Dental Startups

Fortunately, a variety of lenders are ready to match your project’s needs, including options such as:

• The specialty lending arms of major commercial banks
• Small Business Administration 7(a) Program
• USDA Rural Development Business and Industry Loan Guarantee Program

In many cases, dentists are able to finance clients with zero out-of-pocket expense and secured a payment deferment until several months after the practice actually opens and realizes production revenue.

Funding packages typically include allowances for construction, equipment, supplies, professional services, tax strategies, estate planning and working capital.  In order to process a complete application, a business plan, timeline, demographics and project budget are often required. As financing is being negotiated, the doctor must also open a bank account for the practice, and set up insurance, compliance, accounting and legal services.  This is also the point where many will form a Professional Corporation, Association or, in some cases, form a partnership.  Learn areas to open and receive loan forgiveness.

From bright ideas to established business, DSG has all the services, tools, and resources you need – all in one place.  LLC, PC, PA, S Corp, C Corp, DBA, EIN/Tax ID, and more.  Asset Protection, Tax Strategies, Estate Planning and help avoiding the inevitable, medical lawsuits.  We also partner to work with dental offices to help them generate more revenue from both insurance patients as well as cash patients.

We understand the importance of compliance in the dental industry. That’s why we assist with various compliance programs that cater to the unique needs of each dental practice. Programs are designed to ensure that your office stays up-to-date with the latest rules and regulations, giving you peace of mind knowing that you are operating within legal parameters. We partner in providing customized compliance solutions that are tailored to your practice.

At this phase, information is available from a wide variety of sources, but the old adage of “getting what you pay for” tends to hold true.

When the optimal site has been determined, negotiations for a lease or real estate purchase can commence.  For the new practice owner, leasing a space is often the less challenging route (although great opportunities for real estate purchase do present themselves on occasion).  Key factors for saving money include seeking a tenant improvement allowance from the owner, which can be used to enhance your construction budget, and a rent abatement period, to help the practice reach profitability faster following the opening.

Within reason, always commit to the location with the best site analysis report, provided the landlord offers a fair market value rate.  Saving a few hundred a month on rent at a less desirable location looks appealing to first-time owner-doctors, but will pale in comparison to the lost production revenue and associated practice value multiple (more on that below).  Plus, it keeps the better spot out of the hands of your competition.

If leasing a “cold shell” (typically the state of brand-new offices and retail centers), an architect and general contractor will need to be added to the project.  Be wise and find those with experience in dental-specific construction.  There are seasoned dental construction specialists who have built hundreds of practices, find them.

Decide what you need and then collect a variety of bids from the various vendors’ territory representatives.  Equipping a new practice from scratch is a windfall for the sales reps, make them offer a competitive package price.

Finding move-in ready or second-generation spaces can be a smart way to save significant costs when leasing commercial properties. Second-generation spaces are those that have been previously leased and built out by another tenant. These spaces usually come with pre-existing infrastructure such as HVAC systems, electrical wiring, lighting, and sometimes even office partitions.

By focusing on both aesthetics and functionality, dental practices can create spaces that are not only beautiful but also highly efficient. This fusion of design principles enhances the overall patient experience and boosts staff productivity, making the practice more appealing and effective.

You may or may not start with a hygienist, but add one as soon as the budget allows.

The ability to convert dental treatment plans to actual production is worth its weight in gold for this position.  Two or more dental assistants will also be required.  Consider bringing on at least one newer assistant to train.  Local Dental Assisting programs are often eager to recommend their best students, ask them.

Once the staff has been assembled, bring out a well-regarded trainer to teach them to work as a team and determine optimal operational processes.   Payroll services, like ADP or Paychex, or one of the new professional employer organizations (PEO) will take all the guesswork out of taxation and other payroll issues.

This includes your stationary and all practice forms and documents, not to mention all media advertising.

Advertising starts with website design and email service set-up.  Whether you use one of the big specialty providers or your own service, the site should be compelling and informative, with a patient portal and automated patient contact services.

You may have taken a marketing class or two, maybe not.  Work with someone with the digital savvy to target your intended audience and maximize the ROI on your marketing budget.  A good marketing plan should draw on the site analysis to determine where the new practice fits into the competitive landscape, and fills the niche.  In most cases, initial marketing resources are limited, so a promotional mix must be carefully determined.