Starting up or taking over an orthodontic practice?
A key point when planning an orthodontic practice is the decision between Establishment or takeover of an existing institution. The most important aspect for this decision is the current and expected number of patients in the future. We compare the advantages and disadvantages for you:
Establishing a new orthodontic
Establishing a new practice enables orthodontists to design the practice according to their own ideas and implement an individual concept. This offers the opportunity to stand out from existing practices and offer innovative approaches such as digital dental impressions. However, starting a new company requires considerable financial and time expenditure right from the start. In addition, building a patient base can be challenging at first and requires a targeted marketing strategy.
Acquisition of orthodontic practice
The alternative to setting up a new company is to take over an existing orthodontic practice. This option has the advantage that There is an established patient base, which results in faster profitability.
Important note in this context: Since 2021, payment of so-called “goodwill” for taking over patients has no longer been legally permitted.
In addition, the financial risk of taking over the practice is usually lower, as the infrastructure and the orthodontic practice inventory already available are. However, potential problems or burdens of the adopted practice must be carefully considered. In addition, parts of the existing inventory may need to be replaced, for example, to purchase a modern digital X-ray machine.
Joint orthodontic practice or individual practice?
Another important decision is whether you prefer a group practice or individual practice. Both options have various advantages and disadvantages.
Aspects of joint practice
Joint practice makes it possible to efficient use of resources such as personnel and equipment as well as the exchange of expertise among partners. In addition, a joint practice can address a wider patient base and offers the opportunity for mutual support and representation.
As orthodontics, a Joint practice with dentists be useful. A good basic requirement for smooth cooperation is a detailed partnership agreement, which clarifies important points such as the allocation of costs and exit clauses.
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Aspects of individual practice
In contrast Does an individual practice offer an orthodontist greater autonomy and control over practice management. This can lead to greater identification with the practice and closer ties with patients. However, as the sole owner, you also bear all responsibility and costs alone and may have to cope with a higher workload.
Setting up an orthodontic practice in 6 steps
Sophisticated business planning forms the basis for successfully setting up an orthodontic practice. You should have a Create a detailed business plan, which includes your vision, goals, and strategies. This concept should also take into account the 6 most important steps for setting up an orthodontic practice.
1st location for setting up your orthodontics practice
Probably the most important aspect for a Establishing a practice is the choice of location. Orthodontists are just like doctors at the Requirements planning of the Federal Association of Statutory Health Insurance Physicians (KBV) bound if you want to treat patients with health insurance.
This means that you can't always set up an orthodontic practice when and where you want. In a region that is “closed planning area” If it is, you must wait until another contract orthodontic approves your seat.
In “open planning area” However, there is no waiting period for cash approval. Here you are free to choose the location. Nonetheless, carefully evaluate demographics, competitive situation, and accessibility for patients.
2. Financing the establishment of an orthodontic practice
Another important aspect is the development of a financial plan that includes investment planning, a minimum turnover calculation and a Profitability forecast comprises. Consider costs such as rent, equipment, salaries, advertising, and insurance.
Discuss your financing options How much equity is available? How much is the bank loan? Don't forget to plan for financial buffers so that you can always cover ongoing costs and unforeseen investments. It is advisable to consult a financial or tax advisor for this step.
3. Legal and regulatory requirements
Once the location has been selected and the financing is ready, it is time to actually set up your own orthodontic practice. Here is a list of relevant offices where you must register your orthodontic practice start-up:
- Physician registry: Required to practice as a licensed physician.
- Statutory health insurance license: Necessary in order to be able to provide benefits under statutory health insurance.
- Health Department: During inspection, the practice premises must comply with applicable health and hygiene regulations.
- Medical Association: Mandatory membership, part of medical self-government.
- pension fund: Responsible for occupational retirement plans for doctors and specialists.
- Trade inspectorate: The Labour Inspectorate monitors compliance with safety and health standards in the workplace.
- tax office: From a tax point of view, an orthodontic practice is a company and is therefore subject to tax matters such as sales tax, income tax and business tax.
- Employment Office, Professional Association, Federal Miners and Health Insurance: These institutions are required to recruit and secure personnel, including employment contracts, social security, and accident insurance.
- TUV: TÜV certification may be required for certain pieces of equipment, such as X-ray equipment, to ensure safety and quality.
4. Setting up the practice
Setting up your practice first involves procuring the required Equipment, furniture and furnishings as well as the design of a functional and appealing practice layout. That's when it comes to the technological infrastructure of your practice, i.e. the practice management system and other software.
Modern orthodontic practices rely on a high degree of digitization. This includes, for example, a intraoral scanner, which allows a digital impression of the teeth and thus largely replaces the classic dental impression using molding material. In this way, you can also provide your patient with Before-and-after simulations Immediately visualize the target on the computer.
You can also rely on lean processes — from digital patient recording and anamnesis to factoring. We at BIT45 utilize Nellyto fully enjoy the potential of digitizing our orthodontics.
5. Recruiting
As a registered orthodontist, you are also the owner and boss of a company. This includes the Selection of qualified employees about your tasks. In addition to employment agencies, online job portals and social media platforms such as LinkedIn are available to attract qualified personnel. However, this is a complex process that is made even more difficult by the shortage of skilled workers. It may be useful to work with a recruitment agency here.
6. Marketing and patient acquisition
Develop a comprehensive marketing strategyto spread the word about your practice and attract patients. Make use of various channels such as a professional website, social media presence, local advertising, and referral programs.
In addition, Nelly's “Practice Reviews 5/5” tool can help you: Quick good doctor reviews on Google build up. After treatment, your patients will receive a reminder to evaluate their orthodontics. If the patient has given at least 4 or 5 stars, he receives an automated invitation to the public Google rating. This increases the likelihood that the patient will rate your practice positively. You decide for yourself whether a public review should follow.
After setting up the practice
In order to maintain consistently high standards even after your orthodontics practice has been established, continuous quality assurance measures must be taken. These include in particular regular training for yourself and your medical professionals.
Also, routinely analyze your finances, patient satisfaction, and operational processes to identify weaknesses and to seize opportunities for improvement. Be flexible and ready to adapt your plans to respond to changing patient needs and technological advancements. This is how you can ensure that your practice remains successful and continues to develop.
Our tip: Use Nelly's digital anamnesis, documentation and invoice processing. They willfree and non-binding advice.
The personal names used in this article always refer equally to all persons. Dual naming and alternate names are omitted in order to improve readability.
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