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Dental school is not geared towards fully equipping the dentist as a business person. And while deciding to make the leap to launch your own practice may seem difficult, it pales in comparison to the challenges and obstacles you will face as you open and operate your new practice.
There are many factors to consider when debating whether or not to open a practice. Some considerations should include:
- Existing non-compete restrictions from current employer
- Production capabilities
- Realistic marketing plans
- Ability to secure a good location on reasonable terms
- Ability to secure financing
We welcome dentists contemplating the opening of a practice to call and discuss these factors or to discuss the steps necessary to move forward. The process is laborious yet deeply rewarding. Some of the likely steps you will take include:
- Forming a new entity and selecting a name
- Identifying any business partners, if any
- Identifying a qualified and experienced accountant, real estate broker, and other professionals
- Identifying a location for your practice, and negotiating the lease
- Lining up financing options
- Lining up vendors
- Overseeing the design and construction of your new office
- Arranging credentials with 3rd party payment system, like PPOs, etc.
While the task may seem daunting, there are intangible benefits to opening and operating your own practice. Our goal is to make the process as painless as possible. We welcome any calls to review whether opening a practice is right for you.