Expanding your dentistry practice is a milestone day; it should typically mean your patient pool is growing, services are in demand, and the business is on the cusp of going to the next level. But as with any ginormous business decision, expanding involves careful consideration and strategy to secure long-term profitability.
Whatever you’re contemplating – moving into a new office, adding employees, or broadening services – these are among the most valuable things to consider when opening up a dental practice.
Understand Your “Why”?
Take a pause before you start making any adjustments and question yourself why you want to expand a dental practice. Is your existing location overscheduled? Are patients requesting care you aren’t currently providing? Are you looking to break into a new market?
Pinpointing your reason serves to sharpen your objectives and keep you on track along the way. Expansion must always be necessitated by definite needs, not aspiration.
Examine Your Current Practice Performance
Before you make the commitment to growth, it’s necessary to review how your practice is currently performing. A solid foundation is a key to a more comfortable expansion.
Consider:
- Patient retention and satisfaction
- Revenue and cash flow patterns
- Operational efficiency
- Staff capacity and morale
If you have weaknesses or loopholes, you may be more comfortable closing them in the beginning. A dental business advisor will help you examine your operations and identify where you must improve before moving on.
Financial Preparedness
Starting a dental practice incurs a mixture of costs, from new machinery and real estate to hiring and advertising campaigns. You must know realistically how financially well you are placed and what you can afford to spend.
Financing steps you ought to take:
- Create an explicit expansion budget
- Calculate your ROI estimate
- Consider financing options like business loans or partnerships
Having a dental practice consultant to collaborate with at this juncture can guide you through the realm of finance and prevent you from being hit with surprise expenses.
Select the Proper Location
If expansion entails a second office, the location is very important. Ask yourself:
- Close enough to your current practice (too close could split patients)
- Local competition level and demand
- Ease of parking and access
- Local demographics and target client
Making a proper market analysis will help you locate an area with real potential to expand the patient base.
Invest in the Right Team
As your practice grows, so will your need for trained and consistent personnel. Whether you’re hiring additional hygienists, dental assistants, or administrative personnel, the goal should be to deliver the same level of care and service your current patients receive.
Make sure
- Employ staff who share your practice values
- Give adequate training for new technology or systems
- Have clearly defined roles and responsibilities
Well-trained, contented staff equal contented patients and a successful expansion.
Take Advantage Of Technology And Systems
An expansion is the perfect opportunity to bring your systems up to speed. From appointment scheduling to patient record management, the proper tools can make the most of your efficiency and ease the burden on your staff.
Take into consideration:
- Practice management software
- Cloud-based record systems
- Telehealth capabilities
- Digital marketing tools
A dental business consultant can help you find the right technology solutions for your growth goals.
Marketing Your Expanded Services
Once you’ve expanded, it’s time to get the word out. Marketing plays a key role in filling your chairs, especially if you’re opening in a new location or adding new services.
Tactics to consider:
- Update your website and Google Business profile
- Launch local ad campaigns
- Use social media to engage with your community
- Offer promotions to attract new patients
Clear messaging about what’s new and why it benefits patients is essential.
Ready to Take Your Dental Practice to the Next Level?
So, expanding your dental practice is a thrilling experience, but it calls for careful planning, wise financial management, and the proper guidance to reach the goal. Whether you’re starting a new office or broadening your offerings, having professionals on your side can be the difference between success and failure. At Viturtal Consulting, our expert dental business consultants are ready to guide you through each step of the growth process so you can expand with confidence and concentrate on providing high-quality patient care.