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
You have found your dream practice with a great location, perfect treatment rooms, state-of-the-art equipment. You speak with the doctor who is selling the practice and discover that you both have the same philosophy for patient care. Everything seems perfect, or is it? Before signing
Simply having the right location, office space, equipment, and financing isn’t enough in business. Starting a new healthcare practice or growing your current practice requires having leadership skills and being business savvy — two things you may not have been taught in school. There are
As a practice owner, you are directly responsible for your dental practice’s financial performance. As such, you need to understand the business’ cash flow. Cash flow refers to the numbers needed to meet your financial obligations, earn a profit, and the ways to generate those
Many dental and orthodontic practices reinvest about 6% of their annual production into marketing for their practices. Therefore, a practice that generates $780,000 each year invests $3,900 each month in marketing. For startup practices, lenders typically allot $20,000-$25,000 of the initial loan for marketing in
The appropriate healthcare practice financing is essential to helping dentists, doctors, and veterinarians achieve their goals of practice growth. Unfortunately, debt accumulation may be a lead weight that, if not properly managed, could derail the dream of practice ownership and growth for some practitioners. If
If you have a goal of practice ownership, developing a business plan can help determine the viability of your new venture. A well-designed business plan details the practice’s financial structure and day-to-day operations. This may help show whether or not you have a realistic roadmap
If you have existing debt, we are going to let you in on a secret. You may have an opportunity to free up cash for your practice. There is a possibility of increasing your income by taking advantage of potentially lower interest rates if you
Dental graduates worry about their student loan debt which is why many young dentists are now considering working within dental corporations. Just ten years ago, many viewed working for a corporation negatively. Why the shift in thinking? One simple answer is the significant amount of
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.