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Grow Your Dental Practice by Adding a Specialty

Adding a Dental SpecialtyAre you referring a lot of work to a specialist in your area? Perhaps to a periodontist or an endodontist? While you may be building great relationships with other dental professionals in your area, how would you like to keep some of that revenue in your practice?

Adding a specialty or two may already be part of your dental practice plan. Sure, there are many considerations you need to evaluate, but under the right conditions, it may be a great move for you to grow your dental practice.

What if you found someone that could perform specialty services in your office for one day a week? Clearly, this arrangement would only work if your practice is referring out enough of this work. But there are more and more dentists willing and wanting to work part-time. If you set it up right, it can be a win-win for both of you. But how do you even begin to start this kind of process?

 Consider the following when thinking about adding a dental specialist:

  1. Ensure you can keep a specialist busy at a minimum of one day a week. The specialist will most likely want a minimum daily fee for the day. You can tie it into a production model too, along with the minimum fee.
  2. Work with an attorney who has experience with dental practice planning to draw up a contract that states working hours, confidentiality with your practice, payment for services, and so on. I don’t recommend going this alone.
  3. Inform your malpractice carrier about what your plans are as you will need to discuss the details of the arrangement with them. They will also have some cautions and ideas for you that you will want to follow.
  4. Ensure your staff properly knows how to handle assisting the specialist and knows exactly what the arrangement is with the new specialist in your office. They need to communicate to your patients and the public that the specialist is now part of your practice’s services.

While adding a dental specialist to your practice can be profitable for you, it is also possible that you may hurt some relationships in your local dental community. On the flip side, you may also build some relationships. Make sure that the specialist you bring into your practice treats your patients the way you treat your patients. Do your homework on the individual and take your time to get to know them. Plan to have several meetings if it is someone that you are not totally familiar with.

Advice from Ohio Dental Accountants

As with any new undertaking, it’s important for you to receive input from your staff leadership, other dentists, and other professionals—including accountants. If you’re looking to venture into this new territory, or need assistance with other practice planning issues, contact Rea & Associates. Our Bright Dental CPAs can meet with you to discuss setting up this type of arrangement.

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Networking Helps New Dentists Launch A New Practice

Networking Helps New Dentists Launch A New Practice

We’ve all dreamed about what we would grow up to be someday. For some of you it may have been a professional baseball player. Others may have dreamed of becoming the President of the United States. And then there are those of you who may have only dreamed of one day becoming a dentist. Whatever the dream was, I’m sure we didn’t think through all of the steps that we would need to take to get to our dream.

dental networkingPerhaps you have just started dental school, or maybe you’re preparing to graduate soon. Wherever you’re at in your schooling, it’s important for you to start your dental career planning now. The key is to establish your professional network. And fellow dentists shouldn’t be the only group in your network. You’ll find quickly that you will need an attorney, accountant, investment advisor and insurance agent. These individuals can help you build a successful dental practice.

Developing a Team of Dental Advisors

Here are a few tips that can help you find the right professionals to join your team:

  • Take time meet with other professionals. Meeting face-to-face is a great way to get to know someone better. You’ll want to work with someone whose opinion you trust and someone you like. Take a lunch hour and actually sit down with someone and I bet you get to know them more than you will by reading their bio.
  • Get to know several professionals in various industries. If you took the time to meet a couple professionals in a variety of different industries each month, just imagine the knowledge you’ll gain about running dental career planning.  And make sure when you meet with someone, ask them if there is anyone else who might be good for you to talk with.
  • Research and peruse publications and websites that these professionals read and contribute to. You’ll be amazed at the insight you can get from these outlets.

Getting Started

So, how do you get started networking with attorneys, dental CPAs, investment advisors and insurance agents? Let me give you a little story about how I found my first and only career desk. I was given the name of the firm because it was nearby. So, instead of typing a letter (that I knew wouldn’t get a lot of attention), I found the address and walked into the conference room and asked if I could talk to someone. Fortunately for me, it worked.  However, it might not work for everyone. But it doesn’t hurt to try.  If you can’t go there in person, just pick up the phone and ask them to lunch.

New Dentist Help

If you’re looking to get a head start in your dental career, start planning and networking now. Still not sure where to start? Contact Rea & Associates. Our Bright Dental CPAs can provide you with ideas and guidance for how to get started in building a successful dental practice.

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Rea & Associates, Inc. | Bright Dental CPAs | 7201 Center St, Mentor, Ohio 44060-4858
phone + 440-266-0077