Building a dental practice can be a complicated endeavor, but in every aspect rewarding if done properly. As you dream of the possibilities, consider the steps we have lined out below to guide you towards building the practice of your dreams!
Before you start the process, you should consider a number of factors while also asking yourself some questions below:
To continue reading about what to consider when building a dental practice or about the costs associated with a build-out, read our blogs:
So after many considerations, you have sights set on building your ideal practice. The next step in the process is to consider locations while also conducting a demographics report.
When you are ready to build your practice, one of the most significant aspects of your new business is the location of where you'll practice. You will want a location that is easy for your patients to find and ideally, a location that will do some of your advertising for you.
Key attributes to consider:
If you would like to continue learning about the tips to selecting the ideal location for your dental practice, read our blog on How to Find and Select the Ideal Location for Your New Dental Practice. Next, we will explore the importance of demographics in aiding your ideal location.
Another important aspect not to be overlooked is the demographics of the area you are interested in. By putting together a comprehensive demographics report, you can gain a better understanding of your targeted area and the patients your office would be looking to treat.
Elements to consider:
For an in-depth look at what to consider while conducting your demographics report, read our blog, How Demographics Impact Your Dental Practice Location.
After analyzing locations and conducting a demographics report, your next step is to hire your advising team.
Building a dental practice can be a lengthy process and you will want a team of advisors that will help you through every step of the process. First, you will need to contact a lender to secure a loan for your project.
Things to consider before contacting a lender:
For more information on obtaining a loan, read our blog on Financing Your New Dental Office.
Upon securing a loan, we recommend hiring a commercial broker to help you locate and secure a location.
Upon receiving your loan, your next step is to hire a commercial broker to help you find a suitable space. One question you should be asking yourself is, will you be leasing commercial space or purchasing property outright? A majority of you will most likely lease commercial space with the aid of a commercial real estate broker.
Reasons to hire a commercial broker:
If you have identified the ideal space for your dental practice's location, your next step is to hire a lawyer.
Upon hiring a lawyer, he or she will help you register your trademark and assist with your letter of intent (LOI) to lease if you are leasing space and not purchasing your own real estate. Below, you will find tips for negotiating your lease agreement.
Securing a lease with beneficial terms is critical. The tips to a successful lease negotiation are:
To continue reading about the Tips to a Successful Lease Negotiation, read our blog.
After securing a location and negotiating your lease, your next step is to hire an equipment specialist and designer.
When it comes to equipment and design, we recommend hiring an equipment specialist and a design specialist. These two specialists will help guide you through the best practices which will ultimately lead to higher efficiency, beyond aesthetics.
Another option would be to hire an architect in place of a design-minded contractor. To learn more about what to look for in an architect and equipment specialist and what to consider, read 10 Questions to Ask Your Architect When Building a Dental Practice and Questions to Ask Your Equipment Specialist When Building a Dental Practice.
There are many factors to consider when purchasing equipment for your practice. Learn how to select the right equipment for your new dental practice with some considerations:
To learn more about how to select the right equipment for your new dental practice, read our blog.
A great design should also be functional and comfortable for your team members and patients. Remember, that designing your practice is an investment, so carefully think things through.
Learn how to design the space for your new dental practice by considering the following factors:
For further considerations on how to design your practice, read our blog, How to Design the Space for Your New Dental Practice.
Now that your vision is in place for your new dental practice, we advise you to the next step which is corporate formation.
Correctly setting up the legal structure of your practice can help protect you by separating yourself from your dental practice. Also, incorporating can affect your tax structure.
Things to consider when setting up your legal entity:
For more of an in-depth read on corporate formation, read our article on The Legal Requirements of Starting Your Dental Practice.
After protecting your personal assets and minimizing your risks by incorporating, the next step is to protect your liabilities by obtaining insurance.
Before opening your dental practice, you need obtain several types of insurance to safeguard you and your practice.
Below you will find the types of coverage you will need:
To learn more about the types of insurance coverage you will need, continue reading our blog, Obtaining Insurance for Your New Dental Practice.
Now that you have been covered for an insurance standpoint, your next step is dental credentialing.
Before you start seeing patients, you need to start your dental credentialing by enrolling with dental insurance companies.
What are the steps to enroll?
Upon getting certified by dental insurance companies, you should now hire your team members.
Once you hire a contractor, both of you will need to communicate any issues that may arise along with any changes that need to be made. From going over the functionality of the space to office flow, it's imperative you and your contractor need to be realistic with one another and on the same page.
Below you will find some items to consider as you think about your build-out:
To learn more about How to Stay ADA Compliant When Building or Updating a Dental Practice, read our blog.
After hiring your contractor to build out your dental practice, your next item is to hire your team members.
If you are completely starting your project from scratch, your next step is to hire your team. To assemble a winning team for your practice, consider these tips:
For more tips on how to hire your team, read our article on 8 Tips for Assembling a Winning Team for Your New Dental Practice.
Upon hiring your team, it is recommended you implement an employee handbook to safeguard your practice and to institute guidelines regarding compliance, expectations, employment law, among other things.
Don't let employment law impede on your future success. The time is now to implement an employee handbook which can protect your practice from employment-related disputes. The handbook should also contain clear guidelines as to workplace rules and regulations, disciplinary measures, state and federal laws, among other items. It should also be noted to revise the handbook yearly and to have each team member sign the handbook every year.
Among the top 5 policies that every employee handbook should have include:
Learn more about employee handbooks and how it can protect you from lawsuits by reading our article, Employee Handbooks: First Line of Defense to Avoid a Lawsuit.
After hiring your team members, all of you have to do is take care of a few final closing tasks.
Before opening your dental practice, there a few final tasks you need to complete.