Congratulations! You are finishing up dental school or a stint with a corporate practice. Now, you are ready to move toward practice ownership.
Consider the following 7 strategic partnerships to help you achieve long-term success.
1. A trustworthy, relationship-focused lender
Before you can move forward, you need capital. The average startup loan is $500,000. However, try not to see the loan as just a transaction. This loan is most likely the beginning of your journey in practice ownership.
Your competitors are shopping for lenders based on the lowest interest rate. You need to establish a long-standing relationship with a lender who works in your industry and has a great reputation for customer care in more than just saving money.
The best lender can provide advice on making more money, which is a much better perspective than scrimping and saving.
2. A healthcare-focused real estate broker.
Next, you need to determine the best practice location. Not all properties are created equal.
For dental practice location, you must consider the patient demographics, competitors in the area, number of competitors in the area, and traffic patterns. A broker who understands dental-specific details can help you decide whether to lease or buy and which property best fits your needs.
3. A general contractor who can deliver on time and on budget.
The construction and contracting part of your startup can bleed a lot of resources, so choose wisely. Get referrals to at least 3 general contractors. Your lender and broker will have worked with most of the best candidates in your area and will have their favorites, usually those who get the job done on time and on budget.
Your budget can increase for countless unexpected reasons such as faulty wiring, unseen plumbing repairs, missed appointments, and failed inspections. The right general contractor works to mitigate these risks to ensure your practice opens as close as possible to when they said they would and at the estimated cost.
4. A marketing expert.
Whether you hire someone in-house, outsource to a full-service marketing agency, or use a hybrid of the two, you must have at least one true marketing expert.
No longer can you hang your sign and simply wait for your schedule to fill up. Today, strategic marketing campaigns bring in patients. Be proactive with marketing. Start your marketing campaign six months before opening the practice doors so that you have the schedule full from day one.
5. An architect that understands brand.
Make sure your patients have a memorable experience from the moment they hear about the practice through the appointment itself. Let your marketing team and architect create a brand that captures your reputation and vision. This will help your practice stand out as the most memorable one in town.
6. Reps by referral only.
Once you open your practice doors, you will receive numerous offers from representatives of suppliers, manufacturers, and other service providers.
Ask friends in the industry which reps they use. Get a feel for providers by attending their courses at state and local dental meetings or by researching the insights on their website blogs. Work with providers who have proven track records that back up their claims.
Be prepared. Dental practice owners get a lot of advice. Do your research. Listen to your gut.
These partnerships will likely be relationships that will last throughout the lifetime of your practice. Choose your partners wisely from the start, and they will serve you well for years.
At LenDRgroup Consulting, our team cares about your practice’s long-term success. Whether you need practice financing or business consulting, we will customize a plan that fits the unique needs of your practice and your career.
Our lending platform consists of 300+ dental and healthcare-specific lenders. We built this network to help dentists, veterinarians, and physicians. Our goal is to help you achieve your dreams of practice ownership while eliminating practice financing obstacles.
To date, we have helped hundreds of healthcare professionals start, expand, and grow their practices. LenDRgroup Consulting recognizes and understands the needs of your business and can help you avoid costly mistakes. So, let’s get started.
Contact us today to schedule your consultation.