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The LaMaster Law Firm Blog

Sunday, February 12, 2017

The Benefits of Owning a Dental Practice

Today, there are a number of challenges related to owning a dental practice not the least of which is lower reimbursements from managed care. In addition, dentists must also contend with significant regulation and fierce competition from the corporate dental industry. Nonetheless, there are still opportunities for independent dentists to operate successful businesses.

While it is critical to be a well educated and trained clinician, running a successful practice also requires having a fundamental understanding of business. Of course, most dental schools don't teach these skills, and dentists who are new to the profession are prone to making mistakes that could lead to profit losses. For this reason, it is essential to operate a practice like a business.

Some may argue that dentists are better served by working for a corporation given the significant debts they will incur coming out of dental school, however, owning a practice gives you a chance to become more than a clinician. Certainly managing a business is complicated, but overcoming the fear of failure is the first step toward liberating yourself from being accountable to a corporate entity. It's been said that when you work for someone else, you fulfill their dreams, and not yours, and the same can be said of working for a dental corporation.

If you are launching or expanding your practice, there are a number of legal and administrative matters  that must be handled from selecting the appropriate business structure, tax planning, risk management, budgeting, production capabilities, financing.  

Propel Your Dental Practice

In the end running a successful practice  comes down to the bottom line: profits. It is s crucial to attract new patients. In the past, dentists and other medical professionals relied on referrals. Today, however, dental practices need to go beyond referral and employ additional marketing tools such as direct mail, public speaking engagements, joining a professional association, developing a presence on the internet, and digital marketing. Of course, the best way to attract and retain patients is by providing quality care.

At the same time, navigating the complexities of running a business hinges on surrounding yourself with experts such as attorneys with expertise in the unique challenges of running a dental practice.





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