No business is “accidentally” successful, and the same can be said for dental practices. Forming your own practice is a substantial professional step, so it is vital that you understand the steps you need to complete for your business to grow.
Your Team Matters
Every practice needs a committed team of experienced and passionate professionals to do the months of work before the doors are open. You should partner with other dentists, practice management experts and advisors, like those at APEX Reimbursement Specialists. Assembling a diverse team of experts will ensure you don’t skip any steps when starting your dental practice.
You Need the Right Business Plan
Once you have a team of experts to guide and assist you, you should develop a strategic business plan. Everything should be taken into account, including your revenue projections and the demographics of the patients you will be serving. Since your business plan is a vital portion of securing lender funding, it’s important to take your time.
Your Dental Team Will Dictate Your Success
While the team of dentists working at your practice won’t be the only reason for your success or failure, studies have shown that 85% of a dental practice’s success is based on the dental team’s ability to meet the human needs of their patients, while only 15% rests on technical ability. A high-performing team should consist of skilled and compassionate dentists who can exceed patient expectations.
You Must Pay Attention to Your Numbers
At APEX Reimbursement Specialists, we assist dental practice of every size in increasing their revenues and PPO reimbursement rates. If you start out with a trusted and experienced partner who can secure preferred reimbursement rates, you will be much more likely to succeed financially. Instead of leaving money on the table with every cleaning you perform, you’ll experience better cash flow and higher patient satisfaction levels.
If you want to learn more about how APEX Reimbursement Specialists can help your dental practice start off on the right financial foot, contact our team today by calling (410) 710-6005. We look forward to working with you to make your practice a more profitable place.