Starting or expanding your dental office begins with a vision focusing on the patient experience. Creating a healthy practice occurs when you have a team of qualified and experienced professionals who can assist you with the details of your project to make your vision a reality, help you avoid costly mistakes and create the practice you’ve always wanted.
The process begins with developing a vision of practice ownership. Start with finding an experienced equipment dealer and financial consultant who can help you assess the need for your services in your area. A demographic analysis will determine the population, competition, average age and housing costs of the market in which you want to practice.
Location, location, location. Finding a location can be difficult in some geographical regions. To help select the right one, you should look into finding an experienced commercial realtor. A commercial realtor can help you to locate a facility, and along with your Patterson equipment specialist, assess potential facilities to determine whether any are adequate for your dream office. Your equipment specialist will measure the space and draft a preliminary layout of what your practice may look like when completed. Once equipment is selected, plans and specifications will be drafted for your review.
Before signing a lease, it should be reviewed by an attorney with experience negotiating agreements for dental practices. The attorney may address the business terms in the contract and negotiate for lower rent, terms, release of personal guarantee, etc. Depending on the property owner, some terms of the contract may be negotiated and some may not. Simultaneously, you should work with your equipment specialist to pick out your equipment, design your office and assist with financing.
Financing should be approved before signing any legal documents. The financing process begins with completion of your credit application, providing projections, and a review of associating income, along with reviewing any restrictive covenants with your current employer. Your credit application, projections and business plan can be completed with assistance of your financing specialist at Wells Fargo Practice Finance. Having a business plan in place and understanding the cash flow of the practice is imperative to your success and your vision. The goal is to remain on time and on budget.
The construction of your dental practice begins with a site inspection, review of the plans, and pricing the project based on the specifications in your practice drawings. A good set of specifications is critical to the pricing of your project. Once you’ve selected a contractor, entered a construction contract and obtained the building permit, construction can begin. Careful planning can help avoid costly change orders, which usually result in delays and cost you money to complete the necessary changes.
Marketing your practice should begin when the lease is signed. Social and traditional marketing techniques and making door-to-door introductions should commence as construction starts.
The proper planning with your professional team will help prompt questions about your vision, the type of practice you would like, and align the design, equipment selection, facility, financing, interior finishes and marketing, all to achieve your ultimate goal.
For more information on the process to create a healthy practice, please contact your local Patterson office at 1-800-873-7683, and Wells Fargo Practice Finance financing specialist at 1-888-937-2321.
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