Opening or growing your own medical practice comes with many benefits. You get to be the boss. You choose your own hours and coworkers. You develop lasting relationships with your patients. Plus, there is the financial potential as well. Medical practice financing is often necessary
So you think you’ve found your dream practice. Great location, perfectly designed treatment rooms, top-of-the-line equipment. After speaking with the selling doctor, you discover that you both have the same patient-care philosophy. It seems perfect, or is it? To ensure you’re making the right decision,
It is not enough to simply choose the correct location or space, equipment and financing. Starting a new practice or growing your current practice requires leadership skills and business savvy — two things you may not have been taught in school. Experience tells us that
As a practice owner, you are directly responsible for the financial performance of your dental practice. This responsibility may require you to understand the cash flow of your business – the numbers you plan to achieve in order to meet your obligations and earn a
Most established dental and orthodontic practices regularly reinvest about 6% of their annual production back into marketing. For the average practice that produces $780,000 each year that means $3,900 per month is invested in marketing. For startups, lenders typically allot $20,000-$25,000 of the initial practice
If you have existing debt, you may have a hidden opportunity to free up cash flow in your practice. You may be able to increase your income by taking advantage of potentially lower interest rates if you refinance your loan. Here’s how it works: Take
With the appropriate financing, healthcare professionals like you may be able to achieve your practice growth goals. But for some practitioners, debt accumulation might be weighing them down and — if not properly managed — could derail the dream. If you’re like other healthcare practitioners,
If practice ownership is your objective, consider developing a well-thought-out business plan that establishes the viability of your proposed venture. A business plan details the financial structure and day-to-day operations of your practice. It may help demonstrate that you have a realistic roadmap for success
Dental graduates are increasingly concerned with student debt, making corporations a popular option for many young doctors. Yet, just ten years ago, working for a corporation was viewed negatively. The question is, why the shift in thinking? One answer is more than $400,000 of dental
Selling your practice can be stressful for both your patients and staff. Although it is exciting to take the next step in your professional life, it is also easy to underestimate the strength of the bond your patients and office team may feel towards you.