If you’re looking to buy a dental practice, it can be a daunting task to find one that meets your needs and expectations. It’s important to take the time to research and understand what factors are most important when selecting a dental practice that fits with your goals. Here are a few tips on what to look for when buying a dental practice.
Location, Location, Location
Location is key when it comes to finding the right dental practice. Locating the right dental practice can be a daunting task. When considering purchasing a practice, it is important to factor in location. For example, areas with a larger population will likely have more potential to refer patients for a consultation. Dental professionals have a better chance of establishing their practice in places that have large numbers of children or family in the area. Those areas are more likely to have patients in need of your treatment and oral health maintenance with regular appointments. Furthermore, urban areas tend to provide a more competitive and vibrant atmosphere for dentistry and dental practices. Looking into local demographics and studying the surrounding community are also essential steps in choosing the perfect location for your future business. A successful dental practice relies on finding an environment that offers both convenience and growth potential for new patients.
Equipment & Supplies
When buying a dental practice, it’s important to remember that the equipment and supplies are just as vital as the dental office space, personnel, and infrastructure. In your visits to potential dental practices, check that all equipment is up to date and functioning properly. Don’t be afraid to question the facility management about how often they replace and upgrade their equipment – you want your new practice to have tools that are capable of efficiently performing dental procedures to treat your patients!
Make sure they also have an adequate selection of supplies like tools, x-rays sterilizers, etc,. All of these components will trickle down into patient experience and show that you are committed to providing high quality care.
Staffing & Patients
You will also want to investigate staffing levels and patient numbers at any prospective dental practice. Make sure that there are enough dental team members on hand—including hygienists, technicians, receptionists—who can provide quality dental care with your licensed dentists and maintain efficient operations. Also, looking into their experience levels and job roles can provide great understanding with how they work together as a team. Finding out what motivated them to join this particular dental practice can also be beneficial in interviewing new candidates who may fit that mold.
When looking at the current patient list, review their age range, geography, payment history, and visit frequency. Having a strong base of regular patients is critical to the future success of your business. Additionally, look into the number of active patients in dental practices in your potential area or surrounding areas; this will give you an idea of how much business they can bring in each month. With careful consideration to both staffing and patients at play when buying a dental practice, you will be confident that your decision made is being backed by sound research and appropriate data points.
Buying a dental practice requires careful consideration of several elements in order to make an informed decision about which one is best for you. Take into account location, equipment/supplies available, staffing levels, as well as patient numbers when evaluating potential practices so you can make an educated decision about which one is right for you! With these tips in mind, we hope your search for the perfect dental practice is smooth sailing. If you need help buying your next dental practice, contact the team at Dental Systems Optimization!
