10 things to consider when setting up in private practice

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setting up in private practice

This article is sponsored content brought to you by Credabl.

If you dream of having your own practice and are looking to take that next step, we’ve identified ten key considerations that aim to limit the challenges, and enhance your success. 

Find a Mentor 

A mentor can be an invaluable guide to advise you on your new venture. It’s likely he or she has gone through this before so will be able to help you navigate through good times and bad. You will want to look at what works and what doesn’t within their business and incorporate this into you practice. 

Network 

Spend time meeting with like-minded individuals both within and outside of your profession. You cannot underestimate the value of referrals and meeting people face-to-face will be key in building your network. Identify associations or groups that you can join that will assist in building your network.

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Start up or Buy in

Many practitioners like the security of buying into rooms with like-minded professionals. The flip side of this is you will most likely pay a premium for the option to buy. Starting up may involve buying or renting your commercial premises. If you own your own business, it may make sense to own the property you work from. There is plenty to take into consideration and it is not an easy decision to make. 

Plan 

Whether you’ve chosen to buy an existing practice, buy into a practice or start up your own, creating a business plan that defines what you are doing and how you are going to do it is your roadmap to success . 

Business Structure 

In today’s world there are many options—from sole traders and companies to partnerships, and of course various trusts! Consult with your accountant to ascertain which structure will be the most effective for you, in particular for accounting and legal reasons.

Cash flow 

There will be costs to setup your practice and seeing patients is the only way to cover these costs—so you need to figure out how much will you charge them early on. Once you’re operational, day-to-day expenses of running a practice can be easily lifted by an Overdraft Facility.

Internal Operations

Consistent and timely contact with patients for follow-ups and test results, appointment bookings, and regular patient check-ups all have important roles to play in your practice. Utilising practice management systems will greatly benefit a new practice from the get-go.

Practice Marketing

Love it or hate it, there is certainly a significant opportunity to leverage social media to grow your dental practice. Whether it be Facebook, Twitter or LinkedIn, social media enables you to engage with your patients and provide details about what the practice is up to. 

Human Resources 

Members of your practice team are crucial in managing client experience, patient treatment, relationships with referring practitioners and members of the public.  Who you employ and what their roles will be are going to be key to your success. 

Insurance

Outside of your standard medical indemnity insurance you will most likely need to consider Life Insurance, Income Protection and Premise Insurance. In addition to this some lenders may require additional insurance to firm up some key man risks that may be associated with certain finance agreements.

Whether you’re thinking about buying a practice or starting up a practice of your own, it’s important to have every scenario covered. What is right for one person, and one location, may not work for another, so you need to do the research and get the right advice for you.

Credabl offers finance for dentists. Our knowledge of the ins and out and are just a click (www.credabl.com.au) or phone call away, and we welcome the opportunity to talk to you about your private practice dreams.   


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