Starting a private dental practice can be an incredibly rewarding venture for dentists. However, setting up a dental practice and effective dental practice management does not come without challenges. It takes rigorous efforts and lots and time and patience on your part to build a successful dental practice business from scratch. There is a lot to consider and decide before you can turn your dream into a reality and open doors to your own dental practice.
Where will you locate your business? How will you recruit dental associates? How will you optimize team communication and streamline patient scheduling? What are your short and long term business plans? What are your dental office policies? What is your marketing strategy?
You will have to figure all this out before you can start your own practice. If all this seems daunting, it’s probably because the dental school does very little to prepare you for setting up and running a business. However, this doesn’t mean you can’t be a proud owner of a successful dental practice business. It simply means that you need to think ahead, work strategically, and seek guidance from dental practice consultants when required. To make things easier for you, we have compiled a to-do list for starting your dental practice business. Scroll down to check it out.
● Initial Considerations
Initial considerations involve some major decisions that will affect your dental practice business for years to come. Therefore it is essential to not be hasty when it comes to initial considerations. The first thing you need to do is decide whether you want to build your business from scratch or buy an existing practice. Based on your decision, make a business plan, which includes your short and long term business goals and strategies to achieve them.
You will also have to buy or lease space to start your business. This is a great time to think about finances as well. Obtain financing if required. Finally, choose the services and specialties of your practice and determine the working hours. Such initial considerations will give your endeavor a sense of direction.
● Build a Team for Dental Practice Management
Now that you have set your business priorities, it’s time you start working on building your team. Your team will comprise of people who can help you in setting and running the business. However, it is best to make an employment policy before you start hiring people. Another great idea is to contact dental practice consulting to help you find the ideal dental associates.
Keep in mind that running a business is not a one-man show. You need a strong team that shares your ideals and contributes to business success. You will also have to hire a lawyer and an accountant. The human resource department is another critical component of your business. So, don’t forget to hire HR support.
● Get Insured
The importance of having your insurance details in order cannot be emphasized enough. It can save you a lot of trouble in the later stages of the business. Your lawyer can help you in this regard. Here is a list of insurance coverage that you can consider:
- Life insurance
- Professional liability malpractice insurance
- Business loan protection insurance
- Entity malpractice insurance
- Workman’s compensation
- Business overhead expense insurance
You may also want to get insurance for dental equipment, such as x-ray machines or mobile chairs. Opt for the kind of insurance policy that aligns with your requirements the most and offers you the most benefits.
● Create a Plan to Manage Finance
Finance management is a multi-faceted task when you are setting up a business. The first thing you should do is set up your state and federal taxes and acquire the IRS tax ID number. Now, you can make arrangements to accept payments in different ways (credit or cash). You will have to acquire hardware and software to accept payments. You can also choose to develop different payment plans to facilitate your clients. It is also a good idea to enlist your business with major insurance providers. Doing so will help you get more clients.
● Develop a Marketing Plan
Great marketing is fundamental to the success of a business. Investing in dental marketing at the right time will help you attract clients and emerge as a leading dental practice. Create your marketing plan with the end goal of creating a brand for your dental practice business. It will help you gain loyal clients and will also make it easier for you to scale up in the future. Here are a few important considerations in regards to marketing.
- Design your logo
- Get a professional website
- Use social media to increase your reach
- Consider traditional marketing methods, such as newspaper ads
- Invest in lead management
● Plan Ahead to Meet Office Needs
Planning ahead to meet clinical and official needs is an important part of dental practice management. While everything else is in order, you still need to stock office supplies based on the amenities you want to offer to your employees as well as your clients. This is the time to put effort into improving patients’ experience at your practice. For example, you can opt for television subscription services for the waiting area. You may also want to hire an answering service to make sure your clients receive the best client care service.
The Bottom Line
Let’s get this straight – setting up your own dental practice business is not going to be easy. There’s just so much to do! However, if you start early and set specific goals for yourself, you can overcome the challenges and start your business. It generally takes people 6 months to 1 year to start a dental practice business. You can speed up the process and ensure success by opting for dental practice consulting.
Practice consulting is designed to remove stress from the process. They tackle the business side of the practice so that you can stay focused on providing the best dental services to your clients as your business grows. A practice consultant will closely evaluate your goals and requirements to recommend the perfect business solutions that will help your business scale the ladder of success. Therefore, if you are ready to set up your own dental practice business, consider dental practice consulting services today and see how they can help you!
About the Author:
Christian White specializes in all areas of practice management. His strong background in the financial services industry gives him a fresh perspective that helps dental practices succeed on the business side. He has consulted many dental clients on “The New Patient Cycle” in dentistry: Discovery, Conversion, Loyalty, and Referral. Christian earned his Bachelor of Arts in Business Administration, specializing in finance, with a minor in Management Information Systems from Augsburg College in Minneapolis, MN.
