Administration Transition Service in Practice Transitions
Fee $4,000
- add on credentialing $500 setup fee and $145 per plan
- add on entry of fee schedules into dental software $35/each
Buying a new dental practice is a very exciting time for new owners. It is also a very busy time and many tasks to be completed for smooth transition to occur. We have created a service that helps the seller and the buyer to transfer the practice administration. Work begins several months in advance with a specific checklist to ensure that the first day of ownership everything is in place to conduct business. The fee is normally incorporated into the practice loan and we can work with your bank to help you with obtaining financing or we recommend BHG partnering lender. Below is a complete list that we take care of for the buyer. Please call us to discuss your practice transition and how we can help you.
Practice Transition Checklist
6 to 8 weeks prior to closing
Buyer-Letter of intent, sale agreement
Apply for Federal Employer Register Number (FEIN)
DCC- start the Dental Insurance Credentialing Process (6 to 8 weeks prior to closing)
Dental License
DEA certificate
NPI number- individual
Controlled Dangerous Substance Certificate (If applicable)
Anesthesia and analgesia permit (if applicable)
Professional Liability Malpractice Insurance Declaration page
Social Security Number
Date of Birth
Signed W-9
Dentist’s CV’s – include Work History, Education, Residency, Professional organizations
Buyer:
Setup New Business Bank Account
Setup new 401k (if applicable)
Order Stationary
DCC -4 weeks prior to closing
Register as an employer with Dept of Labor
Complete NYS-100 -- Employer Registration Form for Unemployment Insurance, Withholding and Wage Reporting for Business or Household Employers
Setup Payroll
Prepare letter to patients
Prepare letter to venders
Write News Release
Purchase Insurance
Business Owners
Liability
Workers Compensation
Cyber
Medical insurance
Add new location to Professional Liability Malpractice Insurance1 week prior to closing
Contact Venders to setup or transfer new accounts
Telephone /fax
Patient Communication Software
Gas and Electric
Internet/ Cable
Water Company
Nea
Credit card processing company
Medical waste
Waste pickup
Security system
Cleaning service
Property Maintenance (mowing, plowing, landscaping)
IT Management Company
Dental Billing Company
Medical Oxygen Company
Dental Supply Company
Dental labs
Equipment repair
Spore Testing
Closing Day (Office will be closed for 2 days to allow for transfer)
Employees
Hire Staff
Change Practice NPI to new Dentist demographics
Conversion of the Dental Management Software to new Dentist
Transfer Care Credit
Setup emails
Website
Change answering machine