In our work with hundreds of dentists and specialists, Levin Group has noted a trend. Many of them are now upgrading the efficiency, productivity and profitability of their practice in preparation for launching a small group practice… consisting of five or more offices.
There are many doctors earning excellent incomes from small groups, and many others who are losing money. Obviously, there are pros and cons to this growth strategy. If you’re thinking about expanding your dental business, you need to understand what you’ll be getting into.
Doing well with one or two offices does not translate directly into operating five, six or 10 locations. Managing a business of this scale poses a whole new set of leadership, managerial, financial, marketing, legal, regulatory, human resources and other challenges. To succeed, you need to develop highly efficient systems and best models in your current situation, ready to roll out in a small group practice.
If your vision is to own multiple practices someday, prepare yourself well for meeting the challenges. And don’t try to go it alone. Line up outside experts to help guide the process and avoid pitfalls or significant mistakes.
ADA Seminar – Attend the ADA’s BIG Idea: Small Group Practice… a special day-long conference on Oct. 19, preceding the annual meeting in Denver. Dr. Levin will be one of the speakers at this event. For details, click here.
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