So you want to start your own dental practice? Here are some key considerations before you embark on your entrepreneurial journey.
Starting a dental practice is both exciting and also stressful. There’s a lot to think about and also new things to consider with COVID-19 safety precautions.
However, increasing demand for more health care practices, particularly implant-focused dental offices, is always a necessity in the health of your community.
If you’re ready to get out on your own and start a dental practice then you’ve come to the right place. Here are some key considerations before you embark on your entrepreneurial journey.
What Is Your Business Plan?
The first step to starting a successful business is the planning phase. Skipping this step could be a huge downfall to your practice before you even opened its doors. The first aspects to consider is your business’ budget.
Depending on the size of your practice, it can cost $300,000 to get your dental practice up and running. If you don’t have that amount of funds lying around then you may need a partner or loan.
You should also plan what type of dental services you offer. Dental implants are a lucrative service to offer. However, there are also large costs involved in starting a dental implant practice.
Professional training should also be considered when starting out. Large implant symposiums can help you stay up-to-date on implant placement and also help you complete your continuing education for your two-year licensure cycle.
These types of questions determine the size of the office you need and how much it costs to run your practice. Part of your plan is coming up with your business’ name and location.
Get a Solid Financial Plan
In order to get your practice off and running, you first need a financial plan to determine the cost of setting up a dental practice. This includes how to get the money necessary to start. This includes putting your finances in order so you can sustain your dental practice in the future.
When offering dental implant services the main fixed cost comes from the implant system and its components. Choose an implant system that matches the specialist you work with. The recurring cost of the implant body can range from $250 to $600, but you get what you pay for.
Plan to purchase bulk orders of implants to save money and also to make sure you have a wide variety of implant sizes on hand.
Payroll is your largest expense but there is also overhead to consider and things like equipment, lease, electricity, phone line, internet, cable, and much more. Consider these expenses ahead of time so you don’t get surprised by an unexpected bill in the future.
There’s also the option of purchasing a practice that is already established. This can be a smart choice since a practice that is already up and running already has a steady cash flow. Even if you must pay more upfront to purchase the practice, it is more likely to return your investment in a shorter amount of time.
Your Practice’s Location
As mentioned earlier, it’s important to find the right place to start your practice. This requires some market research to find a location that you are more likely to be successful.
Once you know the general area, you’ll want to find an office building that is easy to locate and is visible from the main street. It may be more expensive to have your practice near a major road but this can also make or break your success.
Expect to search around and view multiple locations to rent so you can find rates that work well for your budget. Another thing to consider is the layout of the building and if it accommodates your business plan. Does the parking lot have enough space for your patients and employees to fit?
Before opening, don’t forget title insurance and other protections for your business. During the winter you may need to pay someone to plow and salt your parking lot to keep it safe. Storage for equipment on the property is another plus.
You Need Insurance
It’s never fun to shop around for insurance. However, you need to have insurance if you’re going to be working on people’s teeth. Liability insurance is a must for your dental practice. However, there are other types out that that you should shop around for.
To be safe, contact an insurance agent who is familiar with medical practices. Better to play it safe than end up with a lawsuit. An insurance agent can tell you all the kind of insurance you need as well as the cost.
What Equipment Should You Buy?
Now that you’ve found the perfect location and have sorted out your finances, it’s time to start buying your equipment.
Some of the basic needs of your office are furniture. You also need communications systems such as phones, fax machines, etc. If you work with a local phone company they can help you set this up. Next, you’re going to need computers, printers, and also software to help manage your practice.
In addition, you’re going to need to fully equip your practice with everything needed to conduct your business. For implant services, you must purchase an implant drill motor. This is a one-time fixed cost however it can range in price from $1,500 to $5,000.
Other equipment includes a Cone Beam Computerized Tomography (CBCT) which is the standard of care in implant dentistry. You may want to also look into some new technology such as computer-guided surgeries.
A surgical kit is required and includes implant drills, depth gauges, sizing guides, and other necessities. Be on the lookout for deals offered by the company that may provide package deals.
Starting A Dental Practice
Now that you’re familiar with the main things to consider when starting a dental practice, you’re ready for the next steps!
We can help you organize your plan and get started on your journey to a successful dental practice. For starters, you can easily manage your inventory with our helpful tools. Click here to learn more about how our software can help you.