New Year, New Practice: How to Update Your Office for Success in the Coming Year

The start of a new year is the perfect time for practice owners to reflect, revitalize, and strategize for future growth or a profitable exit. Whether you’re planning to stay and grow for decades or preparing for a seamless transition, maximizing your operational efficiency and patient experience is the best investment you can make.

At Frye Practice Sales, we understand that a practice’s value hinges on more than just its collections. It’s about the underlying systems, technology, and team alignment. Here is your essential guide to updating your current practice for success in the New Year.

Part 1: The Operational & Financial Tune-Up

A well-organized practice not only performs better but is also valued higher by prospective buyers. Use the transition to the New Year as an opportunity to clean house and refine your processes.

• Audit Your Financials and Fees: Review your financial statements from the past year to pinpoint areas of strength and weakness. This is the ideal time to ensure your practice fees are competitive and aligned with current costs. You may need to plan for contract renegotiations with PPOs, a complex task that can significantly impact revenue.

• Master New Code Changes: New Current Dental Terminology (CDT) codes are crucial for insurance billing and compliance. Update your practice management and billing software immediately and train your team to avoid claim denials and delays in reimbursement.

• Optimize the Revenue Cycle: Identify any outstanding accounts receivable (A/R) and develop a plan for collection. Refining your patient billing and insurance claim processes ensures you start the New Year with robust cash flow.

• Review and Align Your Team: Conduct year-end performance reviews and set clear, measurable goals for the team in the new year. Clear communication of the practice's vision and goals is essential for team alignment and success.

  
  

Part 2: The Technology and Clinical Refresh

Modern equipment and efficient systems reduce stress for your staff and increase patient satisfaction—both key factors in practice valuation.

• Upgrade Your Technology: Review your existing technology. Now is the time to update your practice management software (PMS) and ensure that tools for scheduling, billing, and reporting integrate smoothly. Consider implementing technologies like digital imaging or electronic health records for better diagnostics and streamlined workflow.

• Refine Clinical Protocols: Conduct a quality assurance review of patient care and update infection control protocols to stay compliant with the latest guidelines. Continuing education (CE) for your staff and yourself is vital for staying current on new procedures and technology.

• Audit Inventory and Equipment: Use any slower administrative time to audit your inventory and ensure all clinical equipment is in proper working order. Schedule necessary maintenance now to prevent disruptions later.

  
  

Part 3: Ignite Your Online Presence and Marketing

In today's market, a successful practice must have an engaging and current online presence to attract new patients.

• Revitalize Your Online Profiles: Review and update your Google My Business profile and website, ensuring your hours, services, and descriptions are completely accurate. Patient reviews play a massive role, so respond to all feedback and encourage satisfied patients to leave new reviews.

• Plan a Content Strategy: Create a content calendar for the new year. Plan campaigns around key dates like National Children's Dental Health Month or New Year's resolutions for cosmetic dentistry. Engaging content and an up-to-date website are essential for patient acquisition and retention.

• Optimize Patient Retention: Evaluate your patient recall system. Proactively scheduling patients for their next appointments before they leave the office is a highly effective way to maintain a steady flow of patients into the new year.

  
  

The Frye Practice Sales Advantage

Karl Frye and Frye Practice Sales specialize in representing medical, dental, and veterinary practices through the transition and acquisition process. With over a decade of experience in healthcare financing and a commitment to acting as a fiduciary for clients, the firm ensures a streamlined and successful outcome.

Whether you are scaling your business with group acquisitions, selling to a DSO, or planning a retirement exit, the team provides comprehensive services, including practice transitions and healthcare real estate. An accurate, lender-ready valuation is the foundation for any successful transition, giving you confidence and negotiating power.

Ready to start the New Year strong? Contact Frye Practice Sales today for a consultation on maximizing your practice's value, whether you're growing or preparing for a profitable transition.