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Should You Lease or Own Your Dental Practice Building?

If you’ve decided to own a dental practice, there are lots of things to be mindful of to be successful beyond the day to day operations. Your time, money and other resources need to be spent on marketing, effective management techniques, and bookkeeping. In addition to all of these, you also need to factor the whereabouts of the physical location of your business. And with that comes the need to think about what your plans are for your practice for both the long and short term.

Do you want to have more flexibility for the physical location of your practice? Do you have access to funds for a down payment and mortgage for your practice space, if desired? These types of questions can help you hone in on the more practical option for your business needs and goals.

And these questions lead to a very important one.

Should you own or lease the office space for your dental practice?

 

PROS OF LEASING

Leasing is essentially the same thing as renting your office space. If location is of utmost importance to you, leasing allows you to have more flexibility than owning real estate. There’s a higher likelihood of being able to find short term leases, for example, if that’s something you feel you need. In many cases, leasing gives you more options in terms of property locations. Finally, you won’t need to have a large amount of capital to invest in real estate property if you decide to lease.

 

CONS OF LEASING

If you’ve had experience with renting at all, you know that one of the biggest drawbacks is that rental rates consistently increase over time. If you’d like your dental practice to remain in the same location for the long haul, signing onto a long-term lease might not be in your best interest. You also don’t get the benefits of property ownership, namely equity value and tax advantages, if you lease your office space.

 

PROS OF OWNING

Real estate ownership offers many advantages and benefits in general, and the same is true if you want to purchase property for your dental practice.  Some of the most compelling benefits are flexibility in controlling location and any future expansion projects, the ability to build equity as you pay down the financial terms, and to eventually earn a return on your investment.

 

CONS OF OWNING

In contrast, owning your dental practice location requires a significant amount of upfront capital. As a property owner, you would also be responsible for any upkeep and maintenance, including fronting the cost for any property-related damages. These responsibilities can take away from other tasks necessary to growing and sustaining your practice,like marketing, staff management, and accounting.

The decision to lease or own your dental practice property is based on a combination of your personal and business needs. It’s good to think through all of your options with either choice.

 

WONDERING WHERE TO BEGIN?

Are you just starting out with your practice? Sign up for Dr. Coughlin’s program that details the principles of success to learn what it takes to have a successful, thriving dental practice!

Do Your Potential Patients Know Your Dental Practice Exists?

Effective marketing can mean the difference between a successful, thriving business and one that’s just barely making ends meet. A clear, consistent marketing plan attracts the right customers, at the right time, in the right location. If they have a good experience, these patients then share your practice with others, come back for dental services, and the cycle continues. If this happens regularly, you’re likely to have a thriving dental practice. But what happens if you don’t reach these target customers?

They don’t discover your business, so they go elsewhere. And you (and your practice) suffer for it.

Luckily, there are some surefire ways to market your business, and are well worth it because of the return on investment (ROI). Interested to know if you’re taking advantage of these effective marketing channels for your business? Read on.

 

LIST YOUR PRACTICE ON GOOGLE MY BUSINESS

If you haven’t listed your business on Google, you’re missing out on a huge opportunity. Customers who search for dental practices typically are from your local community. And because they’re already searching for dentists on Google, you’ll be able to see what brings your patients to your door. That information alone is beyond valuable.

 

GET IN TOUCH WITH YOUR LOCAL CHAMBER OF COMMERCE

Have you joined your Local Chamber of Commerce yet? Since most dental practices are based locally, this marketing strategy is a great choice for you. Once a member, most local chamber chapters give you the option to list your business in their main directory. You can also participate in networking and other organized events throughout the year for additional community exposure.

 

BE ACTIVE ON SOCIAL MEDIA

Social media remains an effective and popular marketing channel for many businesses. In today’s fast-paced digital world, social media provides a way for you to keep up with your customer’s demands, expectations, and desires easily. Customer service usage options abound. You can even create targeted ads to reach your patients that perhaps may not have found you otherwise.

 

CREATE EMAIL MARKETING CAMPAIGNS

While social media is great, don’t forget about tried-and-true marketing strategies like email marketing and direct mail. Did you know that a recent study showed that 99% of Americans check their email at least once a day? That’s a lot of potential eyes on your content. If you haven’t built an email list for your dental practice, start today. Email marketing can be particularly helpful for retaining current patients, which can end up being more lucrative to you and your business than acquiring new patients alone. Try sending a monthly email newsletter or put together an email drip campaign that provides recipients with valuable information.

 

INVEST IN DIRECT MAIL ADVERTISING COLLATERAL

Finally, direct mail marketing collateral can be an effective way to market your business, particularly if you target patients in and around your physical practice. Send out a basic flyer with an introductory offer or collaborate with other local businesses to cross-promote your services.

 

WANT MORE GUIDANCE?

It can be time-consuming and frustrating to try and figure out the most effective way to market your particular dental practice. If you want personalized guidance by a fellow dentist and dental practice owner that’s been there, contact Dr. Coughlin today. We will help you find the right marketing approach that’s based on your specific ideal target audience that effectively meets your business goals.

 

 

Benefits to Owning a Dental Practice

The decision to open your own dental practice versus working as an associate at a larger managed organization is one that only you can make. However, if you’ve never thought about owning your own dental practice, there are benefits to it that you just can’t get as a dental associate. 

Take the time to weigh the pros and cons of each option to make the best decision for you and your desired lifestyle. 

Interested in opening your own dental practice? Here are some benefits of taking that entrepreneurial step. 

 

FREEDOM TO OPERATE AS YOU WOULD LIKE

Unlike managed organizations, if you own a dental practice, you’re free to run operations as you see fit. Practically speaking, this means that you call the shots of what goes on in the office; there are no middlemen making decisions for you. Even decisions like benefits for your team or customer service guidelines are in your hands. If you like the idea of truly being your own boss and enjoy detailed work, owning your own dental practice is a good option to consider.

 

MAINTAIN YOUR IDEAL ENVIRONMENT AND TEAM

A key benefit of owning a dental practice is the degree of control you have over the environment and team choices in the office. Instead of being forced to work with what you have, you can decorate the practice to your preferences. You can also hire employees that you have a personal connection with who may not otherwise be chosen in a larger organization. Because a dental office’s environment can play a big part in overall patient satisfaction, keep this in mind in the process of deciding what career path to take. If you value the ability to express your own individuality in the workplace, owning a practice could be a great fit.

 

SCHEDULE/FLEXIBILITY

Time: none of us seem to have enough of it, and busy dentists are no different, regardless of where they work. However, if you’re a practice owner, you ultimately get to decide the hours and schedule you want to work. Of course, dental practices are businesses. Things don’t always work out the way they should on paper – something inevitably always comes up at the end of the day. But the fact of the matter is that you still have the ability to choose and regulate the hours of your practice versus being forced to adhere to a set schedule each week. This kind of flexibility is appealing to many dentists.

 

WEAR MANY HATS

As an owner of a dental practice, you’re able to do far more than just interact with patients. You’re the decision-maker for the marketing, accounting, stability, and growth of your business – which means you wear a lot of hats. If you’re excited by the challenge of operating several different projects at once and get bored with performing repetitious tasks easily, owning a dental practice is right up your alley. At any given time, there’s always a different project to work on. Overall, your role as a business owner can be very administratively focused, especially when compared to an associate dentist in a managed dental organization.

 

FINANCIAL BENEFITS

Finally, owning your own business gives you significant financial benefits. Instead of working as an associate for someone else, you’re able to build wealth for yourself. There are also tax benefits to running a dental practice. Take advantage of the savings from writing off business-related expenses to maximize your financial gain.

 

WANT TO OPEN YOUR OWN DENTAL PRACTICE?

If you’ve decided to open your own dental practice, that’s great! Contact us today and let us help you grow and develop your business into a reputable and successful dental practice in your community. 

 

Top Customer Service Tips for Dentists

Did you know that in today’s day and age, in many cases, dental providers may be employed by a large corporation and the dentist may not have any ownership in the company? This can lead to patients feeling they are not important and are just a number in the office. That is not only bad for the patient but also for the corporation. The top priority in every dental officeshould be seeing customers smile. One because they’re proud of their teeth, and two because they’re happy with their dentist.

Chances are, there are plenty of dentists to choose from in your area. So what makes patients pick their dental practice and stick with it? It’s not just how you treat their teeth, but how you treat them altogether. Yes, to run a successful dental practice isn’t just about how you handle dental procedures, but how you serve your patients in all the other aspects. Your attitude and atmosphere can go a long way.

Customer service is key in setting you apart from your competitors. And in this day and age, with the ease of social sharing and online reviews, it’s really important. So, you might be wondering the best ways to make an impact on your patients and keep them coming back. These five easy tips will help get your patients passing along their good experiences, giving you free referrals and recommendations.

  1. Remember your manners.

It’s free and easy, and quite possibly the most important: make your patients feel valued! Sure you’re busy, but don’t let them know it. Give your patients all the patience you can and don’t make them feel rushed. Talk to them about their concerns and explain procedures in detail in a way they can understand everything in easy terms.

  1. Create a culture of top-notch customer care.

Create a standard for your team to live up to everyday, with every patient. Make sure your staff is genuine and observant. Be sure they welcome patients as soon as they walk in and that they’re overly-pleasant every time they pick up the phone. Remind them to pay customers compliments and to converse with them like they’re a friend.

  1. Go above and beyond.

Anybody can give out a free toothbrush. Go for the gold vs. the ordinarydental officeexperience. Pass out gift cards if they have to wait a while. Offer incentives for referrals. Provide special toys or trinkets for kids.  And when you have an unhappy patient, make things right, right away. Actually listen to their complaints and work to resolve the problem.

  1. Give patients a positive experience.

Many people hate going to the dentist. But offering an office that feels welcoming and refreshing can make all the difference. Create a space they feel comfortable, whether it’s bringing a comfy couch into the front area or playing soothing music while they wait.

Oh, and don’t make them wait long. A good rule of customer service is making people feel like they’re a priority, and making them wait for you does the opposite of that.

  1. Keep a clean space.

Having a dental officeobviously means keeping your clinical areas hygienic. But making sure the other areas are clean can be just as important. What’s the waiting area look like from the patient’s perspective? How does the parking lot look? Is your receptionist’s desk cluttered with paperwork? Are your restrooms tidy?

No matter how good you are at what you do, customer service can make or break your practice. Having a friendly staff and a caring team can take your dental officeto a whole new level. The best way to get referrals and grow your practice is by fostering a patient-focused culture. After all, they’re the reason you’re in business! Learn more about what you can do as a  dentistto grow your practice with this program created to help improve the customer care you provide.

 

Podcast: When is Enough…Enough?

The entire Dental profession realizes approximately 5,000 dentists will be graduating in the next few weeks and entering into the market force. Most of these young men and women will have very little clinical experience, but some wonderful educational background. The vast majority of these individuals will be bypassing specialty programs, bypassing residency programs, and going directly into the dental market or job and career areas. The question is: When is enough is enough?

Today the incredible debt of private education and the downward forces from insurance companies and DSO’s and MSO’s make it extremely difficult for these individuals to make it in the real market place. I would strongly recommend negotiating your best contract but be realistic in what you ask for.

My personal opinion is in those first 12 to 24 months focus on education training, development of process and procedures, and make sure you have a mentor in the practice that can work you through the difficulties that all of us, as dentists, deal with when we first start our career.