Did you know, according to the Bureau of Labor Statistics, an orthodontist gets a yearly salary of $226,000 per year in practice? Undoubtedly, it is a financially profitable profession, with orthodontics frequently placed among the highest-paying careers in the United States. Many orthodontic students begin their careers by working as associates. Eventually, some of them go on to own or co-own a practice, which allows them to have greater influence over their professional and financial futures.
However, since most orthodontists are not business owners, the prospect of starting a private practice might be intimidating. If you find yourself in the same boat, here’s what you should know.
Make a Plan—And Then Another Plan
Planning and preparation are vital, but it’s also important to understand that nothing ever goes exactly as planned the first time, or even the second or third time around. You can put in the effort to consider every possible scenario, yet something might, and most likely will, go wrong. Therefore, it is critical not to get caught up in the minor details.
The best thing to do when starting an orthodontic practice is have a backup plan and a backup plan for the backup plan. This doesn’t mean you’re planning for total failure, but if one thing were to go wrong from plan A, you always have that particular part of plan B that you can rely on.
Document Everything to Become Legally Equipped
Of course, it is necessary to be physically and financially capable of taking on the challenge, but it is much more important to be legally prepared. Following your decision to pursue your lifelong ambition of owning an orthodontic practice, it is time to begin the necessary paperwork. The license requirements will vary depending on your area; for example, in some states, you may be required to acquire bond insurance before even filing for your business license.
Examine your country or state’s business programs and compile a list of the documents you’ll need to start a business from scratch. Once you acquire and receive your license and registration documents, submit tax IDs for your company.
Make sure you give yourself plenty of time to complete this procedure, which could take anywhere from six months to a full year, to make it as stress-free as possible.
Finally, consult with a legal professional to ensure that you meet all requirements.
Carefully Analyze the Demographic
Orthodontics is a broad field that includes patients of various ages and backgrounds. It’s tempting to provide a wide range of options, but doing so is not financially practical when you’re just getting started. Start with one or two treatments, and as your practice grows, keep adding services. Examine the geographic location of your clinic to decide what treatments to provide. For example, if your practice is located near a school, it would make sense to concentrate on treatments for children.
Spend some time getting to know the area and its people, paying particular attention to the community’s needs and the support structures in place.
Establish long-term ties with your community’s Chamber of Commerce or City Council to help your patients and your practice well into the future. Formulate a strategy to fulfill the demands of the surrounding community while maintaining the cohesiveness of the patient group that exists now.
Stock Up On All Necessary Equipment
When starting an orthodontic practice, there’s a lot of work that goes on behind the scenes, from arranging funding to acquiring equipment and stocking supplies. You may be feeling nervous, excited, or thrilled, but then there’s the headache of dealing with the hassle of obtaining all of the equipment and tools you require. Don’t worry; we’ve done the legwork for you.
|A Dry Heat Sterilizer||☐|
|Utility and Hygiene Trays||☐|
|Heat Sterilization Nylon Bags||☐|
|Ultrasonic Cleaner Concentrate||☐|
|Intro Cleaning Kits||☐|
|Barrier Tube Socks||☐|
|Patient Care Kits||☐|
|Philips HeartStart Defibrillator||☐|
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Build Your Staff
The people who work in orthodontics or a medical office make all the difference. To ensure the success of your practice, you must put together a team of qualified specialists. Make sure your personnel are the best in the business from top to bottom.
Take your time during the hiring process to ensure that you hire the top candidates. Ultimately, you will find that it is well worth the effort, and you will save money in the long run by not having to spend money on re-training.
From regular minimal care to top-of-the-line state-of-the-art services, we all know how expensive orthodontic care can be. However, being an orthodontist, you need to be completely prepared ahead of time to know exactly what your budget will look like. A common rule to remember is that you shouldn’t anticipate making a profit for at least the first five years of operation.
Orthodontists are notorious for demanding high prices, but charging too much from the start won’t help you get any new customers. Therefore, the failure to design your budget with realistic goals in mind could significantly hinder the long-term success of your practice.
Grow Via the Art of Marketing
Find a marketing partner that can relieve you of the stress of running a business by concentrating on publicizing the new practice, for example, ensuring it is listed on Google Maps. Your marketing partner can also take care of the finer elements, such as email marketing, social media advertising, and leveraging your community presence to make you more visible to prospective patients and referral sources. This might be really beneficial for an orthodontist who has a lot on their plate.
The Final Cut
If you’ve been considering starting your own orthodontic clinic, the prospect of taking the initial steps toward establishing your practice can be intimidating at first. However, by simplifying your business checklist and focusing on the most important areas, you can be on your way to acquiring new clients and increasing sales in no time.
So, what are you waiting for? Join one of the most rewarding careers and bring a smile to people’s faces.