Dental school prepares its students to be good dentists, but one thing it does not prepare them for, is how to open and manage a dental clinic. Dot those dentists thinking of going into private practice, there are a growing number of opportunities in dentistry. Not only are routine services like filling cavities and cleaning teeth reliable sources of income, research indicates that more and more people are interested in cosmetic dentistry services such as having dental implants done and teeth whitening. With the rise in demand, dentists have seen their incomes go up. The Bureau of Labor Statistics estimates that the typical dentist earns an average of $149,310 a year and annual salaries are expected to grow at a compound annual growth rate of !6% between 2012 and 2022. Knowing how to start a dental clinic will go a long way to helping you take part in this growth.
The best way to go about opening your own dental clinic is to go to your bank and see if you would qualify for a business loan. If you do, you can then set up a corporation using the legal structure that meets your needs. The most commonly used legal structures are C-corps, S-corps and LLCs. You should not do this alone. It is important to consult with your lawyer and/or a certified public accountant (CPA). You will need to register your corporation where it was formed. Registering allows you to open online accounts, open a bank account and get business loans. When you register, you will be provided with a tax ID which you can use when applying for the business loan.
Once the business loan has been approved, you can get to work, knowing precisely how much capital you can invest into your venture. Part of your capital should be set aside to either buy or rent a commercial property. Hire a realtor with experience in the dental or medical office market. He will help you zero in on the best locations for your practice, based on your particular needs. Now, you may be eager to sign a lease, but, before you do that, speak to a dental contractor who will assess the property and tell you much it will cost to construct your dental office or make the adjustments you need to make. You can then negotiate with the landlord knowing the costs you will have to incur in the future.
At this point, you should still not have signed the lease. What you should do is design the kind of dental office you need with your contractors. You may want to get the opinions of several contractors to try and reduce your final construction costs. You should also look at various ways of optimizing your floor plans. You should also contact suppliers and design firms to meet the rest of your requirements. It is a good idea to look at other dentists who specialize in the kind of work you will be doing, to see how their dental offices are designed and run. Spo, for example, you could look at TMJ dentists if you will be providing TMJ treatment. At this point, you can build your dental office and start thinking about building the best team you can find to provide quality dental services.