This contest is now closed. Thank you to all who entered! Winners will be contacted via e-mail. If you didn’t win and want to buy one of the ADA guides listed below, you can get 25% off just by being an ASDA member. Log in and use code 14806 at checkout to get your special discount on all ADA products (excluding the CDT app and e-books) through the end of 2014. Stay tuned for another ADA guide giveaway in April.
The ADA Practical Guide to Associateships:
Success Strategies for Dentist-owners and
With an average debt of more than $200,000, new graduates are more likely to associate than start a practice from scratch. This book defines an associate as “a dentist who does not have any ownership or equity in the practice in which he or she is working.” With this definition in mind, it’s important to realize that much of the risk of bringing in an associate falls on the dentist-owner. Before an associateship begins, the dentist-owner and prospective associate must be on the same page about everything from compensation and benefits to staff and buy-in opportunities. This book, written for both the owner-dentist and the incoming associate, details what both parties should consider before entering such an agreement. The book provides samples of employment contracts and CVs. There is also a helpful list of questions to think through before entering the real word of dentistry: What’s your practice philosophy? Who are your preferred patients? What motivates you? This book gives you the tools to negotiate a successful and mutually beneficial associateship agreement.
The ADA Practical Guide to Dental Letters: Write, Blog and Email Your Way to Success
This book is essential in every practice. It has more than 200 sample letters, blog posts, Facebook posts, and Tweets for every occasion. We have letters that explain replacement options for missing teeth, balance due after office received insurance payment, and mid-treatment letters for complicated cases. We even have official letters to explain to your patients periodontitis, xerostomia, and the importance of regular dental visits. A sample Tweet announces new office technology, and a sample blog post celebrates a dentist going on maternity leave. This book gives you a basic, formal letter for every occasion, and then readapts it for different media platforms. It also comes with a CD-ROM of letters in Microsoft Word format for easy personalization.
The ADA Practical Guide to Valuing a Practice: A Manual for Dentists
There are many reasons to value a practice. The obvious are buying and selling. Other reasons include taking on an associate, division of marital assets in a divorce, financial planning, or simply finding a job somewhere that can financially handle another doctor. This book walks you step by step through the process. You will learn the different valuation methods, some math, and also related legal and tax issues. “Knowing the difference between fair market value, fair value, investment value, and intrinsic value and other concepts of value is the first step in gaining an understanding of dental practice valuation.” The only way to truly understand these numbers is to understand the valuation process as a whole. Even if you have a financial planner, appraiser, or practice broker on your side, this book is essential for navigating this intricate process. This book includes definitions of key terms, case studies, and examples of sales documents and contract provisions.
The American Dental Association is the premier business resource for dentists, offering dozens of guides on subjects we don’t often learn in dental school. These practical guides are available at adacatalog.org.
How to win:
Leave a comment below telling us what you wish you knew about the business side of dentistry and which guide you’d like to win. Two lucky Mouthing Off readers will be chosen at random to win a set of the ADA Guides listed above. Get a bonus entry by subscribing to MO (blue box on the top right)! Contest closes at noon (CST) on Feb. 21.
~Carolyn Norton, Florida ’14, contributing editor & Megan Guthman, Alabama ’14, contributing editor