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Expanding Dental Business
There are a number of benefits to expanding your dental office.
First, it allows you to see more patients and generate more revenue.
Second, it gives you the opportunity to offer new services and create improved more comprehensive patient experience.
Third, it can help you stay ahead of your competition.
If you want to expand your dental office, here are a few things you’ll need to consider:
- The location of your dental office: You want to choose a location that is easily accessible to your current patients and that has a high potential visibility, allowed signage for attracting new patients and do you due diligence on the demographics of the area. This old rule applies: Location, Location, Location! Do your due diligent research of potential patient valuations and don’t jump in before to ensure the investment has future value or you may loose that investment as we have observed happen.
- Be smart about it.
The size of your office:
You need to make sure that your new envisioned office is large enough to accommodate your current and future patient volume without breaking your proposed budget but not too large.
- Then expand and meet your new office capacity and expand it again. Have foresight, is there an adjacent suite you could expand into? Can you add space with an addition?
- If you own a stand-alone your possibilities are much greater.
- But Above All. Do Not Go Too Big at First. Look to the future well with the current economic inflation etc. Will the DSO’s and larger practices have a harder time?
- The future successful dental offices may have quite a different model than the current Bigger is Better as it has Not Always been that way. Take a good look at the past and the future.
- A second average sized office may be the better addition that one large practice.
The cost of expansion:
Expanding your office can be a costly endeavor.
- Make sure that you have a workable financing plan in place before you move forward and stick to it.
The time commitment:
Expanding your office will require a significant added time commitment.
- Make sure that you are prepared to put in the necessary work while you also maintain your current patient volume. Don’t let this distract your patient servicing.
- It takes hard work and dedication to expand but then the results of expansion cangive you a much better future with added patient service capabilities.
