How to Plan for Success When Opening a New Practice

Opening a dental practice of your own is a very exciting time, one that is filled with promise and potential. Making the most of this opportunity requires careful and comprehensive planning. Fortunately, dentists have access to a wide variety of resources to help them make the right decisions to create a thriving new dental practice. The team at Joe Rossi & Associates would like to share some of the most common elements required to starting a successful dental practice.

Create a Top-Notch Business Plan

One of the first steps in planning a new dental practice involves crafting a thorough and carefully considered business plan. This is the central location of all of the information about your new business. It also serves as an invaluable resource as you move past the planning stage and into the implementation stage of your new dental practice. Creating a business plan from scratch can seem like a daunting process, but in reality, it is simply a matter of systematically moving through a series of pre-determined steps. As the owner of a dental practice, a dentist needs to wear multiple hats. Aside from providing excellent care to patients, the practice Owner must act as a team leader who can set the overall tone, pace and

standards of the practice.

The CREPT Approach to Business Planning

One of the most powerful tools to create a clear and comprehensive business plan is known by the acronym CREPT. The first step is Capacity, and it covers the anticipated size of your new facility. This includes both the physical space where the business will be run, as well as the plans for building and maintaining a full schedule of patients, including a system for filling no-shows and canceled appointments. The next step is Revenue, which includes a full breakdown of anticipated business income. This should include an overview of the systems that will be used for billing and collections, as well as estimates of the initial patient count and projected growth. Expense Management is the next section of a dental business plan, and it addresses the practice overhead and break- even point. A breakdown of anticipated cash flow should also be included in this section. The next piece is Patient Service; this is where you outline your plan for the programs and technology that will be used to serve your stated demographic. Finally, the “T” in CREPT stands for Team and is a vital part of your business plan. This is where you will list the specific staffing needs for your new practice, as well as the training program that will be used to get your team up and running.

The Role of Goal-Setting in Building a New Dental Practice

As the owner of a dental practice, a dentist needs to wear multiple hats. Aside from providing excellent care to patients, the practice owner must act as a team leader who can set the overall tone, pace and standards of the practice. They must also be willing to set clear goals and create an action plan for meeting those goals. Goal-setting is a continuous process and one that is required to get your practice up and running and to secure future success.

At Joseph Rossi & Associates, we stand ready to assist our clients through every step of their journey to open a new dental practice. We invite you to contact us with any questions or concerns and to begin the process of finding the best possible location for your new venture.