Starting A Practice
How many business classes did you take in dental school? How many courses in demographic analysis did you complete when studying optometry? While medical studies may have you well-prepared to perform a root canal, have they taught you about the “nuts and bolts” of starting – and maintaining – a successful practice?

Starting a dental or optometric practice is challenging, and at times, completely overwhelming. We want to briefly outline five common problems to avoid.

PROBLEM #1
Not accurately evaluating the location

Real estate professionals preach “location, location, location” for a reason: It is vital to have a thorough understanding of the area in which you wish to locate long before you open the doors to your practice. Some questions you should keep in mind include:

Are there other practices nearby that offer similar services?
What does the demographic data reflect? Is the area composed mainly of retirees? College students? Young families?
Does your practice have room to grow, or are you restricted by building or zoning codes?
What is the total population of the area? Is it growing?
Is the practice easily accessible and visible from a major roadway?
For an example of what a solid demographic analysis may entail, click here.

Of course, locating the practice is only part of the equation. Often, dentists and optometrists may benefit from the expertise of real estate attorneys or lawyers who specialize in long-term lease negotiations with landlords.

PROBLEM #2
Not knowing what you don’t know

Of course, no one person is an expert in everything. The key to starting an effective and successful practice is an understanding of where you need assistance and where it makes economic sense to outsource. Starting a practice involves extensive paperwork. It’s often more efficient to work with a firm that specializes in providing expertise in a variety of business-specific areas, such as:

Creating a solid business plan for future growth, including brand development and budgeting
Aligning lenders and lending programs
Market analysis
Return on investment (ROI) measurements
Insurance credentialing
Financial information, including establishing accounting architecture
PROBLEM #3
Failure to plan for future growth

In a competitive marketplace, determining your practice’s future success depends upon having clear goals in mind from the very beginning. Working with a marketing team contributes to brand development and extends the value of the practice. Realize that in order to remain profitable, a business must continue to expand.

PROBLEM #4
Failure to invest in employees

With the myriad of legal and financial documents involved in starting a dental or optometric practice, it can be easy to overlook one of the most important investments for your business: your employees. Consider this: your receptionist is often the first person with whom your patients have contact. Therefore, it is important that all of your employees have quality customer service skills. In addition, make sure that your team:

Is comprised of effective communicators. Solid communication skills foster efficiency
Is trustworthy
Has received extensive training. A well-trained team will provide more consistent, high-quality customer service
Has a strong commitment and worth ethic
Works with you to set clear, specific goals for the practice
Feels valued: employees who have high job satisfaction rates tend to be more positive in their interactions with patients
Shares your vision and goals for the practice
PROBLEM #5
Forgetting your first love

Did you become a dentist to look at spreadsheets? Was your vision of becoming an optometrist linked to project management checklists?

Many dentists, physicians and optometrists select their chosen field because it combines their desire to help others with their passion for science. Starting a practice is challenging, and the paperwork is extensive. From visiting a potential site to selecting lenders to negotiating contracts, it is easy to become overwhelmed by the details and fail to see the larger picture. Don’t lose sight of the reason you wanted to start your practice in the first place.

Consider outsourcing projects to firms who may have greater expertise
Concentrate on the bigger picture: Where do you see your practice in 5 years? In 10 years?
Don’t spend your valuable time trying to become an expert in everything, particularly when you can spend this time working with patients and growing your practice.
Starting your practice will be one of the most rewarding things you have ever done. Embrace this exciting adventure by solidifying your practice philosophy and communicate it to all those involved in this venture.