Purchasing a dental practice is a huge investment, but the rewards are immense. According to Small Business Trends, offices of dentists have an average net profit margin of 14.8 percent, a number that indicates steady growth and profits. From revenue control to an experienced staff, these are the main benefits of buying a dental practice.
Control over revenue
With ownership comes an increased amount of control. Specifically, owners will be able to enjoy revenue control. Wherever your vision and passions lie, you have the authority to make it a reality. For those with big dreams for their practice, skillful use of the revenue can help those aspirations come to life.
Roster of existing patients
There’s no need to reinvent the wheel when you buy an existing dental practice. One of the biggest perks will be the list of current loyal patients. If the practice has goodwill in the community, you can continue to foster this, ensuring your practice has regular patients for years to come. So much of a dental practice’s success is determined by their active patient base, and by buying an existing practice, you have a good head-start.
Rather than dealing with hiring a whole host of new employees, dental practice buyers will have an experienced team already working for them. This previous staff will have the insight needed to make the transition a success. From in-depth knowledge of the area to positive relationships with the patients, there’s no end to the benefits an established staff brings.
Oftentimes, an established dental practice will already be well received by the community. With loyal patients and kind staff already in the mix, you’ll have a great reputation that you can expand on even more. By going out of your way to be visible both in the community and online, the public’s view of the practice will only get better.
Those starting a dental practice from scratch face a major roadblock–generating a healthy flow of work. Getting your name out there is a trying endeavor, but when you buy an established dental practice, you get to skip that transition. From the very first day, you’ll already have patients booked, referrals in the system, and work to be done. With work comes cash flow, so that your practice has revenue stream from the beginning.