Jun 25, 2019
March 05, 2019 - Sasha Hewadpal & Araik Safarian
There are many factors involved in opening your own dental office which can be both confusing and overwhelming. Knowing the correct steps to take can help you save a lot of time and money and keep you on track to starting your dream dental practice.
The average cost to open a start-up dental practice is more than most people think. Depending on your location, most start up practices range from $350k - $450k in total costs. Before looking at spaces, or meeting with equipment companies and other specialists, the focus should be on talking to banks and getting approval for a loan.
The location of your practice is first and foremost the best method of exposure for your future office. You want patients and lead sources to find you easily and quickly. An experienced realtor in the dental industry is your best resource when locating a space. They will help you find a location in good proximity of your targeted patient demographic and within your budget. Read our article if you are still questioning whether to buy or lease a space.
Once a potential space is located, it is time to begin dialogue with an architect or contractor who are experts in the dental industry. An experienced architect or contractor will be able to point out any red flags or potential hazards within a space that can affect costs significantly. They can also help provide a preliminary construction proposal to ensure the project stays within your budget.
Architectural plans take approximately 8- 12 weeks to be completed and approved from the local governing body. Within this time frame is when equipment, cabinetry and IT/computer bids should be selected and received.
The construction period takes anywhere from 60 to 100 business days depending on the locations and size of the project. During this time you should be finding the right employees for your practice size and making sure you have everyone you need to run your office come opening.
It is very important to not push this step back. It can take months before you can accept insurances and in addition, you will need to be licensed in your state, have a national provider identifier number, and register with the DEA. All this needs to be done before construction is finished so you can start practicing right away.
Planning is key, get the word out any and all ways you can from TV ads, prints ads, online ads, promotional events, etc. Develop your website so that it stands out but also simple enough for patients to schedule.
When planned carefully and properly managed, the process towards opening your new dental practice can be exciting and fulfilling. If you would like more information on this process and have any questions, contact us for a free consultation. Still unsure if you should make this big leap? Visit our blog for more articles to prepare you for this great decision.
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