The thought of building a new dental practice from scratch is surely overwhelming. Finding the right location, hiring an exceptional team, purchasing equipment, creating a marketing plan, plus following all of the required legal and financial regulations can create stressful days and sleepless nights. However, when done with the help of Creating Your Practice, the result is rewarding and can be accomplished with relative ease. Not only do you ensure your financial future but, more importantly, you can have pride in creating your own practice and legacy.
If you are ready to begin the challenging but fulfilling journey of building your own dental practice, this checklist can help you start off on the right path.
Decide on the Right Amount of Space
Ideally, you would want a space that accommodates your needs now and in the future. You will need to answer questions such as:
- How big of practice do I want?
- How many dental assistants and hygienists will I hire?
- Will I want to bring on associates in the future?
Your decisions will have to be balanced between dreams and reality. Some factors that may temper your plans are the square foot cost of office space and how much funding you need to secure. As Creating Your Path helps you calculate your funding requirements, we include the cost of dental and office equipment plus design and décor. We will also assist in things like meeting with your local bank to see what type of small business loans are available.
Location for Your New Dental Practice
Once we’ve determined the space you need and your funding, we can begin looking for the location. Are you going to build an office or lease space? Both have pros and cons. Building allows you to create additional equity and greater long-term value but has higher initial costs. Leasing often allows you to begin operations more quickly and with less capital.
Either way, before buying property or signing a lease, we will need to take into account the demographics of your location. Are there enough people to support your potential practice? How much existing competition is there in the area? Since we plan that your practice will be in the same location for many decades to come, we determine if the area is primed for continued growth. Other factors to consider: Does the location have high visibility? Is it easy to access? Will parking be convenient for your patients? Again, considering the commitment to this location, it is important to analyze the commute. Can or will you live nearby? Will it be an easy drive? The last thing you want is to be battling traffic every evening after a long day.
Layout and The Right Equipment
In this initial phase, we are careful not to overspend. You want the best for your dental practice but if you don’t want to be constantly stressed trying to generate above your means as you are starting out. Your practice and personal life are almost guaranteed to suffer.
Creating Your Path assists you in considering how you want to layout your practice and office. We help identify ways that you can minimize wasted space and maximize your staff’s productivity, such as streamlining the process of instrument and product replenishment. For example, using a pass-through cabinet allows for your team to pass equipment without interrupting any procedures currently going on in an operatory.
Once your layout is planned, we can purchase the proper equipment and software. Crating Your Path furnishes you with everything from exam room equipment, office computers, and waiting room furniture to EHR, practice management, and payroll software. Attempting to do this on your own can be just as overwhelming as building the practice itself, so that is why Creating Your Path includes this undertaking within your customized program as well.
The Right Dental Staff for Your New Dental Practice
During this time, you want to hire the best possible team. The building, location, layout, and equipment won’t matter if you don’t have the right people. This process is more than hanging a help wanted sign in the window or posting an ad on a job board. Interviewing and screening applicants means finding not only the most qualified personnel but also individuals that work well together. Creating Your Path specializes in building a team. We scout for team members that have a strong work ethic and flexible, accommodating personalities.
Building a new practice is often an exciting, yet nerve-racking process. The good news is you don’t have to make the journey alone. Hiring a professional to help you every step of the way, from the planning stages to the grand opening, will help ensure that you build your dental practice the right way.