Gone are the days of one-owner dental practices. These days, owning a small group practice requires an increase in managerial responsibilities that private practices don’t often face. Here’s how the economies of scale and benefits of “grouping up” can be worth it from financial and logistical perspectives.
Create a business plan
Sure, owning a dental practice is typically a lucrative career choice, but putting together a business development plan or clear direction for growth is a must, including assembling a proper team of advisors. Putting the right foot forward includes having one person who has complete oversight over all offices and office managers so that they can monitor performance on a daily, weekly, monthly, and annual basis.
Develop uniform practice operations
Treat your small group practice like a franchise by making operations across practices uniform to maximize productivity. Otherwise, profitability and performance will suffer if each practice is operating under radically different standards and measures for success.
Design a desirable compensation plan
Compensation plans must be built with growth in mind so they are sustainable and maintainable for the duration of employment and are consistent across the board. A well-thought-out plan includes associates who go on to become partners at a practice, among others.
What’s next?
Contact the experts at Professional Transition Strategies for more guidance on how to set your small group dental practice up for success.