What is Goodwill in Dental Practice?

Most dentists understand that their dental practice’s worth depends on their regular cash flow which comes from having a strong patient base. However, to understand the true value of a medical business, one must look beyond the numbers and see how the goodwill of that medical professional is.

In medicine, a doctor’s or dentist’s goodwill is an intangible value that involves how customers view the relationship with the practitioner. This includes the feeling when they walk into the practice and how they are treated by the staff. When a dentist is a strong goodwill, patients will be more likely to refer their friends and family, leading to a stronger value. Dentists should protect their goodwill by keeping noncompete clauses with fellow partners so other professionals don’t profit from your goodwill in the future. Contact our lawyers to see how we can help you develop goodwill and protect it for years to come!

How Do I Increase My Goodwill as a Dentist?

Treating your patients and staff well is the number one way to increase the goodwill associated with your dental practice. This can be easier said than done, but you will find many books, audiobooks, and videos on how to develop the best goodwill for your clinic. This can include paying your employees a fair wage, keeping your practice clean and up-to-date, and honoring your patients’ opinions.

However, creating goodwill is not the end of the story. Now that you have a great reputation, your job is to protect it legally through sound documents that prevent others from stealing value by using your good name. Trusted legal professionals can help you develop non-competition agreements, non-disclosure agreements, and non-solicitation agreements to accomplish this.

How do Noncompete Agreements Protect a Dentist’s Goodwill?

One document that is a great way to protect your goodwill as a dentist is the non-competition agreement. Many dentists find it easier to succeed by joining with partnering dentists. This reducing the cost burden on each practitioner, increasing both dentist’s earnings. However, what happens when one dentist wants to part ways and leave the practice? A noncompete agreement should be in place to prevent the departing dentist from stealing your patients and taking advantage of the goodwill you have worked so hard to create.

Can Our Lawyers Help You?

Our medical business lawyers know how hard it is to build a strong patient base in the field of dentistry. With the huge amount of competition, you have to work hard for years to build a reputation of excellence. With all of that hard work, you deserve someone trustworthy and knowledgeable to help protect your goodwill.

Reach out to our law firm for dedicated, honest lawyers who have in-depth knowledge of the legal field surrounding dentistry. We will be there to help you draft the right documents that protect your practice from others who would benefit from your hard-earned goodwill. Contact us today to schedule a consultation at (438) 805-5515.