While working in an existing dental practice provides you experience and can effectively hone your clinical skills, starting a private dental practice on your own can step up your career and can equip you with other essential and significant skills. Starting a private dental practice can have many advantages, such as earning more than what you invested in and enjoying working as a boss in your dream workplace.
Of course, when you decide to start a dental practice, there is a lot of planning, organization, and consideration. You have to prepare numerous things and consider several factors to ensure that you can successfully start-up your dental practice. Some of the essential things that you need to consider includes:
Starting a dental practice is a kind of business that needs financing to operate successfully. Thus, you have to consider your budget for capital when planning. The average start-up cost of opening a dental practice is approximately $475,000. And that’s a huge amount of money that only a few people have access to.
If you have trouble finding the capital or fund for your dream dental practice, you may opt to apply for a loan. Several banks can happily help you finance your plans. Still, you have to consider several financial factors to ensure that you don’t get yourself caught up in a difficult financial situation in the long run of your dental practice operation.
You need to purchase several useful and functional things when you start and operate your dental practice. These things include the dental equipment, the furniture, the supplies, and dental practice management software that are greatly needed and essential in managing your dental practice.
Before you purchase anything for your dental practice, you have to do some thorough reading and research to know which equipment, supplies, and technology are the most updated and the best to have. You also have to consider their cost to know how much you should allot from your budget.
Your staff or dental team stands as the backbone of your dental practice. Without them, it would be greatly impossible to successfully operate your dental practice. You have to hire several people for several positions. And these positions include both the clinical staff and the non-clinical staff.
Your dental team’s clinical staff should include the Associate Dentist, the Dental Assistant, the Dental Hygienist, and the Dental Laboratory Technician. On the other hand, the non-clinical staff of your dental team should include the Administrative Assistant, the Appointment Coordinator, the Bookkeeper, the Business Manager, the Financial Coordinator, the Marketing and Communications Coordinator, and the Office Manager.
When hiring for a specific position, it is recommended that you must do an application process and screening for each applicant. Check their background, credentials, dentistry license for clinical staff, characteristics, and skills so that you can hire only the ones who are worthy of the position.
As your dental practice operation starts, you must build a good relationship and trust with your dental team. You must ensure to consider and prepare their training, the equipment that they need, their benefits and compensation, and most importantly, their basic salary.
For your dental practice to be successful, you have to select its location wisely. When deciding where to establish your dental practice, it is advisable to choose a location that is near and accessible to the public and potential patients or clients. It is also recommended to choose a location that does not have surrounding competitors that offer the same services.
You must also consider the size, design, and cost of your dental practice office. Make your establishment as attractive and organized as possible to gain more patients. Your dental office’s layout and design should include imaging areas, treatment rooms, the reception area, private offices, etc.
License And Legal Security
Before you can legally operate a private dental practice, you must first secure its legal aspect. You must ensure that you are properly licensed in your state, are registered for local and state taxes, and have private and government insurance. It is also advisable that you must have a healthcare attorney to assist you with your legal concerns.
When you register for state and local taxes, you must determine what business structure type you might want to have. You may opt to go for a sole proprietorship, partnership, limited liability company (LLC), or corporation. Having a corporation-type or limited liability company-type of business structure can protect you from owning up all the liabilities if something legally awful happens to your dental office.
It would take several steps and work before you can successfully establish and operate a private dental practice. However, with determination and the right preparation, there is a big chance that your practice becomes a success in the field. To help you begin the task of starting your dental practice, you must consider preparing the things mentioned above.