Striking out on your own is never an easy endeavor. When it comes to a professional practice, even more is often at stake. Starting your own dental practice can be a great way to take the next step in growing your career. However, although dental practices have a relatively low rate of failure, there are a few essential steps to getting started on the right footing.
Choosing the right legal structure
Dentists in California can practice in a sole proprietorship or dental partnership, or they can organize as a professional corporation. In a professional corporation, a group of people rendering professional services in a single profession can work together under one registration. A professional corporation provides several benefits, including limited personal liability. An attorney experienced in dental law can help dental professionals decide which structure is best suited to their needs.
Starting a dental practice from scratch is rarely cheap. In many cases, startup costs exceed $250,000 – with about a third of the price going to equipment. Luckily, there are lenders who specifically work with dental professionals who understand their goals and can help them obtain the funds necessary to begin their practice.
Licensing should be a priority early in the process. In some cases, licenses or registrations can take several months. Dental professionals need state-specific licensing as well as national provider identification numbers and registration with the DEA.
Navigating the process of starting a dental practice may not be easy, but other professionals can do the heavy lifting for you. By working with an attorney who understands the dental profession, you can save yourself many headaches down the line.