Establishing a dental practice can be both exciting and daunting. A lot of hard work goes into setting it up before patients enter your doors for the first time.
Being a business owner demands an entirely different skill set than dentistry, and many dentists relish the challenge of learning how to run an effective enterprise.
Here are 4 Things Needed to Start a Dental Practice:
1. Location
Location is essential when running a dental practice and can have an enormous impact on its success. An ideal site would be easily accessible for patients and situated within your demographic area, as well as being freestanding or shared space; both factors can affect patient attraction and visibility in the community.
Working with a broker who specializes in medical/dental spaces will give you more options, making the process of finding an office easier. Research the community to determine whether its growth or decline affects the patient’s potential for growth. Furthermore, surrounding yourself with professionals who understand dentistry, such as your lender, real estate broker, architect, attorney, equipment vendor, insurance agent, and marketing team, may prove invaluable in finding an appropriate space.
When starting your dental practice, it’s essential to pay attention to every detail, from the type of dental gloves you use to the accuracy of alginate impressions. For insights into different types of dental gloves and tips on avoiding alginate impression errors, you can explore informative resources at MyDDS Supply’s blog.
2. Equipment
Finding and purchasing the equipment required can be an expensive and time-consuming endeavor. From basic supplies like masks and chairs to more complex technology such as x-ray imaging instruments, your specific equipment requirements depend on what services you plan to offer.
Your office requires many essential pieces of equipment, such as a point-of-sale and billing service computer system as well as dental management software, in addition to sterilization equipment for keeping it hygienic and sterile. Instrument trays may offer helpful features to save both space and money.
Be sure to investigate what loan options equipment vendors can provide. Also, look for lenders experienced with dental industry projects, as these may better understand your project breakdown and related expenses. Many experienced lenders will work with you in breaking down the costs associated with starting up a dental practice, which could reach over $500k+. For example, invisible braces require specialized equipment and, depending on the type being provided may double or triple the costs of your equipment investments. Proper research into the right equipment provider can save you a significant amount of money.
3. Insurance
Starting a dental practice can be a monumental endeavor and requires significant time, money, and energy investment from its new owners. To maximize their chances of success in this venture, it’s vital that new practice owners devote adequate planning and preparation time to this undertaking.
Preparing to open your dental practice requires writing a business plan with clear measurable objectives and resources to meet them. Your vision for its future should also be included, along with short and long-term goals.
The plan should also address financial considerations, including cash flow projections and potential sources of capital. Understand what financing options equipment vendors provide as well as loan offerings from local lenders who specialize in medical practices. Furthermore, get general liability and dental malpractice coverage in place, along with property and workers’ compensation policies, and then register and structure your company accordingly.
4. Marketing
As you prepare to launch your practice, take time for market research in the locations being considered. This can give you a better sense of demand for dental services in each neighborhood as well as reveal weaknesses among your competition that will give a clearer picture of how best to position your practice to succeed.
Make sure that your marketing plan includes a budget for advertising and promotion, as well as building referral networks early. When hiring staff members to help run the office and administer administrative duties, look for someone with excellent customer service skills who can guide patients through scheduling appointments and paying their bills smoothly.
Dental product advertising can further boost your dental practice. Advertisements like Invisalign commercials help raise awareness about dental practice. Potential patients who see these ads may not have previously considered orthodontic treatment, but after seeing the benefits of such a product, they may be more inclined to seek out your practice for a consultation.
Creating and sharing video content about your practice, dental procedures, patient testimonials, and oral health tips can engage and educate your audience effectively. Video marketing can be shared on your website, social media channels, and YouTube to reach a wider audience and showcase your expertise.
Moreover, search engine optimization (SEO) marketing is crucial for dental practices because it enhances website visibility, attracts targeted traffic, builds credibility and trust, is cost-effective, provides a competitive advantage, optimizes for local search, and ensures mobile compatibility, all of which contribute to the success and growth of the practice.
Encourage satisfied patients to leave positive reviews and dedicated sites to improve your practice’s online reputation and credibility. Prompt response to positive and negative reviews shows the dentist’s commitment to patient satisfaction and can help attract new patients.
Create an email list of current and prospective patients to stay in touch with them regularly and provide valuable educational content. Email marketing is an effective way to nurture leads, encourage repeat visits, and increase patient loyalty.
Consider what loan options your equipment vendors can provide, as well as local lenders that specialize in real estate and working capital loans. When searching for loans, try to secure one with a competitive fixed rate to avoid paying more in interest as rates eventually increase.
