Small Business Loans for Dentists
BFS Capital knows it’s a pivotal time for the dental industry and what that means for your dental practice.
Dentistry is being transformed by new and improved procedures and equipment on what seems like a daily basis. The patient population is changing, with aging baby boomers requiring vastly different treatments from subsequent generations who benefitted from early preventative care. You need equipment and technology to serve both groups.
Meanwhile, there is more intense focus than ever on patient comfort. This demand for sedation dentistry and relaxation systems such as NuCalm, which are becoming more popular. Dental practices that don’t keep up with the improved options in this area will have a difficult time drawing new patients and keeping current ones.
Other industry trends include the increasing requirement to provide greater value, as more patients are paying out of pocket. In addition, the move towards larger practices and costly student debt for recent dental graduates make increasingly expensive to start a new dental practice.
Even with these pressures, dental practices remain among the most profitable small businesses, and the overall industry revenue in the U.S. hit a healthy $117 billion in 2015, according to the American Dental Association (ADA).
BFS Capital is here to help you start or grow your dental office as we have extensive experience in dental practice financing.
BFS Capital understands the vast changes the dental industry has undergone in recent years. Not that long ago when amalgam with mercury was the most popular filler, and there were very few choices in crown-and-bridge materials.
Improvements in dental diagnostics and surgical equipment for the resolution of dental problems such as periodontitis, gingivitis, tooth decay, oral cancers and injury make it mandatory for dentists to invest in new equipment. Meanwhile cosmetic dentistry services are becoming a more important part of the business,\ as many patients demand the same white, bright smile as their favorite Hollywood star.
With improvements coming at a rapid pace, it can be difficult to finance equipment and technology purchases. While laser prices have dropped, the least expensive equipment costs around $50,000. Other technologies and even basic equipment can be costly, such as $7,000 for a top of line dental chair or around $5,000 for a periapical X-ray unit. It’s not always easy to come up with the necessary cash.
BFS Capital understands how important it is for dentists to have the funds to purchase cutting edge equipment. We’ve been working with small businesses since 2002 to provide the financing you need for equipment with an easy and fast application process. This is especially beneficial when attending industry events where you may learn about new equipment, and decide to purchase it because of a special discount offered at the event. BFS Capital can provide funds in two business days to qualified applicants so you won’t miss out on this type of opportunity.
Dental offices have been growing in recent years, with the current average office employing five staff members, according to the U.S. Department of Labor. Meanwhile, the number of offices employing 20 or more currently make up 15% of the overall U.S. market, but that is expected to grow at a rapid pace over the next decade.
The staff increase is primarily due to the hiring of hygienists and dental assistants to handle routine services. With other staff to perform lower cost procedures, dentists can see more patients and expand their earnings by focusing on more complex and expensive procedures.
If you’re thinking about expanding your office consider the expected wave of dentists retiring in the next decade, which will provide many opportunities to purchase thriving practices. It can be a very effective way to increase your patient base and eliminate a competitor at the same time.
Your office may also be at the point where it makes sense to open a second location to serve a wider berth of potential patients. This may be particularly of interest to specialists who typically have less practice overhead than general dentists.
While these trends could translate into significantly more profits, hiring more staff, purchasing a practice or starting up a new office require significant upfront costs. That’s where BFS Capital comes in. We have a lot of experience with dental practice financing.
BFS Capital can provide funds in two business days to qualified applicants so you won’t need to miss out on these once-in-a lifetime opportunities.
You’ve made a huge investment in your dental career with years of study and tuition payments. But that’s just the start. The average cost of starting a dental practice ranges from $350,000 to $550,000, depending on your specialization, location, office and staff size, and other factors.
While having your own dental practice gives you a substantially better chance of earning more money in the long run, the first year may be tough.
The major focus in your dental startup business plan should be growing your practice. In order to develop a successful practice, you’ll need to increase your patient numbers each month, according to the ADA. Industry experts say this may take up to 60% of your time in the early stages and 7% of your total collections.
The most difficult challenge in starting a practice is a lack of cash flow. While overhead expenses begin immediately, it generally takes up to 18 months for a new practice to generate an adequate level of profit. That’s where BFS Capital can help. We have been serving dentists for 15 years with extensive experience in dental practice financing.
Major financial institutions often require extensive business documentation and that the applicant be in business for at least three years. The BFS Capital application process is much easier, and our requirements are more flexible.
If you are just starting out your dental practice and need easy access to funding, talk to BFS Capital, and we will work with you to find the best solution.
Marketing your dental practice is becoming even more critical for bringing in new patients and keeping current ones.
The American Dental Association (ADA) recommends that dental practices consider targeting 3-6% of a new practice’s expenses for marketing; 2-3% for mature practices; and about 4% for practices that are in the middle. That can mean about $40,000 for startup dental practices just in the first year.
You have to decide the best way to target your marketing dollars. It’s likely to be a mix of new media such as a business website, ads on Yelp, Facebook, Twitter, a presence on Instagram and other popular sites along with old methods such as direct mailings, brochures and newspaper ads. It might also include such efforts as sponsoring local sports teams or community events.
If you simply don’t have the time to create an effective marketing plan as you concentrate on your dental practice, consider hiring a marketing consultant. Dental practice marketing consultants are particularly adept at advising dental offices on the best ways to reach new people and help keep current patients coming back.
Often it makes sense to get financing for these marketing efforts. BFS Capital understands the importance of marketing for dental practices and we’re here to help you with dental practice financing.
BFS Capital can provide funds in two business days to qualified applicants so you won’t need to miss out on the opportunity to grow your business through marketing.
BFS Capital understands dental practice financing. With 15 years of experience serving the dental industry, we offer the financing solutions you need for success and growth.
We are here to help you build the dental practice that you want, whether you need funding to improve cash flow, purchase equipment, funds expansion or renovations, hire new staffing, do marketing or other investments. Our customers include general dentists and specialists.
BFS provides personalized service to our customers, and a dedicated relationship manager will be on-hand to help you make the right decisions for your business.
Here are just a few examples of dentists who have benefited from BFS Capital finance:
- General and Cosmetic Dentist in Arlington Heights, IL Loan: $50,000 Use of funds: Adding 5-room Dental Operatory Package
- General Dentist in Vermilion, OH Loan: $10,500 Use of funds: Purchasing a new Dental Sterilization center
- Emergency Dental Care San Antonio, TX Loan: $119,300 Use of funds: Renovation and Advertising
Whether you are just starting a dental practice or have many years of experience, we have a variety of funding solutions to meet your specific needs with business financing from $5,000 to $500,000. Our application process is easy, and we can provide funds to qualified applicants in as quickly as two business days.
Let us help you realize the dental practice of your dreams. For more information call 1-888-609-6459 or fill the form on this page.