4 Tips for Running a Recently Acquired Dental Practice
You made it: how does it feel to be the proud new owner of a dental practice? Finally, after years of dental school and in-office training, you are ready to be your own boss. Not only does this require ongoing effort to provide quality services to your patients, but you are simultaneously running a small business.
Many new dentists agree that it can be a challenging transition to buy an existing practice or start a new dental practice from the ground up. You didn’t get much business training in dental school, so there are a few things you need to learn to ensure the success of your new endeavor. Here are a few tips to help you get started and maintain a thriving practice for years in the future:
- Design a Transition Plan
There is much more involved than having the previous owner hand over the keys to the office. The previous dentist spent years working in the practice and understands some of the nuances of the business that are essential for you to learn.
As you get started, you need information about employee work schedules, cleaning and sterilization schedules, effective marketing strategies, and monthly cashflow considerations. Put together a transition plan so you can get up-to-speed with the previous owner before you start on your first day in the office.
- Focus on Team Building
Not only are you buying a dental practice, but you also get a team of employees who understand the daily activities and organizational details. It’s common for employees to feel hesitant about any change, especially a new dentist in the office.
Be proactive about building relationships with the employees. Focusing on a team mindset is an effective way to smooth out the transition and set everyone up for success.
- Evaluate Supplies and Equipment
Do you have everything you need in the office? Take inventory so you can identify the things that need to be restocked or replaced. Keeping plenty of supplies on hand is essential, so you don’t have service disruptions.
Also, consider the age of the dental equipment. If the technology is outdated, it’s a great time to invest in new equipment so your practice provides patients with modern services. Your goal is to provide a quality experience for every patient who walks through the door, and updated technology can have an undeniable impact on patient satisfaction.
- Outshine the Competition
What will make your dental services stand out from the many other dental practices in the area? First, make sure that you deliver the “wow” factor from the moment someone walks through the door: beautiful décor, a comfortable environment, and small conveniences. Second, identify your value proposition so you can bring in new customers and retain them for years. Finally, invest in effective marketing campaigns and focus on community outreach to build solid relationships in the area.
Our team at JRA is here to assist when you buy a dental practice and get started as a business owner. Contact us to learn more about the ways we can help you set a solid foundation for the future success of your business.