  1. Make a concentrated effort to re-activate the patients who have not kept their visits up to date.
  2. Remove from the active files the charts that are three, four or more years since the patient was last in the practice.
  3. Have adequate space in your chart drawers or shelves to hold your active charts. Charts should be easily accessible (i.e., not packed so tightly that one is unable to pull or return a chart easily).
  4. Ensure plastic hangers are in good repair (i.e., plastic hangers should be replaced when broken or bent). This helps prevent the loss of files that have fallen from a hanger and slipped beneath the rest of the tightly packed charts.
  5. Torn or worn out file envelopes look bad to the patient and are harder for the staff to file.
  6. Charts that are hard to access make more work for your staff and contribute to inefficiency.
  7. If the charts are in drawers, the drawers should run smoothly when pulled out and pushed back in. Tracks should be kept in good repair.

If these simple steps are taken into account and followed routinely, your staff will not only appreciate it but it will make them more efficient. When the time comes to sell your practice the charts will look neat and are easy for the purchaser to review, and it will be evident that they won’t have to spend money afterwards replacing charts.

With the new privacy considerations it may be an ideal time to convert to a more contemporary chart system where the charts are sitting on a shelf with colour coded files in lockable cabinets. These new files take up less room than those in pullout drawers and because the charts are sitting on a shelf, the shelving can be higher and hold as many files as needed. Also, you don’t need three feet of access in front as is necessary for the drawer system. The paper does not have to be folded in thirds as the files are 9” x 12”. The files are generally plastic coated for rigidity and easier to pull out and insert back on the shelf. There are many suppliers and quite a price range for these new files and it will be to your advantage to obtain a number of estimates.

The Professional Advisory

  1. One Year Later

  2. Dealing with Unsolicited Offers

  3. Covid-19 Practice Sales Update

  4. When is the Right Time to Sell Your Practice and Why?

  5. Partnership Pitfalls

  6. The Real Cost of a Dental Practice Set-up

  7. Smaller Practice Realities

  8. Dental Market Update - 2019

  9. Creating Your Own Most Valuable Practice (MVP)

  10. Small Practice Economics

  11. The Market is Very Efficient

  12. How Can Dental Practice Values be Rising and Declining?

  13. Hygiene as a Value Driver

  14. The Value of a Good Team

  15. Is it Time to Move?

  16. Staging A Dental Practice

  17. The High Cost of Dying

  18. Deal-Busters

  19. Patients - Attract and Retain

  20. Should I Stay or Should I Go?

  21. Is There a Buyer for Every Practice?

  22. Good, Better, Best - The Market has Spoken

  23. Smooth-Sale-ing

  24. Buying Time

  25. Patients, Patience, Patients

  26. A Real Patient

  27. Why Do a Practice Valuation? I'm not Selling

  28. Irrational Exuberance or The New Normal?

  29. Do dental equipment and dental technology affect a practice value?

  30. Finding and Being a Mentor

  31. Bigger is Better

  32. Dave's Top Ten List for Buyers (Vendors should read this too!)

  33. How Well Do You Know Your Practice?

  34. Dave's Top Ten List for Vendors

  35. What will happen to dental practice Values in the next 10 years?

  36. Your Premises Lease is an Important Asset

  37. What are Associates Thinking?

  38. There is Life Outside the GTA

  39. When Is the Right Time to Sell My Dental Practice?

  40. Mergers are a Viable Option

  41. Is Your Associate an Asset or a Liability?

  42. Has your Practice Facility Kept Up With Your Billings?

  43. The 100 per cent of Gross Myth

  44. The Past, The Present and The Future

  45. Caveat Emptor

  46. Overpaid Long Term Staff

  47. Selling your Practice in Stages

  48. A Potential Pitfall of Selling Shares

  49. Value in Your Practice Through Balance

  50. Only Trusted Staff Can Defraud You

  51. To Own or Not to Own Practice Real Estate? That is the Question.

  52. Coping With A Large Patient Base

  53. Successful Dental Practice Transitions

  54. Taking Care of Business

  55. The Investing Dentist Phenomenon

  56. Two areas to focus upon that could negatively impact the value of your practice

  57. Organize your Debt in Order to Sell your Practice

  58. Having a Better Team

  59. How Do I Prepare My Practice For Sale

  60. How Do I Prepare My Practice For Sale? Part 3

  61. How Do I Prepare My Practice For Sale? Part 2

  62. How Do I Prepare My Practice For Sale? Part 1

  63. Advice to My Son or Daughter Graduating from Dental School

  64. Transition - What to Expect

  65. Discussion on Digital X-Rays

  66. Partnerships and Shotguns

  67. Strategic Planning - How to Get Started

  68. Calling All Vendors - Practices have Gone Up in Value

  69. Purchasers: Expect to Pay More for a Practice because of Lower Professional Corporation Tax Rates

  70. Matrimonial Practice Valuations

  71. Purchaser's Guide to Affording a Practice

  72. Location Improvements Throughout Your Career

  73. Small Practice Valuations

  74. Partnerships – The Best and The Worst

  75. Changing Location When the Opportunity Comes Along

  76. Visual Presentation of Your Practice

  77. Presentation of Charts

  78. Your Premises Lease Can Be Your Worst Enemy

  79. How to Select an Appraiser for Your Practice

  80. How Are Your Billing Ratios?

  81. It Pays to Invest in Your Tangible Assets

  82. The Importance of Separate Financial Statements

  83. Five Time Frame Levels to Sell a Practice

  84. 12 Suggestions to Safeguard Computer Data

  85. How to Buy a Visible Practice

  86. Why is there a shortage of good practices today?

  87. The Importance of Equipment in the Purchase of a Practice

  88. The Balanced Practice

  89. Will My Practice Be Saleable in The Future?

  90. Buyer Be Aware

  91. Excess Profit - The Second Key

  92. Patients and Profits are the Keys

  93. Plan Ahead