You don’t have a background in dentistry. However, you want to open a dental clinic in your city since it’s profitable.
Why do you think this could be a wise decision? Let’s understand that with statistical data.
A single dental practice service has about 1,500 active patients. In 2022, the dental expenditure from such patients amounted to a whopping USD 165 billion. Moreover, the American dental service market was worth USD 154.96 billion in 2023. It’s also expected to grow at a 6.24% CAGR, reaching USD 254.09 in the next nine years.
With all this said, you’re still skeptical about whether a non-dentist can own such a practice. Technically, you can, but there are a few nuances you must consider.
In this blog post, we’ll share a few tips to help entrepreneurs without knowledge of dentistry open a clinic.
#1. Understand Dental Practice Ownership
Your ability to run a dental clinic will fall under the purview of your state’s definition of ‘ownership.’ Technically, you can have ownership of the physical building where the dental practice is being administered.
However, in America, only people with dental care professional experience and licenses are allowed to be sole owners of a dental practice. Non-dentists are not typically permitted to provide dental services of their own merit.
If you want to carry out business in dentistry, you must establish a partnership with a qualified individual or run a non-profit corporation. You can also open a dental clinic by being a shareholder. For example, the number of non-dentists should be equal to the number of medical professionals on the board.
Why do you think there are such strict regulations? It’s mostly because the government wants to reduce the risk of Medicaid fraud and ensure great customer service. To get all these sorted, it’s best to consult a lawyer before moving ahead with the ownership rights.
#2. Create a Business Plan
Once you’ve sorted out the legalities, it’s time to curate a plan. According to Investopedia, a business plan should outline the clinic’s goals and the strategies to achieve that vision and mission. About 45% of new companies will fail due to not having a business plan or their inability to research the market.
Do you want to avoid that from happening? Then, non-dentists must ask themselves questions like:
- What’s your idea of business growth?
- Where do you want to see your dentist clinic in the next few years?
- What kind of services do you want to offer?
Based on them, you can analyze the target market and perform a competitive analysis. It will give you an idea about the local patient demographics and demand among competitors.
Remember to also analyze the existing dental clinics in your area to identify opportunities and gaps in services. Doing so will help you understand what patients want and set goals for your clinic.
You can create a strategy for success based on financial projections and operational plans. This way, entrepreneurs without dentistry knowledge can tailor their services to develop a unique value proposition, find the right location, and meet patient needs.
#3. Get Dental Supplies
Once you’ve selected the location and registered the company, it’s time to get started. First, you’ll need industry-grade dental supplies online or offline, depending on your scope of purchase. Many people prefer online shopping because they can access reputable suppliers, compare prices, and get good customer service.
Dental supplies, when bought online, can be convenient because of the reliable delivery options and better discounts. But remember to check the reviews of the supplier to ensure they meet industry standards.
The dental equipment market is expected to grow at a 6.3% CAGR between 2024 and 2030. That means there are thousands of products to choose from. Ideally, an entrepreneur without dentistry knowledge should invest in the following:
- Diagnostic tools
- Treatment instruments
- Sterilization equipment
- Dental materials
Another thing that’s important to have is dental gloves. According to Curio Dental, clinics must have all types of dental gloves to protect their dentists, patients, and nurses from infection or cross-contamination. The most common ones include nitrile, vinyl, and latex gloves.
#4. Hire Qualified Dentists
IBISWorld reports America housed 181,469 dentist businesses in 2023. During that year, nearly 202,304 professionally active dentists offered their services. That means there are 60.4 dentists for every 100,000 Americans.
That’s why finding the right doctors for your clinic can be challenging in this competitive landscape. As an entrepreneur without medical knowledge, you wouldn’t know what to look for.
Thankfully, your business partner (who’s got the dentistry knowledge) will ask you to find qualified doctors who have the following:
- Appropriate certifications, accreditation, and licenses
- A proven and strong educational background
You must conduct interviews to assess their experience, abilities, and clinical skills. Remember to consider their specialties and analyze where they align with your clinic’s goals. Apart from these, check for reviews about their track record and reputation for high-quality care.
Did you know that offering competitive salaries can also attract top talent? In 2022, dentists made a median salary of USD 155,040. Hence, you should offer something similar to retain skilled professionals. Doing this will enhance patient satisfaction and skyrocket your clinic’s credibility.
All in all, opening a dental clinic requires careful consideration, proper planning, and strategic execution. These are especially important when you don’t have medical knowledge.
As mentioned in this blog post, you must understand the legalities behind ownership before starting to craft a detailed business plan. Once everything is sorted, you can conduct market research to lay the foundation of your dental clinic. When that’s done, it’s time to get dental supplies and hire qualified professionals to offer a positive patient experience.