Mistakes to avoid for first-time dental practice buyers

On Behalf of | Nov 14, 2019 | Uncategorized

Dentistry can be a rewarding, fascinating and financially sound occupation. Once you graduate from dental school, you may want to buy your own practice. While this can be an exciting step in your career, there are some common mistakes you should be aware of.

Errors dentists often make when buying their first practice

These are some pitfalls you may want to avoid once you purchase:

  • Not getting endorsements from outgoing or retiring dentists: Often, the dentist who ran the practice before had a strong reputation with their patients. In some cases, if the departing dentist doesn’t voice their support for you as the new owner, you could lose some of their original patient base.
  • Increasing fees: After buying a practice, you may feel you need to increase costs in certain areas to keep it running. However, if you raise prices on certain services too high, this could cause some patients to complain or even leave.
  • Making too many changes too quickly: People don’t often enjoy change, especially if a dentist they know and trust is leaving the practice. If you decide to run the practice entirely on your own terms, patients might become upset. However, there are ways to develop rapport with patients over time and then make the changes you want after you’ve earned their respect.

Owning a practice can be rewarding

Running a dental practice can be a crowning achievement in your career, but it’s important to know what mistakes to avoid doing when starting. If you have concerns regarding managing a dental practice, an experienced dental law attorney can help answer any questions you may have.