Whether you're new to general dentistry or an established professional looking for new opportunities, the ADA has resources for you. Are you thinking of separating from partner dentistry and starting a dental practice? Here's how to know if this might be the right time to pull the trigger. Understand Your Cash Flow A healthcare lender understands that a dental office is a cash flow business with intangible assets. Most of the value of the practice lies in the patients, staff, location and reputation of the medical provider, all of which constitute the goodwill of the practice.
When a dentist applies for a business loan or line of credit, it's important to interview lenders and ask questions to see if they can meet your needs. Can you borrow money against your company's intangible assets? What are the cash flow and warranty requirements? These are the types of things you should understand when you start a practice. Mentoring Opportunities Mentoring is also part of the interdisciplinary residency option, as the dentist has access to dental colleagues, specialists, and doctors. Starting a dental office can be incredibly rewarding, especially years later, if you've built up your wealth and achieved great goals that you've set for yourself.
This free e-book from Sunbit explores how financial technology helped patients gain access to credit to help defray out-of-pocket dental care expenses. According to the Center for Career Success of the American Dental Association, business plans for new dental offices don't differ much from guidelines followed by other small businesses. Your state dental board can provide specific information about licensing requirements, the laws of dental practice that apply in your state, and other information related to licensing. Make sure you have enough seed capital before you start taking active steps to build your own dental office.
In fact, Dental Economics suggests that many investors and commercial lenders will not advance the capital needed for a dental office without a compelling business plan. Specialized Collaboration or Potential to Specialize General dentists coordinate care with expanded function dental assistants, dental therapists, and hygienists, depending on state regulations. Always review your employment contracts with an attorney before signing them and again before starting a dental office. Consider working with a professional advisor to guide you through common problems faced by professionals starting a dental practice.
Find data on the distribution of active dentists, the average income of the population, and the number of federally qualified health centers with dental services in each state. However, if you have the vision of owning a business, making the decisions, and are prepared to go the extra mile to achieve it, starting a dental office can be extremely rewarding.