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
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TINA CAULLER
214.868.7744
[email protected]
www.northtexasdentistry.com | NORTH TEXAS DENTISTRY
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