The FiSol Perspective

Managing Dental Finances to Grow Your Practice

  • June 10, 2021 by Marty Newton
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When you become a dentist after years of hard work and schooling, we're willing to bet that all you really want to do is help patients that come into your office. Instead of trying to fill out legal forms or manage your vast inventory of tools, you'd like to get deep into the process of cleaning people's teeth, repairing cavities, and providing people with X-rays so that they can have a higher quality of life.

In this article, we're going to focus on how strategic use of loans for dentists can help you grow your practice by leaps and bounds. With the right money management skills, you need not worry about excessive interest rates, defaulting on the loans, or other typical concerns. Instead, we'll highlight how consulting with the right places and finding the best terms can really benefit you toward giving people amazing smiles long into the future.

You No Longer Have to Go to a Bank or Credit Union

In the days of yore, if you wanted a loan for anything you had to go through a bank or credit union. While this is convenient and tends to be in central locations, often these institutions don't know enough about dental practices or other businesses in order to give the best terms on loans for dentists. Therefore, you were caught between a rock and a hard place in terms of trying to finance your latest expansion, meet payroll during a bad month, or replace outdated equipment. Luckily, we live during the modern era in which firms such as FiSol DVO exist, allowing for concierge financial services that are catered exactly to your needs as a dentist with amazing terms. From knowing your needs to anticipating your challenges, it's never been a better term to look at business loans for dentists.

Purchase New Equipment with Ease

One of the greatest ways to utilize these easy days of financing and loans is to consider dental equipment financing or dental equipment loans. As a dentist, you are only too aware that having top-notch equipment leads to having a quality facility. From having the latest X-ray technology to sterilizing equipment in batches rather than individually, using loans for dentists to expand the reach of your current toolset is almost always a good decision. As you get new equipment and expand your practice to include these new technologies, you will inevitably attract new customers who want to take advantage of these services and are only too willing to pay you for them.

Expand Your Practice (or Purchase a New One)

Did you know that paying a website design team, IT support, and marketing materials and legal consultation costs about $70,000 when starting a dental practice? That's a lot of upfront costs if you want to do things correctly, but what if you didn't have to pay that? If you're a new dentist that's fresh out of school, you may want to consider purchasing an existing practice instead of trying to create an entirely new one. By taking advantage of dental practice purchase loans, you can often persuade an older dentist closer to retirement to give you their customer base and facilities at a reasonable cost. In this way, you can entirely make the business your own and build it at will, but you don't have to start from the ground up. This can be a welcome relief because it allows you to start practicing immediately and renovate/expand as you gain competence in your new practice.

Consider a Loan Today

Dentists don't often concern themselves with dollars and cents until after their patient's teeth are fixed, but when interest rates are as advantageous as they've ever been it's worth considering. Because at the end of the day, loans for dentists are about helping patients down the road. By meeting the financial needs of dentists for expansion, equipment, and payroll emergencies, firms such as FiSol DVO help to make the dental marketplace a better and more profitable enterprise for everyone. From helping you get the latest equipment to finally installing another patient room, loans for dentists expand the choice that most consumers have when it comes to getting their teeth cleaned, fixed, and whitened. That's certainly something to smile about!

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