Whether you are planning a practice from the ground up or purchasing an existing practice, there are special considerations to be made in order to get your practice off to a great start.
Olivia Wann truly understands your professional needs and goals in dentistry. She has been serving the dental industry as a dental compliance consultant since the year 2000 and has had years of practice management consulting experience. She spent her early years working in a dental office.
Olivia instructed dental seminars in 48 states, parts of Canada, Trinidad and Tobago. She is highly published with articles having appeared in leading dental journals such as Dental Economics. She continues to be a highly sought after speaker for dental meetings nationwide. Visit www.DentalComplianceTN.com for more information about Olivia’s teaching programs.
In forming your dental practice, there are several choices in structuring your business: Sole Proprietorship, Partnership, Corporation and Limited Liability Company. The sole proprietorship is the most simple and least complex option. The dentist simply conducts business in his or her name and uses their social security number for tax purposes. If you use a practice name, you denote such as DBA meaning “doing business as.” The disadvantage of a sole proprietorship includes personal liability for business including business debts. Therefore, it is common for dentists to form corporations or professional limited liability companies.
We spend time with you determine the roles and responsibilities of the partners. Having a good understanding and capturing these responsibilities in writing contributes to a healthy business relationship. Preserve your friendship and maintain your agreements in writing.
Board Minutes and Corporate Filings:
Simply filing the paperwork and creating an entity is insufficient in itself. We will work with you according to your comfort level in assuring the proper documentation is maintained to verify the legal status of your practice.
We prepare real estate lease agreements and review existing agreements dentists plan to assume. Take the time necessary to ensure the terms meet your needs to avoid disappointment and costly litigation.
Employment Contracts (Associate Dentists):
We create employment contracts and address terms of employment. We address provisions such as restrictive covenants, breach of contract, compensation, malpractice insurance responsibility, confidentiality, buy-in opportunities, liquidated damages and other important terms to protect your interests.
Implement the policies you need as an Employer to give your practice structure. Provide a copy of the handbook for your employees when they are hired (or provide a PDF). Obtain an acknowledgment signature indicating they received a copy and have had an opportunity to ask questions. The handbook will help you solve problems in your practice and avoid making concessions with individual employees. Each year, review the handbook and make necessary changes to correspond with changes in the law. A solid handbook contributes to your defense if a dispute arises.
Alleged OSHA violation? Retain our services and we will negotiate with the OSHA official for you. Dealing with a HIPAA complaint? Allow our firm to deal with the Department of Health and Human Services. We can also provide you support with breach notification.
Compliance Training & Policy Development:
Please visit www.DentalComplianceTN.com for training, inspections and policy development information.
Estate Planning for Dentists:
You made it through dental school…you worked hard in your practice…and now you are enjoying a successful career. Get the peace of mind you want and protect your assets and the legacy you plan to hand down to your family.
Last Will and Testament:
If you do not have a will, your property will be distributed according to Tennessee law. You may not agree to this succession particularly if you have children from a previous marriage or elect to disinherit a child.
Wills are probated and are public court records. If confidentiality is your concern and the avoidance of probate expenses, we can assist you with trust planning. We provide both Living (Revocable) Trusts and Irrevocable Trusts. There are estate tax advantages with Irrevocable Trusts and we are happy to work closely with your financial planner and CPA. Additionally, if this area is a concern, we can add chemical dependency provisions to your trust.
Durable Power of Attorney and Health Care Power of Attorney:
We prepare powers of attorney to correspond with the state of Tennessee’s requirements. These important documents make certain that the trusted person(s) you designate makes financial decisions and healthcare decisions if you are incompetent. Please review the Elder Law link for further details.
Power of Attorney for Care of a Minor Child:
This free form provided by the state of Tennessee for parents or the legal guardian to authorize a caregiver to consent to medical and dental treatment may be very helpful in your practice. Click here for link to form.