Business Plan Dental Clinic

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West Coast University *

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Nov 24, 2024

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1 Business Plan Outline Dental Clinic

2 Business Plan Outline Dental Clinic Introduction My business plan is about a dentistry clinic where I want to treat individuals with various dental disorders. A business plan's objective is to put out a road map for the company's activities and to attract the attention of potential employees, suppliers, partners, and investors. The major purpose of the firm will be to give dental treatment to individuals who cannot otherwise afford it. During the first few years of operation, fillings, root canals, and extractions will all be available. The clinic will employ these basic services to see its reception in the community that the clinic intends to serve. The owner will expand the products offered after the business has established its market position in order to attract a broader clientele and enhance income. The success of a business is the product of thorough preparation at every level, from the initial concept through day-to-day operations. A well-thought-out strategy, which may be produced by constructing a business plan, is the foundation of an efficient and planned business operation. The business plan defines the nature, purpose, and objectives of the firm, as well as the procedures to be followed to achieve those objectives. This paper lays the framework for the establishment of a dental care institution. The plan outlines the business's goal, planned future state, products or services, target market, and other essential parties. Goals like establishing a structure of the exertion of an established principal focus to surpasses customers’ expectations, expanding the clientele by 20% annually through outstanding referral and oral achievement, can help build a dental clinic that can be maintained at the end of the cash flow.

3 Executive Summary Dental Care is the name of Dr. Mark Squilla’s dental practice. Dental Care in California provides primary and cosmetic dental treatment to anybody in need. By delivering both exceptional customer service and a high level of adaptability, Dental Care was able to swiftly increase its clientele. Squilla's personal experiences over the previous year have prepared him well for his new post. We can fast expand to a huge patient group by combining previous performance with a client-based future plan. After a year months, the dental clinic can make a profit, and by the end of the second year, its sales will have stabilized. The dental office's objective is to enhance people's oral and dental health by providing skilled and high-quality care, resulting in more positive outcomes patients in the community. As a result, the dental health clinic will take the initiative to provide good oral and dental health care in collaboration with other providers and healthcare specialists to achieve this goal. The business will also invest in education and empowerment to ensure that everyone can make educated decisions regarding their dental health and treatment options. The firm will invest in cutting-edge diagnostic technology to supplement its effective treatment procedures and ensure the greatest level of quality for all of its clients. The dental clinic's objective is to assist people in achieving and maintaining attractive, healthy smiles that represent a state of total wellness and a high level of life. As a result, the ultimate goal of oral and dental healthcare is to improve people's quality of life by maintaining healthy smiles. Industry Analysis The dentistry sector is experiencing a period of fast expansion at the moment. In 2020, dentistry was worth $15 billion, and by 2027, that number is expected to grow drastically

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4 (Mirandani, Bramantoro & Setyowati, 2021). Recent years have seen a number of exciting developments in the dental care business. Convenience is a growing market that I intend to tap into. Although this isn't a major technological advancement, it's important to underline the growing importance of ease of use. Recent healthcare trends have shifted toward prioritizing patients' ease and convenience, and dentistry is no different. Modern patients may select from a wide range of healthcare providers, so it stands to reason that they will go with the one that provides them with the most level of convenience and ease. Improved patient care is always my first priority, therefore I provide a variety of services and amenities, like online scheduling and form filling, electronic payments, and longer office hours. Due to the relatively low number of service providers who focus on dental and oral healthcare, the planned dental health clinic will face only mild levels of competitive rivalry. Presently, only two major hospitals in the area offer dental and oral healthcare services. Conversely, the high initial capital cost requirements and competence in dentistry and oral health care make the risk of new entrants relatively minimal. Possibilities for disruption from new entrants are minimized if there are only a small number of professionals and experts in the field. It is the intention of the company to attract clients from all segments of the neighborhood. The majority of people have at least one cavity in their teeth, according to recent surveys. As a result, the company's services are tailored to accommodate the diverse dental care requirements of its local clientele. But, as was previously noted, the focus is on helping kids and adults with dental problems including cavities and gum disease. Reaching out to all members of the community will help the dental clinic achieve its goals and realize its vision, not to mention secure a massive chunk of the market and assured profits.

5 With a CAGR of 7.4% between 2022 and 2029, the worldwide dental market is predicted to increase from USD 38.84 billion in 2022 to USD 63.93 billion by 2029 (Mirandani, Bramantoro & Setyowati, 2021). Digital radiography tools produce images with reduced radioactive contamination; intraoral cameras let patients experience display live, on-screen representations of the patient's own teeth; As compared to a conventional X-ray, a digital scan has the ability to reveal minute fractures, alterations to the oral tissue, and other problems. All in all, the combination of these novel imaging methods allows for more accurate evaluations of a patient's dental health, which may lead to faster diagnosis and more efficient treatment of a broad variety of oral health conditions. Description of the venture The single proprietorship's main focus will be on meeting patients' needs for any and all dental care. The dental clinic will also provide consumers with a comprehensive variety of dental and oral health services. Care services such as restoration, prevention, surgery, therapy, and rehabilitation are included here. In addition, the company will help people learn about the importance of self-care, dental hygiene, and general health maintenance. The clinic will also offer free access to a variety of dental and oral health items, including toothpaste, mouthwash, and dental wipes. Dental patient seats, sterilizing equipment, utility equipment, X-ray imaging tools, dental operating lighting, delivery systems, operatory cabinets, and hand pieces are all examples of the various types of office equipment that will be available. Mark Squilla obtained a bachelor's degree in biology from the West Coast University. Squilla realizes during the case that he wants to work in the medical field, although he isn't sure in what capacity. Squilla's last year of college was when he decided he wanted to be a dentist. Squilla spent a lengthy period studying at the university and eventually earned her dental degree.

6 Squilla relocated to California, a place he had long admired for its stunning scenery, as soon as he was able to. Squilla struggled for the first four months to develop connections and obtain a job, but he was eventually hired by a small general dental practice of only eight individuals. Squilla practiced five years in general dentistry. Squilla felt he had reached a career plateau, so he chose to train himself in advanced cosmetics abilities. Squilla's cosmetic surgery clients started rolling in after four months of successful turn of events. Squilla began to worry that his success might come at the price of his perks because of his newfound proficiency with technology. The next logical step for Squilla's career was to start his own business, which would provide him the autonomy to run things perfectly how he sees fit. He started investigating already established practices, reasoning that he could get his own up and running more quickly if he just bought an already-established one. Three weeks later, he managed to establish the dental clinic facilitated by his own savings, loan from banks and other lending firms. Production plan Dental clinics get their dental supplies in a varied manner. The clinic will utilize the dentist and his or her team of dental professionals that they were introduced to during their time in dentistry school. They generally find it simpler to transition into dental practice since they are already familiar with the materials they used in school. The dental clinic plans to learn about novel or enhanced goods by word of mouth, by reading about them in one of the many dental trade journals available (such as The Dental Advisor), by seeing advertisements for those commodities, by hearing about those product lines from dental professionals who have used them, by seeing how those products consistently performed in tests conducted by reliable testing labs, by going to trade exhibitions, by looking at flyers and catalogs (which will include product

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7 listings and promotional campaigns), and by participating trade shows (Siripipatthanakul et al., 2021). Every year, several local, national, and worldwide trade exhibitions are organized, and at these events, manufacturers and distributors set up booths where they showcase and talk to customers about the features and benefits of their products. These programs do, however, have certain inherent restrictions. Unfortunately, the timing of the CE seminars at most trade exhibitions typically interfere with the dentists' and their staff's desire to explore the exhibit hall. As a result, many companies that sell dental supplies send out salespeople and account managers to dental clinics to advertise their wares. Larger wholesalers typically have their own disposable product lines, which are often white-labeled by other businesses so that the distributor's name may be prominently shown on the packaging. Dentists and doctors have to weigh the benefits of various goods against the potential drawbacks before determining which ones to recommend to their patients. There may be higher risks of poor quality, poor performance, or contamination with items imported from various parts of the world, despite the fact that these products may be purchased at lower rates (Grewal et al., 2020). With a focus on delivering precise diagnosis and effective treatment, the dental clinic will offer a full range of dental care services. Customers will get a good return on their investment in our dental clinic since we give reliable services at reasonable rates. Operation plan Customers in need of dental care will travel to our clinic from far and wide. Our clinic is able to provide standard dental care such as cleanings, fillings, and root canals because we have the trained staff and modern technology necessary to do so. In addition to regular business hours, our clinic will be open for patients in need of urgent attention outside of normal business hours.

8 The company will employ high-tech equipment including dental drills, elevators, and mouth mirrors to provide the patient the best care possible (Proffitt, 2020). As our establishment will strongly discourage cash payments, customers will instead pay for services through money transfer services and insurance. If a doctor and their hygienist work 8 hours a day, they will see 15 patients total, or around 1.5 patients each hour. So, it's imperative that the physicians and staff members are agile on their feet as they move throughout the facility. The designer in charge of drawing up the blueprints for the workplace can keep everyone on track in terms of their proficiency (Trenfield et al., 2019). Different people have various phone manners, email demeanors, and text etiquette. There are a number of questions that need to be addressed before the design process can begin, and these questions apply not only to the doctor but to the entire team. The rules of the workplace will require all communications to be in written, with email being the preferred method of communication. Documents like as calendars, agendas, and outlines will also be used to help team members understand their roles and contribute effectively. Currently, through advances in technology including new, painless instruments and methods and an upgraded dental office, patients can relax and enjoy their time in the dentist's chair (Proffitt, 2020). Technology such rotary endodontics, digital X-rays, and intraoral cameras are used. By utilizing the advancing technology in a matter of seconds, hundreds of three- dimensional images of a patient's oral cavity will be generated (Trenfield et al., 2019). Dentists can use this information to improve their diagnosis and treatment.

9 Marketing Plan Surgery and other specialized procedures in oral and dental care will be charged at a premium. Notably, premium pricing entails charging a premium for goods and services in which the company has a distinct advantage over its rivals due to superior innovation, quality, or knowledge (Patricio et al., 2020). In contrast, all other primary healthcare providers will adopt penetration pricing in an effort to rapidly expand their share of the market. When a product is first launched to a market, its price is often kept artificially low in order to encourage consumer demand. The initial goods and services for oral and dental health will be offered directly from the organization's physical location. On the other hand, classes and workshops on dental hygiene and self-improvement will be held at schools and community centers (Patricio et al., 2020). The dental clinics will be expanded to other areas as the dental clinic expands so that high-quality medical treatment is more easily accessible to more people. The dental care practice will advertise its services through both conventional and online channels. Advertising in print publications and on broadcast media like television and radio will be part of the traditional marketing strategy. With an IMC approach, digital marketers will blend tried-and-true advertising methods including social media marketing, web marketing, direct mail marketing, personal selling, and public relations. The IMC strategy will raise customer consciousness of the brand and pave the way to expanded client base (Patricio et al., 2020). Increasing the brand's popularity and consumer base are mutually reinforcing goals. Because of the clinic's emphasis on advanced dental equipment and dental materials, the dental equipment market is expected to expand rapidly. The aim of the dental clinic is to use

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10 computer-aided design (CAD) and computer-aided manufacturing (CAM) technology is being quickly used by the dentistry industry to lessen the need for temporary bridges and crowns during dental restoration procedures and dental fillings (Lin et al., 2019). Because to its excellent precision in dental repair and digital orthodontics, it will allow for shorter treatment times. In orthodontic treatments, they are utilized to create custom brackets and detachable dental braces, in addition to milling dental crowns, dentures, bridges, and abutments. The dental clinic will use client reviews as a quality assurance check on its advertising efforts (Mirandani, Bramantoro & Setyowati, 2021). To keep tabs on what others are saying about the dental practice, it is necessary to read internet reviews. Patients may resort to a variety of review sites to provide comments, and unless you keep tabs on them, you may miss out on important information. In addition, the reviews are essential to the success of the company's internet reputation. Publicly responding to favorable reviews demonstrates appreciation for input and encourages more interaction with the company. Also, damage management and constant development require an active response to criticism. Organizational Plan Ownership of the dental clinic firm is held by one person because it is a single proprietorship. After the clinic owner, the next tier up will include three dentists and five dental assistants. They will be responsible for ensuring that patients receive all of the dental and oral care they require. Positions at the third level will include a pharmacist, receptionist, nutritionist and an accountant. In spite of the fact that the majority of these people are in charge of the dental clinic’s operations, they still have a responsibility to help provide patients with the best treatment possible. They are accountable for the constant availability of the necessary infrastructure, tools, and medical supplies. Staff members including the cleaner, security guards, driver, and cook

11 make up the lowest tier of employees. Their duties will also involve delivering supplementary services that will indirectly aid the dental clinic’s operations. The workplace will be managed by consensus, with everyone's input being crucial to the company's success or failure (Mirandani, Bramantoro & Setyowati, 2021). Whatever resources and instruction considered essential for workers to do their tasks would be made available to them. By rewarding good teamwork with perks and bonuses, managers may ensure that their employees continually strive to optimize their workflow. There will be monetary and non- monetary rewards for team members who do very well. The need of clear and concise communication in the workplace will be emphasized. As a result, there will be less opportunities for the doctor, staff, and patients to misinterpret one another. Regular meetings will be conducted each week to go through upcoming tasks and recapture the previous week's events (Listl, 2019). At these gatherings, coworkers will have a chance to voice their opinions and concerns. Even though each teammate will have specific duties to perform, they will be flexible enough to fulfill any additional requests made by their coaches to ensure the success of the practice. Finally, I intend to provide a wide range of benefits to my staff in an effort to keep them happy and committed to giving the business their best. Assessment of Risk The facility will appraise the various risks associated with running the business by recognizing the hazards, recognizing the people who might be impacted, weighing the threats, implementing the necessary precautions, documenting the findings, and reviewing the risk assessment to see if it needs to be updated (Listl, 2019). Market, financial, operating, and human resource risks all fall within this category.

12 Finding an appropriate practice for the clinic is the venture's weak point. It's possible that our ideal location doesn't have access to that one perfect practice. In such scenario, I will scout the neighborhood for a potential medical office to purchase or construct. According to a research conducted in 2017 by Verizon Enterprise, healthcare is one of the top two areas most frequently attacked by cybercriminals, ranking just below the financial sector (Simplício, 2020). Data from the practice must be protected from harmful cyber threats like viruses, spam, and malware, thus network security is of the utmost importance. Not only is it wise to plan ahead and anticipate potential problems, but it's also the requirement for dentists to do so. No matter what happens to the dentist office, there must be a means for patients to get their electronic protected health information (ePHI). The owner must have faith that their business can recover vital files in the case of a disaster. All data at the clinic, including medical records, x-rays, EMRs, financial papers, and other records of significance, will be backed up on a regular basis (Simplício, 2020). Financial Plan There will be three primary sources of funding for the business enterprise. The prospective business owner will first invest a portion of the venture using their personal money. Second, the business owner will seek financial backing from friends, family, and other well- wishers. Also, a bank loan will be used to fund the project's bulk. The loan from the bank will serve in part as start-up funding and aid in the smooth running of the firm. The minimal scale of initial operations suggests that the available financing will be sufficient to ensure the company's seamless functioning.

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13 Assumptions Year 1 Year 2 Year 3 Plan month 1 2 3 Current interest rate 10% 10% 10% Long term interest rate 10% 10% 10% Tax rate 30% 30% 30% Break-even analysis Monthly revenue break even $22245 Assumptions Average percent variable cost 33% Estimated monthly fixed cost $1500 References Durham, M., Engel, B., Ferrill, T., Halford, J., Singh, T. P., & Gladwell, M. (2019). Digitally augmented learning in implant dentistry. Oral and Maxillofacial Surgery Clinics , 31 (3), 387-398.

14 Grewal, D., Hulland, J., Kopalle, P. K., & Karahanna, E. (2020). The future of technology and marketing: A multidisciplinary perspective. Journal of the Academy of Marketing Science , 48 , 1-8. Lin, L., Fang, Y., Liao, Y., Chen, G., Gao, C., & Zhu, P. (2019). 3D printing and digital processing techniques in dentistry: a review of literature. Advanced Engineering Materials , 21 (6), 1801013. Listl, S. (2019). Value-based oral health care: moving forward with dental patient-reported outcomes. Journal of Evidence Based Dental Practice , 19 (3), 255-259. Mirandani, D., Bramantoro, T., & Setyowati, D. (2021). Clinical Dental Risk Management: The Needs and Challenges. Journal of International Dental and Medical Research , 14 (4), 1664-1666. Patricio, L., Sangiorgi, D., Mahr, D., Čaić, M., Kalantari, S., & Sundar, S. (2020). Leveraging service design for healthcare transformation: Toward people-centered, integrated, and technology-enabled healthcare systems. Journal of Service Management , 31 (5), 889-909. Proffitt, E. (2020). What will be the new normal for the dental industry?. British Dental Journal , 228 (9), 678-680. Simplício, A. H. D. M. (2020). Social media and Dentistry: ethical and legal aspects. Dental press journal of orthodontics , 24 , 80-89. Siripipatthanakul, S., & Puttharak, S. (2021). Marketing Mix Analysis in Private Dental Healthcare Service Sector. International Journal of Trend in Scientific Research and Development (IJTSRD) , 5 (5), 827-831.

15 Trenfield, S. J., Awad, A., Madla, C. M., Hatton, G. B., Firth, J., Goyanes, A., ... & Basit, A. W. (2019). Shaping the future: recent advances of 3D printing in drug delivery and healthcare. Expert opinion on drug delivery , 16 (10), 1081-1094.

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