Opening a new chapter: Medical and Dental Practice Inception

Starting a Medical or Dental Practice

 

Many doctors and dental professionals’ endeavor to become their own boss and one day open a small or medium sized practice in their area. These journeys are very different for every medical and dental professional. Those aspirations tend to mold the type of needs necessary for certain medical professionals to achieve those goals. The list of needs ranges from medical office space to dental equipment purchases, to marketing and web design. There is a plethora of decisions that need to be made very quickly to begin developing the plan to open a practice quickly and successfully. This can be extremely stressful and can cost medical professionals tens of thousands, if not hundreds of thousands, dependent upon the local markets.

Some tend to search for a company that handles everything from, finding local medical offices to marketing and web design, banking relations, or contractors to help build out the space. These companies are not all bad, and sometimes doctors and dentists find a good one, but a ton of them over charge or can take advantage of doctors and dentists alike. When searching for the right way to approach how you want to set up your new practice here a few ideas to take into consideration.

  1. List out everything needed to open a practice in a local area and set a time frame of when you wish to accomplish that goal
    • Medical or Dental Office Space (real estate agency)
    • Website
    • Marketing
    • Client lists
    • Equipment purchases
    • Local affiliates
    • Lists of hospitals
    • Recommendation lists (hospitals, specialists, MRI, X-Ray, Labs)
    • And more
  2. Reach out to multiple companies (primarily focused on medical and dental practice set-up) that handle everything if you wish to avoid doing all that research yourself. Get quotes from all of them and make the best-informed decision possible.
  3. Finding strategic partners in the area that focus on one or two primary aspects of your practice/business are crucial
    • Real estate agency (save money on lease/ purchase agreement)
      • They tend to have other good contacts
    • Bankers
      • Having multiple bankers will help with getting loans
        • Construction
        • Equipment purchases
        • Property acquisitions
    • Contractors
      • Helps keep prices competitive when you can get multiple bids
      • Trust, knowing your contractor isn’t going to cut corners
      • Or steal your money and then ask for more.
    • Marketing
      • Finding a solid company to help push your local business will increase the probability of success
      • Web design also is necessary to accomplish this goal
      • SEO
      • Social Media
    • Equipment companies
      • Finding multiple companies that provide equipment will ease the process of having to locate required devices and supplies (some will also be less expensive)

These are just some of the matters that must be tended to when deciding to open a practice. There will be other matters to figure out, but these are just a few to discuss and think about prior to opening a practice. It is imperative to have a ton of your research complete and the right teams in place prior to signing any thing or moving forward to quickly. That can cost thousands or hundreds of thousands. It happens every year.

 

Go to our website at www.hprgrealty.com to learn more or reach out at cfeitel@hprgrealty.com