Financial Aspect Of Managing A Dental Clinic – Dental Practice Management
Dentists from all over the world have one big concern that is common to every dentist. That concern is Financial Aspect Of Setting And Running A Dental Clinic. This article will tell you How to Plan and manage the Finances of you dental practice.
(Phase 2 Expenditure)
for your dental clinic
After phase 1 this the phase of finance management that sets the direction for your next few years of dental clinical practice.
So it’s time to be very careful and meticulous in your expenditures.
Finance required to run a clinic smoothly once the clinic is set up
&
How the spending on the clinic change over the period of 3-5 years
This depends on your location and ownership.
I mean whether do you have your own shop, showroom, own Residence cum clinic or is your clinic rented?
If it is rented as mostly is the case, Then for an Eg: Rents in Himachal Pradesh up to Rs. 10000 for 250 square feet shop, Rs. 25,000-35,000 in Chandigarh.
In Delhi, almost similar to Chandigarh. And in Mumbai, no comments (my eyes wide open).
Initial 1 Year, you can work without an Assistant if your monthly expenses are high and income is low.
Regular investment in initial 3 years should be only on procuring good quality dental materials and updating your knowledge as Good Quality Dental Equipment will remain service free for an initial time period of 5 years.
So approx up to Rs. 5,000 per month on Dental Materials and CDE Programme registrations.
After 3 years or once you have a good regular income you need to start investing and gradually upgrade your practice.
Start to invest in things like RVG, Soft tissue lasers, Endo motor and Apex Locators, Physiodispenser and Implant Systems.
Always remember that running and managing a dental clinic is never a quick-fire process. You are required to give it time. Any dental practice is a gradual incremental venture.
So in the initial years, all your concentration should be to provide it a strong foundation.
That foundation will be the very basis on which you will build your dental practice.
A strong foundation will keep your dental practice stable and
then you can experience good growth in your practice in the coming years.
We had posted a very informative article describing in detail about the life stages of your dental practice.
You can see the article below. The article will open in a separate tab and you can continue reading the current article.
STAGES OF DENTISTRY – LIFE CYCLE OF A DENTIST | DENTALORG.COM
This business illiteracy has put many dentists in dilemma; leaving them unsure about their future. I believe this is one of the primary reasons why many dentists are unhappy with their practices. Let’s get into the details of “Lifecycle” of your practice Yes, its a long journey of cycle …
