I second everything said by Mich - great advice.
The only thing I'd like to add is to make sure in the IEP is that you push for accommodations across subjects, not just reading. Dyslexia creates issues across the board. The way I approached this, and it was accepted by the entire team as a good idea, is that it was better to throw as many accommodations as possible at the wall so that the teacher would have what was needed when we were in the thick of things. If administration sees it as something that will help the teacher, they seem to get on board a lot faster than if they see it as something that will help the student but create a burden for the teacher. Maybe others haven't had that problem, but it has been my experience.
My son was taught to read using the Wilson Reading program, but he was in first and second grade; I don't know if it applies for older kids. He went from reading two grades below his age level to reading on grade level in about 6 months after being put on the Wilson program. He's still not a fluent reader when reading aloud, but he can definitely read for comprehension and decode words accurately. What it didn't help was spelling. His spelling (he's 12 now) is atrocious and random.
It's a huge learning curve at first, but it gets easier.
