5 Problems to Avoid When Starting a Medical Practice

Five Common Problems to AvoidWhen starting a Dental or Optometric Practice

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Starting a dental or optometric practice is challenging, and at times, completely overwhelming.We want to briefly outline five common problems to avoid.

Not accurately evaluating location.

1

Questions you should keep in mind:

1. Are there other practices nearby that offer similar services?

2. What does the demographic data reflect? Is the area composed mainly of retirees? College students? Young families?

3. Does your practice have room to grow, or are you restricted by building or zoning codes?

Questions you should keep in mind:

4. What is the total population of the area? Is it growing?5. Is the practice easily visible and accessible from a major roadway?

For an example of what a solid demographic analysis may entail, click here.

MAIN IDEAReal estate professionals preach “location, location, location” for a

reason:It is vital to have a thorough

understanding of the area in which you wish to locate long before you open the doors to your practice.

Failure to plan for future growth.

2

In a competitive marketplace, determining

your practice’s future success depends upon

having clear goals in mind from the very beginning.

Working with a marketing team contributes to brand

development and extends the value of the practice. Realize

that in order to remain profitable, a business must

continue to expand.

Not knowing what you don’t know.

3

It’s often more efficient to work with a firm that

specializes in providing expertise in a variety of business-specific areas.

● Creating a solid business plan for future growth, including brand development and budgeting

● Insurance credentialing● Market analysis

Such as:

● Return on investment (ROI) measurements

● Financial information, including establishing accounting architecture

● Aligning lenders and lending programs

MAIN IDEAThe key to starting an effective

and successful practice is an understanding of where you need

assistance and where it makes economic sense to outsource.

Failure to invest in employees.

4

With the myriad of legal and financial documents involved in starting a dental or optometric practice, it can be easy to overlook one of the most important investments for your business: your employees.

Make sure that your team:

▪ Is comprised of effective communicators. Solid communication skills foster efficiency.

▪ Is trustworthy.

● Has received extensive training. A well-trained team will provide more consistent, high-quality customer service.

● Has a strong commitment and worth ethic.

Make sure that your team:

▪ Feels valued: employees who have high job satisfaction rates tend to be more positive in their interactions with patients.

▪ Works with you to set clear, specific goals for the practice.

● Shares your vision and goals for the practice.

Forgetting your first love.

5

Did you become a dentist to look at spreadsheets? Was your vision of becoming an optometrist linked to project management checklists?

From visiting a potential site to selecting lenders to negotiating contracts, it is easy to become overwhelmed by the details and fail to see the larger picture.

01 Don’t lose sight of the reason you wanted to start your practice in the first place.

02 Consider outsourcing projects to firms who may have greater expertise.

03 Concentrate on the bigger picture: where do you see your business in 5 years? In 10 years?

04 Don’t spend your valuable time trying to become an expert in everything.

Starting your practice will be one of the most rewarding things you

have ever done.Embrace this exciting adventure by solidifying your practice philosophy

and communicate it to all those involved in this venture.

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