Starting a Dental Practice
- Thread starter Kach
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If you don't know where to begin with starting a dental practice....please don't---you will fail.
Here's your first order of agenda: read the e-myth and e-myth physician. Once you do that and formulate a plan based on those books, then go to dental town and research it.
If this is for a school project then go to straight to dental town.
Here's your first order of agenda: read the e-myth and e-myth physician. Once you do that and formulate a plan based on those books, then go to dental town and research it.
If this is for a school project then go to straight to dental town.
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Just finished the E myth mastery...What a great book for any buisness owner.
To the OP, go spend the next 3 months reading old threads on Dentaltown.com. The questions you are asking show you have a long long long way to go before thinking about such an endeavor.
To the OP, go spend the next 3 months reading old threads on Dentaltown.com. The questions you are asking show you have a long long long way to go before thinking about such an endeavor.
Kach
I agree with jmdd, get yourself an account at dentaltown.com, and read their message boards. There are tons of useful info from dentists who were in your shoes once. You will see how many walls they had to go through to start their business. Consider them like free consultants and ask questions.
In the meantime, you may want use free tools like wikipedia to check demographics in the area you want to practice in; population, household income, age groups, etc. Some of the data maybe old, but you should have an idea what kind of community you could be serving. ADA has good publications on this and how to start a private practive, check their website.
There are also a lot of helpul people on these forums who can share their experiences; DrJeff, Lesley and Daurang to name a few. Bookmark helpful information as you stumble across them, like this Dental Office Resources page. You are not going to need this right now, but you know where to look when you get to that phase of the game plan.
Try to watch Dr. Howard Farran's online CE course videos on dentaltown, he explains the basics from A-Z.
Make the move when you are prepared.
I agree with jmdd, get yourself an account at dentaltown.com, and read their message boards. There are tons of useful info from dentists who were in your shoes once. You will see how many walls they had to go through to start their business. Consider them like free consultants and ask questions.
In the meantime, you may want use free tools like wikipedia to check demographics in the area you want to practice in; population, household income, age groups, etc. Some of the data maybe old, but you should have an idea what kind of community you could be serving. ADA has good publications on this and how to start a private practive, check their website.
There are also a lot of helpul people on these forums who can share their experiences; DrJeff, Lesley and Daurang to name a few. Bookmark helpful information as you stumble across them, like this Dental Office Resources page. You are not going to need this right now, but you know where to look when you get to that phase of the game plan.
Try to watch Dr. Howard Farran's online CE course videos on dentaltown, he explains the basics from A-Z.
Make the move when you are prepared.
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I admit, I am ignorant and stubborn, but I decided 2 years before graduating that I will buy an existing practice, and I did. Yes I made mistakes in the process but everyone will no matter how much research you do. I did not want to associate with another dentist because I doubt any senior dentist wants to adopt a 30 year old adult. They just do not have the time or the will to show a new grad the ropes. I bought an existing practice with an experienced and devoted staff and treated my new patient nicely. Everything has been going very well, even better then the previous years the former dentist ran the place. Truefully, I dont run the place, it runs it self, which scares me. But I am learning as I go and hopefully I will never and not being embezzled.
I was clueless when I started my ortho practice from scratch 3 years ago. Luckily, I am doing OK. I think starting an orthodontic practice is easier than starting a GP office.
Two months ago, I expanded my business by buying an existing practice from a retiring orthodontist. I bought this practice for a very low price since no other orthodontists wanted to make an offer. It is a bad office the production for the year of 2008 was about ½ of the previous years, poor office design, old furniture, too many overpaid staff etc.. When I took over the office on January 1st, I immediately reduced the overhead by letting all the existing employees (except the receptionist) go and reducing the number of working days from 16 days/month to 5 days/month. Because of the lower overhead, I actually make more $$$ in 5 days than what the previous orthodontist used to make in 16 days.
Two months ago, I expanded my business by buying an existing practice from a retiring orthodontist. I bought this practice for a very low price since no other orthodontists wanted to make an offer. It is a bad office the production for the year of 2008 was about ½ of the previous years, poor office design, old furniture, too many overpaid staff etc.. When I took over the office on January 1st, I immediately reduced the overhead by letting all the existing employees (except the receptionist) go and reducing the number of working days from 16 days/month to 5 days/month. Because of the lower overhead, I actually make more $$$ in 5 days than what the previous orthodontist used to make in 16 days.
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Congratulation. Sounds like GM and Chrysler need you badly. Give Obama a call and give him your real life business advice/solution because I don´t think his idea of pumping more money into GM/Chrysler is working.
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- Other Health Professions Student
Learn as much as you can about small business ownership and practice management to see whether you are cut out for the combined challenge of being a clinician and business owner. Also investigate all possible alternatives to starting-up a practice and the cost-benefit of those options....e.g. buying a dental practice, working for someone, etc. I tell all the start-up candidates that I work with that they need to do extensive soul searching before they decide to pursue a particular option. The dream of practice ownership can be very emotionally driven, which is great, but can also be blinding to certain truths and other potentially viable alternatives. Once you do decide to go the start-up route, thoroughly investigate the patient demographic and competition in the area you are most interested in. You can learn a lot by analyzing existing practices in the area and may find out whether a new venture will be viable in the given market. Many doctors want to start-up practices in their hometown or areas they are most drawn to from a lifestyle perspective. When forming a new business entity it is crucial to separate these personal desires from the economic determinations which will give your practice the best chance of being successful. As far as the nuts and bolts of the rest of the process is concerned, there is a lot more to be said. In my profession I work with doctors to finance start-up practices, so feel free to contact me directly if you need advice with your particular project. Good luck.
