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Key considerations when starting a practice

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starting private dental practiceThis article is sponsored content brought to you by Williams Davis.

Are you thinking about starting a private dental practice, either from scratch or taking over an existing one? If so, here’s a basic checklist of what you need to consider before making any decision.

It’s important to ask yourself …

  • Do you want a small or large practice?
  • What type of practice do you want to work in?
  • What type of dentistry do you want to perform—surgical, children, cosmetic?
  • How many days a week do you want to work?
  • What is your preferred location—city, suburban, rural?
  • Who is your target patient? Where do they live, work, etc.?
  • Are you ready for private practice, in terms of skill level, emotional and financial readiness, and with an understanding of the resources you’ll need?

The importance of due diligence

Your due diligence before starting a private practice will determine whether you make the right decision. This is not only financial due diligence. If you are buying an existing practice (or buying into one), you should assess every aspect of the business, including:

  • Location—demographics, the make-up of the population, age and financial resources. There’s no point setting up a cosmetic dental practice in an area that predominately houses families with young children!
  • Times—what days and times do you need to be open to attract the target patient?
  • Site—do you need council approval and are the premises owned or rented? Are they in good repair or should the practice be relocated? Does the decor need to be revitalised?
  • Staff—are the staff well-trained and are there acceptable systems in place? Are there any outstanding liabilities for holiday pay, long service leave? Are the records correct?
  • Equipment—is the equipment up to standard? Is it up to date? Is it in good working order? How long until it needs to be replaced?
  • Insurance—are there policies in place to protect your investment?
  • Website—does the existing practice have one? Is it up to date? Does it match the requirements of the target audience? How much investment is needed to get it up to scratch?

Hopefully, the above checklist has helped you gain some clarity on where you need to start.

For further information, visit williamsdavis.com.au

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