In our last installment, we outlined what factors play into determining the perfect location for a new dental practice in Atlanta. We discussed finding a community, job growth and social obligations. This month, we’ll take an in depth look at the role demographics play in choosing a thriving community for your dental practice, whether it’s a start-up, second office or relocation.
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Our clients are, through experience, very familiar with the demographic breakdown of their area. They’re
comfortable with their market share and would clone their office and plop it in East Cobb or maybe Snellville
if that were possible. To bring some perspective to various markets, we’ve developed an easy-to-understand
Dental Market Comparison Report.
To read the entire post and learn more about our Dental Market Comparison Report, click here.
In our continuing look into the viability of Metro Atlanta counties, we’re focusing this time on Gwinnett County and its ability to remain one of the strongest counties in the Atlanta region and the country.
Gwinnett County is the second largest county in Atlanta and the most densely populated county per square mile in the Metro Area. The convergence of many diverse cultures make Gwinnett County a unique microcosm — a competitive advantage that would most likely ensure the success of a multilingual practice.
Gwinnett also has a healthy diversity of industries supporting its economy. Some of the major industries include:
To read the entire post and learn why Gwinnett is ideal for business and dental practices, click here.
The Georgia Health Policy Center’s study of Georgia’s dental workforce defines a “dental professional shortage area” as a geographic area with less than one dentist for every 5,000 residents. While Forsyth County is not named as one of these areas, its population growth makes it a strong contender.
Forsyth County is the seventh fastest growing county in the nation, according to Forbes Magazine. In the past two years, the population grew 7.07%. What’s the allure? It could have something to do with Forsyth County’s award-winning schools, which boast the highest CRCT and ACT scores in the state. Perhaps it’s because Forsyth County was named one of the 100 Best Communities for Young People by America’s Promise Alliance in 2012. Whatever the reason, the demographics confirm that the population is growing. The population is educated (26% have attained at least a Bachelor’s degree), employed and the average household income is nearly $100,000. That’s pretty impressive.
To read the entire post, click here.
We’ve reached the last installment of our three-part series on the Factors That Affect Our Economy, Dentistry and Your Business.
We first looked at the State of the Market and identified the destabilizing factors of 2013. We then looked at four risks to consider in 2014 — growth, interest rate fluctuations, lease costs and demographics. This time, we are going to address the opportunities that exist for dentists in this market in the now familiar risk sections.
To read the entire post, click here.
A couple of weeks ago, we went over some of the factors that contributed to the current situation. If you missed that, click here to read what happened. This time, we’re going to explore some of the risks/problems that have developed as a result of these factors. They can be broken down into three aspects:
To read the entire post, click here.
If you’re running a dental practice in today’s market, you have most likely seen a lot of changes, from classmates selling their practices to competitors being acquired. Perhaps you’ve experienced some change yourself, worked through tough times or received offers to purchase your own practice. Whatever the case, we’re all a little shell shocked by these occurrences, wondering what happened and what we should be doing in preparation for what’s to come.
In our three-part series, we will look at the factors that are affecting our economy, dentistry and your business. We will provide a snapshot of what happened in part I, then in part II, we will examine the associated risks and finally, when you’re in the middle of planning for next year, we’ll get to the really good stuff in part III —the opportunities.
To read the entire post, click here.
Although a satellite office is a great and fairly inexpensive way to extend your reach into other markets, it will require you to divide your time and resources, with no guarantees of return or performance. It is therefore imperative that you take adequate precaution to protect your practice, yourself and your finances.
Weigh the risks. The biggest risk practices face when opening a satellite office is that patients do not materialize as anticipated. Some groups have ultimately closed their new office because of a lack of patient volume. When a practice can establish a master schedule that includes a mix of follow-up patients and new patients that would fill the satellite office days, it can maximize the physician’s time.
Think small and short term. Many experts advise medical professionals to “think small” when it comes to satellite offices – no more than 2,000 square feet (depending on expected patient volume). Start your satellite office with a short-term lease, if possible 1-2 years in length with a renewal options. Look for ways to protect yourself with a termination clause if the office no longer makes economic sense.
Subleasing space from another doctor with a different and/or complementary specialty is a smart way to minimize your rental obligation for a satellite office. This arrangement may allow you to take advantage of shared common areas and support staff. With an existing doctor’s office, you can eliminate or at least reduce the tenant improvement exposure. In a sublease from another physician group or even a timeshare, you can limit the amount of space you need to about 500 square feet, which would include a couple of exam rooms and part of the reception area or even just to ½ day increments.
In comparison, the smallest suite you would lease on your own would be double that amount at about 1,000 square feet. In that scenario, you would pay the full cost of two or three exam rooms, an office, a lab space and a work area.
Most practices will know after a year of operations if they are going to gain traction in a market with their satellite office. At that time you can evaluate a longer-term arrangement.
Diagnosis: It may be beneficial to consult a medical leasing specialist. There are often existing subleases available (at a discount) for medical suites that have been vacated by another group. A good broker will know the market and available ready medical suites where advantageous deals can be achieved minimizing the commitment, expense, risk to the physician, and the practice.