Dental professionals often set a goal of owning and managing their own practice as part of their professional journey. It is in their own best interest to make sure they are ready to face the adversity and obstacles bound to happen to them when owning their own practice. MediPro Capital Finance is happy to present these tips on how to start a dental practice in the hope that it helps you make well-informed decisions.

Be honest about your financials

Taking a good frank look at your financial readiness is a critical first step when reflecting on how to set up a dental practice. Make sure that you have thought about the ongoing costs as well as start-up expenses and plan for the unexpected too. Arranging your finances in this fashion can help ensure that you keep your business operating during its initial opening months and will help you prepare for future problems.

Additionally, when researching how to start a dental practice investigate how much it typically takes to start a practice. It is often easier for dental professionals to receive loan approval and MediPro Capital Finance offers dental practice loans to help you get started on achieving your dream.

Comprehend the Competition

Another important step when deterring how to start a dental practice is examining your nearby competitors. Look into how they market themselves, what procedures they offer their customers, what social media they use, and how their website supports their business. Make plans to present yourself in a unique way to build up your base of customers.

Comply with regulations

The National Safety and Quality Health Services Standards state what standards and regulations need to be complied with. These policies cover a range of responsibilities and provide crucial information about the standards involved in how to start a dental clinic. Covering topics such as patient information, responsible handling of prescriptions, and hygiene standards apply to all dental offices.

The Dental Board of Australia also keeps a strict set of standards that apply to those performing dentistry, as opposed to the practice itself. Ensure that all the practitioners at your clinic are living up to their professional responsibilities and that they are enrolled with the DBA. Noncompliance with these standards can be disastrous for a new practice, so make sure you keep a sharp eye on them and follow them closely.

Research your client base

Looking into how to set up a dental practice makes it necessary to understand what sort of client base you’ll potentially have. It is important to consider whether buying an existing practice, with a pre-existing base of clients, is viable or would it be better to start an entirely new clinic. Be careful about opening a dental clinic in areas that are saturated and keep in mind what it will take to maintain a sustainable client base for your practice.

Ready yourself to be a small-business owner

Knowing how to set up a dental practice takes a solid understanding of business practices and methods. Make sure you are taking steps to manage the everyday responsibilities of owning a business as these can quickly add up. You will need to be a dental professional and a business owner so ensure you have a good idea about the needs of both roles.

One standard requirement is writing up a sound business plan for your new practice which will help give you goals and guidelines to follow as your business grows. You can also study the management and leadership styles of those leaders you respect and trust. Additionally, work on improving your communication skills so that you ease the nerves of stressed clients and keep up to date on the latest procedures so you can offer the best treatments efficiently.

Another important process is keeping tabs on your billing and ensuring your accounts are collected in a timely manner. You will want to maintain a steady cash flow, especially at the beginning, for possible repairs and slow months.

Invest in the right Staff

Understanding what staff to hire is crucially important when determining how to start a dental clinic since they will represent your business to your clients and the general public. Hiring an office manager for the day-to-day operations can help but ultimately you are responsible for your business, so you need to make solid hiring decisions. You will need to maintain a positive relationship with staff and customers.

Purchase the right equipment

What equipment you use in your practice can impact how you serve and bond with your customers. This includes the tools you use as a dental practitioner and as a business owner. Having access to the latest technology is an advantage to new practices so make sure you are using the best management software available and purchasing your equipment through reliable suppliers.

Ready to get started?

MediPro Capital Finance offers a range of medical business loans to help you get your business running. If you have further questions or seek more information, we are happy to help assist you. Contact us at 1300 375 626 or get in touch online.


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