Starting Your Dental Practice? Financial Steps You Should Take

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A recent study shows that the Indian healthcare industry faces a severe scarcity of dental surgeons. An estimate shows that there is only one dentist per 10,000 people, totalling at approximately 94,000 dentists throughout the country. The difference is even more apparent in rural areas. Outside urban and metropolitan zones, one dental surgeon has to cater to approximately 1.5 Lakh people. The doctor to patient ratio has continued to decline even more as almost 30,000 dentists graduate every year.

A recent study shows that the Indian healthcare industry faces a severe scarcity of dental surgeons. An estimate shows that there is only one dentist per 10,000 people, totalling at approximately 94,000 dentists throughout the country. The difference is even more apparent in rural areas. Outside urban and metropolitan zones, one dental surgeon has to cater to approximately 1.5 Lakh people. The doctor to patient ratio has continued to decline even more as almost 30,000 dentists graduate every year.

Such severe deficiency is partly because of the lack of available financing for dental practitioners. Dentists need substantial monetary support to establish a clinic. Funds are required to purchase specialised equipment, create the necessary infrastructure, pay for various utilities, overhead costs, etc.

One way of overcoming such financial challenges is to avail of dental practice loans. These are forms of secured advances offered by various lenders to finance dental surgeons. It can help meet the necessary overhead costs like employee payroll, rent, maintenance, to make expensive purchases like dentist chairs, medical supplies, equipment, etc. Various companies offer such dental practice financing options to help cater to essential needs.

There are several other steps one should consider before setting up a dental clinic other than availing a loan to ease up the financial burden. Let’s take a look.

1.Calculate the expenses involved

The first financial step should be calculating exactly how much funding you would require to set up a dental clinic. There are some key expenses which are likely to take in the majority of funds.

Equipment – You can either purchase or rent the necessary equipment for your dental clinic. However, it is likely to involve most of your funds for starting your practice.

You can take dental practice loans and pay for new equipment. It is an excellent way to avail the necessary tools without paying monthly rent or straining your finances.

Advertising – Advertising your practice is an essential part of starting a clinic. Ideally, you should reach out to as many patients as possible. Making your practice more visible can help increase your revenue and loyal customer base significantly.

●Overhead costs – Overhead costs include expenditures for amenities like electricity, water, rent, maintenance, etc. A dental surgeon can use the funds from an advance to pay for such overhead costs.

●Clinic management – Efficient clinic management can upturn patient footfall, improve the quality of services, and boost revenue to a significant amount. The various tools and software for clinic management can be funded with dental practice loans. Such advances offer large capitals to establish the necessary infrastructure, while the rest of the funds can be utilised to educate the employees about the A-Z of practice management tools.

2.Determine the revenue

You should have an estimation of the revenue your dental clinic might generate. It includes selecting the services you wish to offer and creating an evaluation of the fees you might charge.

Also, concentrate on creating a loyal customer base to boost your revenue. Various treatments like scaling, teeth whitening, teeth filling are repetitive treatments, which can build a trustworthy patient base and boost revenue.

3.Know the sources of financing

A source to avail financing is a crucial financial step you should take care of before starting your practice. Various financial institutions provide advances to start a dental clinic; educate yourself about the details, policies, fees and charges, interest rates, and other factors of a lender before you apply for dental practice loans.

For example, companies like Bajaj Finserv offers loans of up to Rs. 30 lakh for dental surgeons. These loans come with various features and benefits, like affordable interest rates, easy to meet doctor loan eligibility criteria, minimal documentation, doorstep services, etc.

Starting a dental practice involves investing a significant amount of money on infrastructure, equipment, overheads, and management. Dental practice loans help you alleviate the financial burden and concentrate on providing better patient care treatment.

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