You’ve spent a lot of time studying to be a dentist. Now you’re ready to open up your dental practice. At some point in your relationships, you’ve probably discussed the challenges of finding the right location, planning your business and marketing strategy, and making a profit all at the same time. The good news is, with effort and commitment, you can start a dental practice from scratch. Keep reading for tips on how to get started on your dental practice.
Identify Your Business Structure First
Your business structure includes information regarding ownership rules. Most dental practice sales can be made within 150 days of listing. But your business’ structure is critical in determining how you’ll file your taxes as a business. The IRS needs this information and you’ll feel comfortable having it. The reason being is that some dental practices may offer services that others might not. No matter what, as a dentist starting a dental practice, you’ll need to learn how to work independently on time. Having a concise understanding of how your business is structured will make decisions in the future a lot less complicated.
The time when you decide on your business structure is also a good time to focus on what makes dental clinics different. If your clinic is too similar to another clinic, then clients won’t be able to differentiate between the two, and as a result, may not get the most appropriate services they need. The ownership rules you define for your business structure will allow you to get an understanding of the kind of client base you want to serve prior to starting the clinic. To build the best relationships with your clients, take time to make sure your business is clearly defined and established from the beginning.
Decide on Insurance and Regulations
There is often a waiting period for the time it takes to receive full coverage for a dental procedure. That’s why clients who visit dental clinics want to see clear evidence that the clinic’s insurance procedures and regulations are in place. Keeping your clients informed on dental insurance goes beyond merely handing them the forms to go with their intake paperwork. You’ll also need to build an environment with bulletin boards, wall art, and readily-available brochures that contain information about your clinic’s insurance policies. Remember, the relationships you build with your clients will be much more stable if they feel comfortable and secure when it comes to dental insurance.
Determine What Services You Will Provide
The kind of dental services dental clinics offer vary depending on the practitioners and staff working at the location. If you want to broaden your client base from the start, offer your clients crowns, full or partial dentures, bridges, dental implants, and orthodontic surgery. The average length of time a person will need to wear braces is about two years. So, orthodontics should be a priority for your dental clinic if you have the experience and credentials to provide it. At the same time, you want to be able to provide family dental services like teeth cleaning, root canals, fillings, and extractions. The more services you can provide to your clients, the more clients you’ll be able to help.
While more clients may mean more money, you might also want to take a risk and go with cosmetic dentistry. Cosmetic dentistry goes beyond oral hygiene to focus on improving the smile. Discolorations, stains, chips, and broken teeth are just a few of the imperfections that many people experience. And while 25% to 50% of kids require orthodontics, services such as teeth whitening are often attributed to adults. Providing these more specialized services to your clients will open up your dental clinic’s opportunities and improve your chances of building healthy relationships with your clients.
You’re probably going to invest a lot of time building your dental clinic from the ground up in a way that’s profitable. Starting a dental clinic is a challenging endeavor, but as long as you define your business structure and put together a solid plan, you’ll be fine. After all, by starting a dental clinic you’ll be using the same kind of organized thinking you use as a dentist. Going forward, all you have to do is keep your relationships with your clients in mind, and maintaining a successful dental clinic will be as likely as you thought from the start.