Do you want to start your dental practice in a lightning speed of time? If so, I cannot promise you exactly those kinds of results.
However, I can direct you so you can launch your dental practice with less hassle. Naturally, you want to know how to start a dental practice that will be profitable and successful.
What you need to do next is to read the following information so you know how to begin.
Table Of Content
All you need to do is book a call to speak to us here: https://mollaeilaw.com/start.
Do Your Research
Because you don’t have a business background, you will need to perform some research. Starting your own practice makes you a business owner, so you need to think like one.
While you may have the skills and education to work as a dentist, you also need to know how to run your practice as a business.
Therefore, you need to know what it takes to begin a dental clinic or practice. Talk to colleagues who have their own practices and find out how they advertise and promote their services.
Ask them about some of the drawbacks and challenges. Performing research will help you know what to expect.
How to Start a Dental Practice that Will Increase Your Local Presence
By contacting a top business lawyer, you will learn how to start a dental practice that will increase your local presence and give you the edge you need to stay ahead the competition.
Start Your Dental Practice by Taking the Following Steps
Before you give me and my legal team a call, scan the 5 steps below to start your dental practice. Doing so will give you a better idea of what to expect.
1. Review Your Budget
Before you contact a lawyer and set up your practice as a professional corporation (P.C.), you need to review your budget. For example, if you are a dentist or doctor in California, you cannot set yourself up as an L.L.C. (limited liability company) or P.L.L.C. (professional limited liability company) because the law requires a higher standard from dentists or medical professionals.
Know Where You Will Get the Money when You Start Your Dental Practice
Most dental professionals, when they start a dental practice, do not realize that start-up costs can sometimes be substantial. For instance, costs can range upwards to $250,000. That kind of capital is difficult to access personally.
Therefore, you will need to seek funding, in most cases, from an outside source.
Don’t wait to seek financial help when you are scrambling to keep afloat with credit cards or loans from friends. Instead, establish a budget and monitor your daily operating expenses for the first several months.
You should also anticipate any unexpected expenses to ensure you have enough money on hand.
Figure Out How to Start a Dental Practice in Your Business Plan’s Outline
If you want to know how to start a dental practice and do so more easily, answer the following questions. Answer these questions to support your business plan.
- What services do I want to offer?
- Should I stick with general dentistry or provide specialty services?
- When should I expand?
- Should I hire an assistant right away, or wait for a while?
- Can I pay the debt build-up over a specific time, such as two years?
- What equipment should I include?
- Where should I set up my location?
- What is my market?
- What types of marketing should I use to stay in contact with my patients or to produce leads?
These are just some of the things that you should ask yourself when establishing your personal and professional goals. When your questions are answered, you can start working on your business plan.
2. Start Your Dental Practice after You Choose an Entity and Select a Location
Once you review your budget, you are ready to start your dental practice after you choose an entity and select a location. If you plan to form a professional corporation or P.C., you may want to form your corporation with a subchapter S designation to avoid double taxation.
Remember, in California, only dentists who are licensed in the state may own shares in a dental corporation or establish their business as a corporation or partnership.
The law is set up this way to prevent an unlicensed person from influencing a dentist’s professional judgment, or interfering with the dentist’s decisions. These decisions may include the number of patients a dentist sees per day, his or her daily work routine, the establishment of billing practices, or getting referrals.
Count on an Experienced Legal Professional When You Start Your Dental Practice
I can help with registering your dental business name, incorporating your practice, or establishing a dental partnership when you start your dental practice. You need to make sure everything is handled properly. Otherwise, you could place your license at risk.
You can always reach me or one of my legal staff anytime, day or night, online. Book a call to speak to us here: https://mollaeilaw.com/start.
How to Start Your Dental Practice as a Professional Corporation
Once you find a marketable location, you can start your dental practice as a professional corporation (P.C.). Because this entity is normally chosen, the steps below detail what you need to do to set everything in motion.
- When naming your corporation, you are limited to choosing the name or a surname of one of the current, future, or former shareholders. The name should include something about incorporation, such as the words, “Dental Corporation” or “P.C.”
- When articles of incorporation are drawn up, they must include the purpose of the corporation, such as “to engage in the practice of dentistry.” The articles should contain the name of the corporation, its business address, the name of the agent of service, and the number of authorized shares.
- The first Statement of Information should be filed within 90 days after the P.C. is registered with the Secretary of State (SOS). Subsequent statements of information must be filed yearly. The Statement of Information includes details about the officers and directors of the corporation, the agent of service contact information, and general activities of the business.
- To save on taxes, you should strongly consider setting up an S corporation, which helps you avoid the double taxation associated with a traditional corporation.
Remember – the location you choose can make you or break you. Make sure your choice of a location is one where dental care is needed, and is easily accessible.
3. Buy the Equipment
It may take time to choose all the items that you will need to operate your practice. You will need dental equipment, furniture, software products, and electronics. Research your choices online to receive the best prices and financing arrangements.
4. Plan for Screening and Hiring Your Dental Staff
Before you move into your new dental office, you should plan for the screening and hiring of your dental support team. Outside of salary, you will need to allocate funds for time-off, health insurance, and other employee incentives.
5. Manage the Legal Aspects of Your Practice
You can wait a long time to obtain approval for accepting private or government insurance. Therefore, you need to start handling any legal aspects long before you open your practice’s doors.
That is why you cannot waste any time contacting me for support. Email email@example.com today for all the details.
Some Questions to Ask before You Start Your Dental Practice
You also need to answer some key questions before you start your dental practice.
- Have you been properly licensed?
- Do you possess a national provider identifier number?
- Are you registered with the DEA (Drug Enforcement Agency) so you can write prescriptions?
- Do you know what you will need to do to comply with the local rules?
- How about state and federal tax registration? Have you obtained a tax identification number (TIN) for your business?
Types of Business Entities
You will find you have several business entities from which to choose. You can select one of the following:
- A traditional corporation, which uses the designation Inc.
- A professional corporation, noted as P.C.
- A limited liability company (LLC)
- A professional limited liability company (PLLC)
- A limited partnership (LP) or general partnership (GP)
- A limited liability partnership (LLP)
You will need to consult legally about which entity best represents you tax needs, management practices, and funding requirements. Each of the above entities have their drawbacks and advantages.
Therefore, it is important to review them carefully before deciding on what to do.
Why PLLCs are Popular Entities
Usually, most dentists, who work solo, find it easier to set their practice up as a professional limited liability company or a professional corporation. “Professional” recognizes your practice as being run by a professional, or a doctor, dentist, accountant, lawyer, or architect.
Basically, that is the main difference between using P.C. (professional corporation) and Inc. (corporation) or using LLC (limited liability company) and PLLC (professional liability company) for your business set-up.
Pass-through Taxation and Liability Protection
If you choose to set yourself up as a PLLC, you can enjoy pass-through taxation. This means that you won’t have to pay taxes on what your practice makes but what you receive in earnings.
Also, a PLLC protects your personal assets if your practice is sued.
Naming Your Dental Practice
When you do decide on how to set up your business, you will need to name it. To take this step, you will need to follow certain naming requirements. Again, I can assist you with this part of your practice’s set-up.
You can get all the details by emailing me at firstname.lastname@example.org.
What Happens Next?
As you can see, you cannot start your dental practice without relying on a top business attorney for help. That is why you need to contact me when establishing your dental clinic or office.
Contact me for guidance today. Email email@example.com for further information now.
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