Tips on Opening a Dental Practice
Mar 20, 2023
Establishing your own dental practice may be easier than you think, especially if you take it one day at a time. Use this outline as a guide to help you break down the procedure into manageable steps. Along the way, be sure to take advantage of the many resources available through KLAS Solutions.
Timeline for Opening Your Dental Practice
9 to 12 Months Before Office Opening:
- Finalize the selection of a city/geographic location
- Develop a philosophy of practice
- Identify your personal goals and preferences for a practice
- Evaluate your personal financial position and discuss your financial needs with a Financial Advisor or other trusted
- Lending institution
- Develop a personal budget
- Evaluate potential practice alternatives in relation to your personal goals, preferences, and needs
8 Months Before Office Opening:
- Conduct a preliminary appraisal
- Determine a desired delivery system
- Develop a list of major equipment needed with the help and expertise of your KLAS Solutions coach
7 Months Before Office Opening:
- Conduct a preliminary appraisal
- Develop a preliminary loan package with the help of your lender who should provide you with a checklist to make the process smooth
- Speak with your KLAS Solutions coach regarding funding services through your lender
6 Months Before Office Opening:
- Select a specific practice location
- Evaluate alternative locations within the community
- Finalize equipment finance options with your lending institution
- Let your KLAS Solutions coach arrange a visit to the facility
- Begin the development of an office policy and procedure manual
- Determine the hours of operation for your practice
- Select an attorney and a certified public accountant
Apply for a line of credit with your lender. This will include your equipment and building costs.
5 Months Before Office Opening:
- Obtain, review, negotiate, and sign the lease with the assistance of an attorney or lease negotiator
- Finalize office plans with facility design consultant
- Talk to your KLAS Solutions coach about opening an account and selecting your dental equipment
- Solicit bids on leasehold improvements from contractors, including dates for completion
- Finalize the loan package with your lender
- Finalize your budget
4 Months Before Office Opening:
- Sign the contract for leasehold improvements contingent on passing boards and obtaining finances
- Place orders for all major equipment, dental supplies and technology contingent on passing boards and obtain financing
3 Months Before Office Opening:
- Complete board examinations if you are a graduating dentist
- Obtain your license if you haven’t already
- Your financing will continue as the practice is being built through construction financing from your lender
- Sign the contract for leasehold improvements
- Begin on-site monitoring of contractor’s progress on leasehold improvements
- Apply for a narcotics license
- Apply for state, county, city, or township professional or occupational licenses and a business permit if required
- Apply for federal, state, and local tax numbers
- Confirm all equipment and supply orders
- Explore hospital facilities and apply for staff privileges
- Review requirements for unemployment and workmen’s compensation insurance and complete necessary forms
- Develop a marketing plan for your practice
- Design office stationery and business cards
- Arrange for a telephone number and a listing in the telephone book as soon as the lease is signed
- Make arrangements for the installation of utilities
- Determine the number and type of personnel to be hired
- Apply for local, state, and national dental society memberships
2 Months Before Office Opening:
- Monitor the progress on fulfilling equipment and supply orders
- Monitor contractor progress in leasehold improvements
- Finalize and type the office policy and procedures manual
- See your KLAS Solutions coach to order and install a computer system. Also order your bookkeeping system, patients records, stationary, business cards, prescription pads, and other office supplies
- Finalize your recruitment strategy and place advertisements for personnel
- Explore pharmacy options and make arrangements for pharmacy services needed
- Explore janitorial service options and make arrangements for services needed
- Finalize the purchase of all professional and business insurance
- Review available telephone systems with your KLAS Solutions coach
- Arrange for maintenance service
- Arrange for uniform and linen service or in-house laundering
- Join a local credit bureau
- Make credit card arrangements
- Complete an application for membership in your state Delta plan
- Decide to which specialists you will refer various patients
- Determine insurance certifications
1 Month Before Office Opening:
- Monitor the contractor’s progress on leasehold improvements
- Complete your fee schedule and payment policies
- Inventory supplies
- Complete installation of equipment
- Hire, orient, and train office personnel
- Complete IRS and other required forms for personnel
- Bond personnel
- Inspect all work done by contractors
- Test all equipment and systems
- Place office opening announcements in selected publications
- Design office opening announcement’s and decide where they will be placed and to whom they will be sent
- Arrange for the inspection of the office by required city or county officials
- Complete all loan/finance documentation from your lender
Office Opening Date:
- Send office opening announcements to selected individuals
- Open your office for business
- Monitor all systems
- Analyze all aspects of your practice and make modifications are needed
We hope that these points were helpful and/or a great reminder of things to do when opening a dental practice! As always, we are here to help. If there are areas you're unsure about or you just want more guidance, please contact us. We are here for you!
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