Growing your business can mean a variety of things. While it might sometimes look like adding more services to your current practice, it could also mean deciding to expand to two dental practices. Taking on a second set of patients, hiring new staff, and investing in new equipment is a big decision that shouldn’t be made lightly. What are some of the things that you should consider when contemplating expansion?

Why Are You Expanding?

First, you should consider the reasons why you want to expand to two dental practices. Are you suffering from too many patients and not enough space to see all of them? Do you have effective systems in place that will make it easy to expand to a new space? Are you interested in helping serve an underserved patient base further away from your current location that needs your services? Your motivation is key to ensuring that you have the foundation for expansion. 

Where Will You Be?

For all that technology has done for us, it still doesn’t allow us to be in two places at once. If you’re going to expand to two dental practices, you need to decide if you are going to add another business partner, hire additional dentists, or have one practice open some days and the second practice open the remaining days. Even if you do work at both practices every week, you’re still going to need to have a skilled staff member who can take care of the little fires that pop up every day that need to be taken care of.

What’s Your Plan?

Before you decide to expand to two dental practices, you should also consider if you’re truly ready with a business plan in hand. Work with a trusted partner to evaluate your current finances, go through your existing processes, and develop a plan that will ensure success in your new venture. Professional business coaches and consultants can help you prepare not only for purchasing a second practice but also for potential problems that might arise.

Additionally, you should carefully walk through all of the risks of choosing to expand to two dental practices. While you might be able to get great outcomes on every level, you could also end up with twice the effort, twice the fires to put out, twice the time spent, and twice the money to spend. Proper preparation can ensure that you don’t end up making a bad business decision.

Improve Your Dental Practice with APEX Reimbursement Specialists

Whether you’re looking for a way to make the insurance verification process easier or hoping to improve your overall patient communication plan, APEX Reimbursement Specialists is here to help. Contact our team today by calling (410) 710-6005. We look forward to working with you to make your practice a more profitable place.