Expanding a dental practice is a natural next step for many successful doctors. Although this is an exciting time during a dentist’s career, certain risks are to consider. Increasing profits will include severe changes around the office.

Financial Considerations

The total cost of expansion should be calculated before hiring any new professionals. New employees may create a significant dent in finances. However, they are not the only risk. Expansion may also include buying new medical equipment, office furniture, and potentially a new rental space. Marketing expenses are par for the course.

These additional expenses are likely to pay off in the long run but can be costly up-front. Those willing to work longer hours are more likely to recover in a shorter period.

Public Health Emergencies

Expanding a dental practice means more patients can seek services. While this is key to growing a financially sound practice, this can also come with its challenges. All dental professionals must remember the health standards necessary to create a safe environment for additional patients.

The American Dental Association understands that oral health is necessary for the entire health of an individual. Dentistry is considered essential and may prevent oral diseases that lead to major illnesses. A growing practice must ensure cleanliness and proper sterilization to protect patients against viral infections by accepting additional patients.

Relocation Risks

It may be necessary to find a new space for the growth of a practice. Larger offices can provide privacy and space for new employees and a sufficient waiting room. Although relocation is often a necessary part of professional growth, this can be problematic.

A dentistry practice runs the risk of losing patients once they relocate. This can be due to convenience issues or memory. Not all patients will take the time to remember a new address, especially if the clientele is older or accustomed to the current space. In addition to the patients, staff members must also relocate.

Before signing a lease on a new office, it is important to check with the staff first. Many members may work with the practice because of its proximity to their home or child’s school. The planning stages are crucial before any big decision.

The Next Step Forward

The median annual wage for a dentist in 2020 was approximately $160,000. This number increases with the growth of a practice. More patients can access the healthcare they need when additional professionals are added.

Although there are risks involved with this type of career growth, the overall outcome can provide steady and lucrative work. With the right financial planning and risk assessment, dental practices can continue to make a substantial income for many years in the future.