Before you purchase or lease a new dental practice, take some time to read this post. We’ll review some important information that can help you during the practice acquisition process, and assist you in running a successful dental office from day one. We look forward to helping you achieve a seamlessly functioning office.
1 – Know Your Office Startup Costs
Before opening an office and throughout the time you own a dentistry practice, you will need to consider rent, leasing fees, mortgage, and other costs associated with the acquisition and maintenance of a properly functioning practice. You will also need to keep in mind the cost of furnishing your office. This includes everything from desks and dental exam chairs. The basics you need to run a comfortable, welcoming dentistry practice. All of this will add to the startup costs of your office.
2 – Invest in the Right Equipment
It can be tempting to go with the cheapest options when it’s time to invest in equipment for your practice. If you’re looking to create a modern or high tech office, you may think the most expensive options are the best. However, there are many things to consider in order to ensure you get the right equipment for your office and they may have very little to do with cost. Some of the factors in choosing the right equipment include:
- Comfort – this is especially important for equipment that the patient will use like exam chairs.
- Longevity – invest in equipment that will remain functional and adapt to changes in technology to avoid the need to update equipment every few years.
- Integration – investing in equipment that works well together can streamline the treatment process for your patients.
3 – Don’t Forget Lab Fees, Dental Insurance, & Licensing Costs
There are many annual fees that will add, so plan for these in your budget. You’ll need to pay fees to your dental labs, to participate as an in-network dental insurance provider, and to maintain your own licensing as well as licensing your team members.
4 – Factor in “Surprises”
No matter how thoroughly we plan, there will likely be surprise costs. Include an emergency fund in your budget to ensure you have the money you need in case something unexpected arises.
Ask for Help from the Professionals at WorkWell Management
At WorkWell Management, we offer a range of practice services to help dentists and their teams through the practice acquisition process. We work with dentists to budget, create a schedule, and keep the new practice on track. Don’t hesitate to call our team to find out more about how we can help you throughout the practice acquisition process.