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Everything You Need to Know about Financing Your Orthodontic Practice Start-up

4 lug 2024 · 52 min. 5 sec.
Everything You Need to Know about Financing Your Orthodontic Practice Start-up
Descrizione

Welcome to the Hey Docs! Podcast with your host, Jill Allen.   Today, Steve Steinbrunner from Provide is joining me back on the show. In this episode, we cover all things...

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Welcome to the Hey Docs! Podcast with your host, Jill Allen.
 
Today, Steve Steinbrunner from Provide is joining me back on the show. In this episode, we cover all things loan, from what you need to do before you start the loan process to the details when it comes to getting approved and even the nuance of land and property loans. No matter where you are in your practice journey, there is something in this episode for you.  

Let’s dive in! 

Summary
 
In this conversation, Steve Steinbrunner, Director of Practice Finance at Provide, discusses the lending process for dental practices. He emphasizes the importance of preparing in advance for a practice loan, including maintaining a good credit score and having sufficient liquidity. He also advises against paying off student loan debt before starting a practice, as cash flow and liquidity are more important. Steinbrunner addresses common pitfalls, such as lack of vision and tax obligations, and highlights the increasing size of loans due to rising construction costs. He encourages dentists to seek dental-specific contractors and understand the cost per square foot for construction in their area. In this conversation, Steve Steinbrunner and Jill discuss the financial aspects of starting a dental practice. They cover topics such as the cost of starting a practice, the role of loans in financing the practice, the importance of budgeting, and the option of buying a building or land. Steve emphasizes the need for a team of advisors and experts to guide the process and make informed decisions. He also highlights the importance of asking the right questions and choosing a lender that aligns with the dentist's long-term goals.

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Takeaways
  • Prepare in advance for a practice loan by maintaining a good credit score and having sufficient liquidity.
  • Avoid paying off student loan debt before starting a practice, as cash flow and liquidity are more important.
  • Be aware of common pitfalls, such as lack of vision and tax obligations.
  • Understand that the size of loans has increased due to rising construction costs.
  • Seek dental-specific contractors and understand the cost per square foot for construction in your area. Starting a dental practice can cost around $700,000 to $800,000, with construction costs being a significant factor.
  • It is important to work with a team of advisors, including a lender, realtor, and contractor, to make informed decisions and ensure the success of the practice.
  • When considering a loan, it is advisable to leverage the bank's financing and save personal funds for other expenses or investments.
  • Buying a building or land for the practice can be a viable option, especially considering high rent rates and the potential for long-term financial benefits.
  • Choosing a lender that aligns with the dentist's future goals, such as multiple practice ownership, is crucial.
  • Excel spreadsheets are a valuable productivity tool for financial planning and budgeting.
  • Asking the right questions and seeking advice from experts are essential skills for navigating the financial aspects of starting a dental practice.

Chapters
 
00:00 Introduction and Background
04:06 Preparing for a Practice Loan
08:27 Pitfalls in the Loan Application Process
23:23 The Impact of Rising Construction Costs
25:58 Finding Dental-Specific Contractors
29:20 Costs and Considerations of Starting a Dental Practice
36:18 Building Ownership: Is It Worth It?
43:21 The Importance of a Team of Advisors 
49:06 Leveraging Bank Financing and Saving Personal Funds
52:25 The Role of Excel Spreadsheets in Financial Planning
53:26 Asking the Right Questions for Financial Decision-Making 


Connect With Our Advertisers
 
Kaleidoscope - Orthodontic Digital Marketing
SmileSuite - Customizable Presentation Software and Post-Consultation Follow-Up

Are you ready to start a practice of your own? Do you need a fresh set of eyes or some advice in your existing practice? Reach out to me- www.practiceresults.com.    
If you like what we are doing here on Hey Docs! and want to hear more of this awesome content, give us a 5-star Rating on your preferred listening platform and subscribe to our show so you never miss an episode.   
New episodes drop every Thursday!   
 
Episode Credits:
Hosted by Jill Allen
Produced by Jordann Killion
Audio Engineering by Garrett Lucero

Provide is a division of Fifth Third Bank, National Association. All opinions expressed by the Provide employee participant are solely their current opinions and do not reflect the opinions of Provide, its affiliates, or Fifth Third Bank. The Provide employee participant’s opinions are based on information they consider reliable, but neither Provide, its affiliates nor Fifth Third Bank warrant its completeness or accuracy and should not be relied upon as such. This content is for informational purposes and does not constitute the rendering of legal, accounting, tax, or investment advice, or other professional services by Provide or any of its affiliates. Please consult with appropriate professionals related to your individual circumstances. All lending is subject to review and approval.
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Autore Jill Allen
Organizzazione Mainbox JA&A
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