The contemporary dental landscape has been dramatically impacted by the Covid-19 pandemic as consolidation in the industry has forced many dental professionals to sell their practices to corporate consolidators. Long before the pandemic, the dental space was trending toward larger practices, due in part to the costs of technological advances. But there are still opportunities for solo practitioners. Here are 5 things every dental startup needs:
- Business Plan Even before you launch your practice, it is crucial to have a business plan that covers operations, management, human resources, equipment, and marketing. A well-conceived business plan for a dental practice will also consider how employees fit into your plans. Finally, a business plan should include a financial statement detailing how much it will cost to open and operate the practice. In short, a business plan will serve as a blueprint for your dental startup and also allow you to present your practice to lenders and investors who specialize in the dental industry
- Office Space An important consideration for any dental practice is office space. Will you be renting space in a professional medical complex or purchasing commercial property? If you are renting, it is wise to work with a dental lawyer who can help to negotiate a commercial lease, negotiate rent, buildouts, renewals, and other key terms. Similarly, a lawyer who provides services to dental professionals can also help to negotiate the purchase and sales contract if you are considering buying property. Ultimately, the location of your practice will be a key determinant of your success.
- Dental Equipment Your dental startup must have the right equipment, including patient chairs, sterilization equipment, X-rays, handpieces, dental lights, and cabinetry. There are countless dental equipment providers so it is important to get the best deal. Whether you are buying or leasing dental equipment, it is wise to have proper legal representation.
- Marketing It is essential to market your dental startup to attract new patients and keep them coming back. A comprehensive marketing strategy includes building a website and having a digital marketing plan that includes social media. It is also a good idea to have a professional media company develop an SEO and PPC strategy.
- Dental Software Having a modern practice requires dental practice management software that can manage patient intake, track dental appointments, and record diagnoses, treatments, dental patient records, and dental billing.
Dental startups need a business plan, dental equipment, office space, marketing tools, and dental practice management software. When it comes to launching and growing your dental practice in the new normal, it is essential to have the advice and ongoing counsel of an experienced dental attorney.
That’s where LaMaster Law comes in. Lead attorney Matt LaMaster has extensive experience representing medical professionals on all aspects of running a practice from startups, to practice acquisitions and sales, to HIPAA compliance, to practice transitions. Contact our office today to get started.