BUILDING OR REFRESHING YOUR DENTAL PRACTICE 15 Accountant Your accountant should be a certified public accountant (CPA) who has lots of experience with dentists. One who has served dentists opening a new practice is an even bigger plus, especially when you are in the process of developing a business plan for your lender. Ask several of your colleagues who they use and if they’re happy with the firm’s service. Don’t focus solely on cost because a good accountant can save you a small fortune in tax savings over the years. Dentists who open a new dental office often underutilize the services offered by their accountant. A CPA can help you determine the length of loan that best suits your particular needs. A CPA can also help you decide how much new dental equipment would be wise for you to initially invest in, based on current tax laws and your unique tax situation. Attorney Some dentists begin looking for an attorney only when things go badly. When opening a new dental office, though, there are several instances in which using an attorney can be of great value. You can call your local bar association for a list of attorneys who have experience with the specific service that you’re interested in, and ask colleagues about the attorneys they have used for similar matters. An attorney can: • Negotiate agreements with landlords or sellers, suppliers, and with team members such as your architect and contractor • Analyze any alternative to the A.I.A. bond that a contractor may recommend • Negotiate or review loan documents • Review any other contracts pertaining to your practice Practice Management Advisor Hiring a practice management advisor is optional for a dentist opening a new dental office. Services that may be of benefit to busy dentists include: • Interviewing and hiring new office employees • Completing paperwork for third-party contract services • Training staff • Creating a personnel manual • Developing office policies • Marketing your new practice The key to any dental marketing strategy is to reach out to your preferred patient niche while maintaining a high degree of professionalism. For a potential patient to take notice, you will need to be creative. A great source of information to help you reach your preferred patient niche and select the most effective medium of advertising is available through a professionally-analyzed demographics report. Many practice management advisors charge a small fortune doing little more than direct mailings or discount coupons in magazines. A creative marketing message offered through the most effective medium available will help set you apart from the “junk mail” dental postcards lying in the recipient’s mailboxes. A qualified attorney should also be consulted for certain of these services, such as your personnel manual, training programs, and marketing.