North Texas Dentistry Volume 8 Issue 5 2018 ISSUE 5 DE | Page 27

menting quality bookkeeping services are among the most important decisions for the new practice. Location – Need or Growth, Visibility & Accessibility The ideal location for a new dental prac- tice includes an underserved or growing area that is both visible and accessible to the patient. At maturity, the average den- tal practice needs 1,400 to 1,700 active patients to support a full-time dentist. In order for a new practice to succeed, it should be located in an underserved area or, in an area where established dentists exist, demographics should be evaluated to ensure that the area’s growth will be able to support filling a new practice to the desired number of active patients. Own or Lease? Owning and leasing each come with unique pros and cons. For the well qual- ified buyer, limited opportunities exist for a doctor to own with minimal down payment requirements, but most real estate purchases require ten to twenty percent of the purchase price in down payment. Most doctors lease their first practice location in order to preserve cash for personal and professional work- ing capital. Engaging a qualified leasing professional that can help negotiate favorable lease terms is critical to the success of the new office. Contractor Selection, Space Design & Build Out Budget For most start-up practices, the most sig- nificant investment is the finish out for the new office space. The cost to design and finish-out a dental space is higher than most construction projects due to plumbing and other dental specific needs. An experienced, quality, dental specific contractor and architect should be selected for the project. Remember to design the interior of the practice with the future in mind and engage qualified consultants to help craft a space that will accommodate the early, and established, days of the practice. Vendor & Equipment Selection One of the most attractive components of the start-up practice is the doctor’s opportunity to select everything for the office from the computer, the dental chair, the instrumentation and every- thing in between. Working with experi- enced, trusted vendors and equipment specialists, the doctor should select equipment and other things with the business and patient in mind. For exam- ple, while purchasing the most expensive dental chair may be attractive, an equally functional and comfortable chair may serve the patient equally while preserv- ing part of the budget for other needs. Don’t get caught up buying pricey items that offer little value to the patient or the business. Insurance & Business Systems In an industry that is increasingly com- petitive, regulated and evolving, the insurance and business systems of the dental practice are paramount to its suc- cess. The startup budget should include funds to hire experienced consultants and other professionals who are trained to prepare fundamental insurance and business systems. This process should include evaluating, negotiating and cre- dentialing insurance plans and fees, assisting with the practice management software selection and installation, set- ting up initial patient schedule prefer- ences, preparing and integrating fee schedule and CDT codes, crafting the recall system, implementing insurance claim submission and payment systems, developing collection and billing sys- tems, and more. Attention should also be given to HIPAA and OSHA systems. Marketing Increasingly, dentists understand the importance of a strong brand and mar- keting plan for the new dental practice. The marketing budget should include practice name development, brand and brand collateral creation (logo, business cards, etc.), website (keep HIPAA & ADA compliance in mind when building a IC H P GRA SIGN DE TTEN I WR RD WO ION CAT U ED OS NT E I T LOG A P | | G ING TIN E RTIS K E R V A D T M | A N PRIN O I T LICA PUB TINA CAULLER 214.868.7744 [email protected] www.northtexasdentistry.com | NORTH TEXAS DENTISTRY 27