If you are keen on having your dental practice, then you have two viable options. One is that you can start from scratch and build a new practice for yourself or you can buy an already established practice. Though many would like to start their practice from the very scratch, yet it is important to understand that buying a practice is much more convenient and beneficial in some ways.
Why buy a dental practice?
The advantages of taking over a dental practice are far too many to ignore:
Less investment – If you do not have a huge capital to back your efforts, you will have to turn to the banks and other financial institutions for a loan which could range somewhere in the range of $300,000 to $400,000. And since you have to repay the loan along with the steep interests, you should keep the amount as low as possible. Starting from new will require a lot more money than if you buy a medium range dental practice in a suitable area.
Ready-to-use facility – Unless you take over a dental clinic that has been left in a dilapidated condition due to lack of supervision or money, you can expect to find a practice that is not only organized and furnished for the best impression, but also has the necessary supplies, accessories and equipment that you will need to start your practice. Since the practice is already well equipped, there would be no need for you to spend money and effort in trying to buy dental equipment that you may need.
Patient base – If you are just starting your practice, acquiring a good patient base can be quite difficult. But not so, if you buy an already established practice. Buying a practice will also allow you to have access to patients who already frequent the facility. Even if you are not a newbie and have a practice of your own, by buying a dental practice, you will be to expand your patient base or add new services to your clinic.
Employees – Established practices will also have a good team running the facility. From receptionists to counselors to lab technicians, you will have your full team at your disposal. You needn’t put in advertisements and look for the right candidates for days on; they are already on the payroll.
Better location – It is quite possible that an established practice will be in a better location that is easily accessible for anyone as well as the patients, close to or in a major city or town and such. A better location can indeed bring in more patients, and if that’s in a city or an affluent locality, you will get better quality patients who would be ready to pay good prices for better and improved services.
So, if starting a dental practice is what you are looking for, then you may always consider buying a practice as a more convenient option than starting a brand new one.