The key to a healthy business, and great dental hygiene, is regularity. Just as patients should be brushing, flossing, and visiting dentists regularly, a business needs a constant flow in order to sustain itself. However, whether foot traffic is slowing in your area or patients are moving away, maybe your office isn’t the perfect fit anymore. Alternatively, you might be doing so well that you can’t fit all of the people waiting to see you. No matter the reason, if you’re searching for a current dental office for sale, here are some tips to help in that process.
According to IBIS World, there are around 199,000 dental businesses in the United States. That’s an enormous amount of dentist offices, some of them ready for new clients to walk in the doors. It’s a growing industry too, with ‘current dental office for sale’ ads going up in nearly every city. With so many different options, you can be specific about your new office’s location. Knowing that you’d want to make this a regular trip, it’s a great idea to find something locally. You can’t be in two places at once, but you’ll need to make time to visit each of your offices. The further a drive your new office is, the less likely you are to follow through.
Are you a dentist known for a type of specialization? For example, there are some dentists who prefer to work in cosmetic dentistry. Others focus on pediatric dentistry and their office is designed to make children feel comfortable while at their cleanings. If you’re a dentist with a general practice already, think about branching off and focusing on a more niche patient group. That’ll definitely set you apart from your competition. It can also be about what you want more of in your professional life. If you’re working with adults all day but love kids, consider that your second location could focus on pediatric dentistry.
Even if a dentist fits the parameters of what a patient is looking for, as they’ll often be paying with insurance, that often comes first when patients choose providers. First, look through your books and see what is the most popular insurance in your local area amongst your patients. Then, cross-reference that with competitors who also provide that in-network care. If you notice a blip in coverage, an area of town where there’s no coverage for that provider, that’s a golden opportunity for your new office.
It can be an exciting opportunity to drive by and see a current dental office for sale. Just like any new business, going in with a plan will ensure the best outcome. If you’re ready to learn more, contact our team at Professional Practice Sales today!