Starting the dental practice will provide you with flexibility and freedom as a dentist to attain your professional and financial goals. Therefore, this crucial step in your career also comes with its challenges.
The major challenge is the financial situation of your new venture. The cost of setting up a private dental practice may seem daunting initially, but it can be mitigated through correct planning and research. A Pasadena Dental Attorney can help you figure out the actual cost of opening a dental clinic in an area.
How much money is required to start a dental practice?
- Startup costs
The initial cost of beginning a dental startup is around $500,000. The amount may seem less for those who heard that opening a dental practice can cost them around seven figures. It is the starting point of dental practice and may affect when other factors like location affect the actual cost of opening your practice.
There are a lot of people that do not know how much they will have to pay for dental construction. When you start looking at all of the different dental construction companies, you will be able to see a lot of them.
The cost of constructing a dental practice can vary greatly depending on the size and location of the practice. A small practice in a rural area may cost as little as $50,000 to construct, while an extensive practice in a major city could cost over $1 million.
- Equipment and Supplies
The cost of dental supplies and equipment for dental practices varies depending on the size and type of practice. Start-up practices may spend around $15,000 on supplies and equipment, while established practices may spend closer to $30,000.
- Staff salary and dentist salary
The total salary and wage bill for dentists’ businesses were $13,299 million, with an average of $1,293,000 per business.
The average salary cost for each full-time equivalent dentist was $232,000, with an average of $140,000 in salary costs for each full-time equivalent dental professional (including dentists, dental hygienists, dental prosthetists, and dental therapists) employed in a dental practice.
The average salary cost for each employed person in a dental practice was $154,000.
The average salary cost for each part-time equivalent employee in a dental practice was $12,000.
- Dental supplies
The cost of dental supplies will vary depending on the type of dental practice. A typical dental office will spend around $5,000 per year on dental supplies. The cost of dental supplies will vary depending on the type of dental practice. A solo practitioner may spend less on dental supplies than a group practice.
Leasing space for a dental practice will often cost between $20 and $30 per square foot.
This means that for a 1,000-square-foot office, one can expect to pay between $20,000 and $30,000 per year in rent. If you are looking for a more upscale location, your costs could be closer to $50 per square foot.