Did you know that there are over 180,000 dental offices in the United States? If you recently graduated you might be thinking about opening your own dental practice. If this sounds like you then you will have to make sure you are completely prepared to take this step.
We have put together this short guide as a reference on where to start.
1. Business Structure
This is where you choose whether you want to be a solo practice or you want to team up with other dentists and open a practice together. There are pros and cons with each one which is why you want to find an attorney and financial advisor to talk about your options.
The business structure that you end up choosing will determine what type of registration you need and also which tax forms you will have to file.
Like with any business you will have to think about insurance as well. As a new owner of a dental practice, you want to make sure that you purchase the appropriate types of insurance to protect your property, your assets, and the well-being of your staff.
There are laws in place through the federal government that will require you to have a certain amount of coverage. Take the time to research what the minimum amounts allowed in your area are. You can contact your local city government offices or your Department of Insurance to learn what the mandatory requirements are.
3. Build a Team
Next, you will have to start working on building your team. This group of people will help you with setting up and running your office and business. Before you start to interview and hire anyone, take the time to make an employment policy to make sure you are clear on everything with the people you interview about the position.
Your team has to be strong and also has to share your ideas in order to help you grow your practice.
4. Office Needs
Along with a staff you will have to take care of the practice physically as well. You will need to think about everything from stock office supplies to your water supply. Always take your patient’s experience into consideration because you want them to keep coming back to see you and you also want them to tell their friends and family about your practice.
For example, choosing a reputable company such as rockymountainwaterdistillers.com for your water distillers will ensure that every one that is treated in your dentist’s office is safe from things such as bacteria, viruses, parasites, etc.
Ready to Open Your Own Dental Practice?
We hope that now that you have our steps above on how to open a dental practice, you can make informed decisions as you navigate this new and exciting chapter in your life.
Did you find this article useful for your upcoming business? Please browse the rest of this business section for some more tips and tricks.