Things You Must Remember Before Setting Up Your Own Dental Practice

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Setting Up Your Own Dental Practice

According to a 2021 report, 66.7% of U.S. adults visited a dentist in 2020. It’s a 0.5% drop from 2012 and a 1.1% drop from 2019. However, that doesn’t mean that this industry in the U.S. is failing in any way.

Globally, the dental market had a value of $38.84 billion in 2022. By 2029, its value is expected to reach $63.93 billion. That’s a CAGR of 7.4% during those seven years.

Opening your own dental practice is a big decision. As a dentist, you have the opportunity to make an impact on people’s lives in both small and large ways. The right business plan can help you achieve your goals and even create new ones. 

Here are some important things to consider before opening a new dental practice.

Location is Key

Location is Key for your dental practice 1

Location is key for your practice. If you are going to open a dental office, you need to make sure that your location is convenient for patients and can attract them. The best way to do this is by ensuring that the location is easily accessible by public transportation or has plenty of parking spaces.

Location can also affect how much money you make from advertising efforts. Thus, it’s important to consider this when selecting a space. A prime location in a busy area will allow you access to many potential patients who may walk by or drive by on their way home from work or school.

New Technologies

New-Technologies-in-dentistry

In 2021, the 3D printing industry had a value of $15 billion. By 2029, it’s predicted that the value will cross $83 billion. That’s a CAGR of 24.3%. 

In the world of 3D printing, several dental companies have come up with new ways to use this technology in their practices. 3D printing in dentistry has been around for a while. However, it’s only taken off recently given how mainstream 3D printing is becoming these days. Companies are using 3D printers to make crowns, bridges, and implants. This is a great way to save time and money on your patients’ dental work because it is much cheaper than the old method of making these items by hand. 

It also means that your patients will get their treatment faster, so you can get back on track with your other patients waiting for appointments.

One of the most exciting uses of 3D printing in dentistry is for making dental crowns. This technology can scan your patient’s teeth and create a model, which you can then send to a lab specializing in crowns. The lab will use this model to make a custom-fitted crown that matches the shape and color of their natural teeth perfectly. Not only is this convenient for such a complex procedure, but it’s also time-saving. 

Costs

Costs-of-dental-treatments

Just like many other businesses, dental practices have expenses. Some of these costs include hiring employees, renting office space, and purchasing equipment. Before you decide to open your own practice, it’s important to determine how much money you need for startup and ongoing costs.

A good rule of thumb is that the more staff members you hire, the lower your overhead will be. Hiring one dentist can cost anywhere between $100-$300 per hour, depending on where they work and how long they’ve been practicing. In addition to their salary, there may also be additional fees for benefits or continuing education courses that could add another $100-$250 per month to their total employment cost.

On top of paying employees’ salaries and benefits is rent for office space. This expense can vary widely depending on what area of town you choose to set up shop in and how much square footage you need. Other expenses include equipment like computers, laptops, imaging machines, etc.

Keep all these costs in mind before jumping into the business. 

Online Presence and Branding

Online-Presence-and-Branding

Your online presence and branding are just as important as your physical office. Your website should look professional, be easy to navigate, and have clear contact information. Social media accounts can help you connect with current patients, prospective patients, and other dentists in the area. Search engine optimization (SEO) is important because people always search for dentists on Google. Your website needs to show up at the top of the results.

Purchase of Equipment and Tools

Equipment-and-Tools-for-dental

To help you stay organized and meet your obligations, buying the right equipment and tools is important. Having the right equipment and tools can help you save time and money, as well as make your job easier. 

Before buying any equipment or tools, make sure that you have enough money to pay for them. You also want to ensure that your practice has enough money left over after paying for these items so that it can cover other expenses such as employee payroll or rental fees.

If you’re thinking about opening a dental practice, it’s important to remember that there is no one-size-fits-all approach. Every dentist is unique and will have different needs for their practice. It may take trial and error before you find the right balance of your practice’s technology, equipment, branding, and location. However, if you follow these guidelines above and keep an open mind throughout the process, things will feel much easier and smoother.

ASHJ

Author Since:  February 14, 2022

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