Are you ready to open a second dental practice? It can be a risk, but done right, an additional practice provides additional revenue and expands the reach of your practice.
In fact, even if your schedule isn’t full, you might choose to open a second location as a viable strategy to compete with the DSOs in your market.
Before You Grow, Get Your Ducks in a Row
If you’re having trouble managing a single dental practice, then opening another isn’t going to solve your problems. When your brand has a great reputation, an experienced team, and is running like a well-oiled machine, that is when you can start looking to the horizon for your next conquest.
You don’t want to work six days a week, so you’re going to need a reliable team to make a new practice successful. This means an associate doctor you can trust, and likely an office manager who can coordinate both practices. They’ll be responsible for training the new team to the same standard as your first string.
If you think you’re ready to open your second dental practice, then move ahead with this advice in mind.
Location is everything.
Your new practice needs to be keyed in for your target demographic and find an ideal location for that market. If you specialize in pediatrics, orthodontics, or family care, then target areas with young families near school zones. If your focus is in high-end cosmetic dentistry, then it’s worth a premium to be close to high-end neighborhoods or upscale shopping areas. Know what you want so your realtor can focus on the right types of spaces for your practice.
Consider buying an existing practice.
If you’d like to start on third base, you might look for an opportunity to take over an existing practice. The ideal candidate would be a successful dentist who is ready to retire. This comes with the great benefits of an existing patient base and an experienced dental team.
If you’re able to negotiate a mutually beneficial offer, convince the doctor to stay on for a short time as the practice is converted to your brand and the new doctor transitions in. This will keep many patients from leaving, as they can see the torch passed from their old dentist to their new one.
Find the right associates.
Many doctors who open additional locations find that it’s much harder to retain high-quality associates than they expected. You’ll need someone reliable, with the right skills and a great chairside manner. Ideally, you’ll actually want two associates working full time in your new practice. This way you can increase production within the same overhead, while also having insurance for the inevitable day when one associate leaves to start their own practice.
Are You Ready for a Second Dental Practice?
While it can potentially mean greater profits and another revenue stream, a second dental practice is a risk. The best candidates are those who are situated in a growing market, have a good reputation, and are financially secure. They aren’t just good dentists, but also good business owners and managers.
An additional practice means you’ll need to be ready to dedicate extra time and resources to the new location. While more effort is required, if you’ve built one successful practice, you might be capable of duplicating that success with another.
If you’re ready to open your next practice the right way, Sunrise Dental Solutions has the tools and training you need to start your second dental practice off on the right foot.
~Linda O’GradyTags: expansion, second dental practice
This post was written by Linda