Whether you’re an experienced dentist or one that only recently entered the field, opening a practice of your own can be tempting. There are multiple benefits to this, such as working for yourself.
That doesn’t mean that doing so will be easy. Not many people know how to open a dental practice. If you want to make sure you’re starting as successfully as possible, then things could be even more difficult.
You’ll have to look after quite a few things. Knowing the ins and outs of your job and providing an exemplary service will only be the tip of the iceberg. Instead, you’ll need to make sure that certain things are taken care of.
Many are best done before you open your dental practice’s doors, so it’s best to get started as early as possible.
How To Open A Dental Practice That Will Be Successful
Keep Financials In Mind
Like any other business, you’ll need to invest into it when you’re starting out. You’ll need to have a budget for when you do. While there are ways to save on costs, you’ll typically have to invest a significant amount of money into your dental practice.
Most of this will go into buying equipment, renting a location, and paying staff until the practice starts making a profit. Your initial costs aren’t the only finances you’ll need to keep in mind, however.
Instead, you’ll have to consider your potential income and expected costs. Then there’s tax season, which could be more complicated than you’d think. The good news here is that you could be eligible for an R&D tax credit for dentists.
That will entitle you to some money back on your dental practice’s taxes. During your first few years of operation, this could be more than welcome.
Get The Legal Aspects Sorted
There are legal components in starting any company. With dentistry, there’ll be even more for obvious reasons. Most of this, however, will revolve around registering your business, alongside registering for taxes. It could be worth hiring an attorney with experience in dentistry for this.
Alongside this, you’ll need to obtain your licenses. If you plan on accepting private and government insurance, then it may take a while to obtain the credentials to do so. You should get started on this as soon as you can.
You’ll also need a national provider identifier number and DEA registration, coupled with any relevant local and state laws.
Find The Right Location
Your location is one of the first things you consider when determining how to open a dental practice. There’s a lot more involved in this decision than you’d think. Perhaps the most notable factor is how convenient it is for your potential patients to get to.
If they need to travel for some time, then they’ll be less likely to choose you as their dentist. Choosing somewhere close to your potential customers will be recommended. When you’re doing so, you should also try to avoid areas that already have multiple dental practices.
Space, layout, and much more will also be significant factors in your decision. You’ll need to make sure that it will be functional as a practice, after all. Your budget may limit this, but there’s always the potential to move as you grow.
Hire The Right Staff
You should plan to start hiring staff several weeks before you’ll open your office. Depending on circumstances, certain hires will have to give notice at their previous positions. They may also need some time to determine whether they want to accept a job offer or not.
That’s alongside the time it will take you to interview and compare them. You should plan on offering positions to your hires about three or four weeks before opening. That will give them more than enough time to work their notice period.
It’ll also give you time to sort out the legal aspects of their employment, such as insurance, drawing up a contract, and much more.
Get The Right Equipment
Once you’ve gotten your location, you’ll need to start furnishing it. That means picking up the equipment you’ll need to treat patients, alongside furniture for the rest of the office. You may need to pick up a significant amount of things, depending on how big your practice will be.
You should make a checklist of your necessities, alongside a separate list of optional extras. Getting the essentials out of the way first will be much better for your budget. You can then make your way through your optional extras as time goes by.
Separating these into the different rooms you’ll have could be a recommended way of making your way through your checklist.
Once you have almost everything sorted, it’s time to start marketing your dental practice. It’s best to start doing this in the weeks before it opens. Doing so will be vital to making sure that patients start signing up with your practice as soon as it opens up.
Should you not, then it could be relatively quiet for your first few weeks. That’ll naturally lead to money being wasted on rent, staffing, utilities, and much more. When you start advertising, it’s best recommended that you focus on a local marketing strategy.
That could entail local radio stations, newspapers, and television stations. You can also optimize your online marketing strategy to focus solely on potential clients in your area.
Figuring out how to open a dental practice in the best way possible can be difficult. Many new small businesses will fail within their first year. You’ll want to avoid being one of these. Making sure you’ve taken care of all of the above will be more than helpful in doing so.
Once you do, you should find your patient base growing. After a few years, you might even be able to expand to multiple locations. Before you’re able to get to this point, you’ll have to nail the fundamentals with the above.
Keeping your potential patients in mind for as much of this as possible is highly recommended.