3 business essentials for managing a growing dental practice

On Behalf of | Mar 13, 2023 | Dentistry

People often think of dentistry as an incredibly lucrative profession, but it takes a lot to become a successful dentist. Professionals invest tens of thousands of dollars in their education and then need to either join or establish a practice once they have their license.

Running an individual dental practice requires building up a patient base and investing substantially in company infrastructure. The sheer scope of obligations can become overwhelming for those who are hoping to build a private dental practice or expand an existing practice.

Exactly what investments dental professionals need to make can vary substantially from case to case, but certain considerations affect operations at almost all successful dental practices. Proper written contracts in three areas can help those planning to start a dental practice.

1. Employment agreements

Dentists will typically need to hire at the very least hygienists and office workers to help manage their practice. Each of those employees is a source of risk for the practice. The business will need to have employment contracts that protect them from liability and clarify their expectations for their workers.

2. Client agreements

Dental practices often find themselves in an awkward position where they need to collect payment for unpaid invoices from their clients. There are many limitations to dental insurance coverage, including lengthy waiting periods at the beginning of coverage where people don’t receive benefits at all and annual caps on how much the insurance provider will pay.

People sometimes undergo dental care assuming they will have minimal out-of-pocket expenses and then end up responsible for thousands in treatment costs. Practices need to have appropriate agreements with their clients that empower them to take the right collection steps and minimize their liability for mistakes and poor outcomes.

3. Leases for office space and equipment

Dentists need to have appropriate professional spaces and very expensive equipment, including dental tools and motorized chairs. Lease terms are often unfavorable for the people taking on the financial obligation unless they negotiate with the financial company.

When a dentist who is starting or hoping to grow a professional practice has an attorney assisting them, it tends to be much easier for them to avoid common mistakes during the transition process. Accordingly, consulting with an attorney about a dental practice or other new business endeavors can benefit those who want to start or grow an organization.