Buying a dental practice can be a very exciting experience but it can also be very overwhelming, When it comes to starting a practice mane dentists will choose to buy an existing and established practice verses starting a brand new practice. When acquiring an established practice you also acquire things like patients, staff, and equipment. While this is all very helpful it doesn’t alway equate to success.
There are several things to consider when acquiring a dental practice. You need to evaluate how likely you will be able to grow professionally in your practice. Ultimately you want to be in a practice that both professionally fulfilling and a financially sound investment.
To help you navigate this process we have provided a list of tips to help make some big decisions.
Finances:
So if it isn’t obvious already, you will need to find a way to purchase a practice. When you are approaching a bank you will need to come prepared with all types of information. You will have to know how much money you need, and when/how you will pay them back. This will require you to crunch all the numbers in regard to the costs involved and setting up a business
When running a dental office, every dentist will need a staff to help run things with them. You might think of them as “dentist essential employees” or a skeleton crew. This team is required to get an office up and running, as opposed to the nice-to-have employees who may help you grow in the future.
So what exactly does this skeleton team look like at a dental practice? These are the essential roles that you’ll likely have to fill as you open a new dental practice.
1. Dental Assistant:
One of the most important employees in your back-end office is the dental assistant.
Assistants tend to perform a variety of services in the operatory, including possibly prepping the patient for consultation, sterilizing equipment, laying out hand tools, taking X-rays, and working with the dentist while they perform a procedure.
It is important to hire a reliable dental assistant. You will rely on your assistants every day, and they help set the tone for patients to give them a positive impression of your practice before you ever meet them face-to-face.
2. Dental Hygienist:
Along with dental assistants, dental hygienists work in the operatory performing routine procedures like teeth cleanings.
They may be able to instruct patients on the proper care of teeth and gums and advise patients about how to avoid plaque and periodontal disease. They work as the first line of information and help for patients when it comes to general instruction on oral hygiene so that you can work directly with patients about what may work for them.
As a result, dental hygienists help you make the most of your valuable time as both a business owner and a dental professional.
3. Front Desk Receptionist:
The receptionist is the first person your patients see when they enter your office. Hiring someone with a positive and calming demeanor can be very important for your practice.
The receptionist is responsible for answering the phone, scheduling appointments, and may take on some of the clerical responsibilities associated with billing. Receptionists tend to wear many hats, eventually branching into other occupational areas like marketing.
4. Office Manager:
Depending on the size of your dental practice, you might consider hiring a dedicated office manager to oversee the daily operations. The office manager will handle all the tasks that contribute to the smooth functioning of the office itself, such as ordering equipment, overseeing the job search process, coordinating staff schedules, and more.
Although you may eventually want to hire an accounting specialist to handle employee payroll, office managers can also work with payroll software or other programs to help get your practice up and running.
Like a front desk receptionist, your office manager may also take on additional tasks like marketing, social media management, and other duties that don’t yet require a full-time employee.
5. Medical Billing/Coding Specialist:
Medical billing and coding specialists play major roles in communicating with insurance companies to ensure you can get paid for your services.
Their coding education allows them to work quickly and “speak the language” of insurance companies to help you work together efficiently.
Learn More about Opening a Practice
Hiring important employees is just one step to opening a new dental practice.
Now that you have read some basic tips and things to consider you are ready to start a practice. After you have found a place that meets your needs you will still need to make on offer, secure financing, sign the practice sale agreement and lease, and complete the purchase. As you can see a lot of important factors go into this decision. Make sure you are being properly advised. Practice Advisors 360 is the nation’s leading dental advisory company. Contact us today at (844) 360-8360 or visit us online at practiceadvisors360.com
