6 Ways to Use a Loan for Your Dental Practice | Fora Financial Blog
6 Ways to Use a Business Loan for Your Dental Practice
March 06, 2018

6 Ways to Use a Business Loan for Your Dental Practice

Running a successful practice is the goal of every dental professional. To do this, you must ensure that your patients are satisfied with your services, and the overall quality of your practice. Unfortunately, affording upgrades is costly, and often requires additional financing. That’s why many dentist practices apply for business loans.

In honor of National Dentist’s Day, we’ve compiled a list of six ways that you can utilize a business loan to advance your dental practice.

How Your Dentist Practice Can Utilize a Loan

1. Hire Additional Employees

Your patients’ time is important to them. Many individuals take time off from work to attend appointments, and they should be seen on time.

If your customer base has increased, and your staff isn’t able to serve patients quickly and efficiently, it’s a good indication that you need additional personnel. A business loan could be the solution to your staffing shortage! Once you receive a loan, you can hire more dental assistants or receptionists, depending on what your practice’s needs are. Just think about how much more effective your practice could be with a few more employees!

2. Utilize Digital Marketing

Do you want to use your business loan to expand your customer base? Increase your online presence!

According to a recent article by Junto, 81 percent of consumers in the U.S. perform online research before making a purchase. This statistic supports the notion that being on the Internet is no longer an option. In 2018, being on the Internet is a requirement.

Consider using your business loan to hire an in-house marketing professional who specializes in online advertising, or recruit an agency to manage your digital strategy. Alternatively, you could run your own digital marketing campaigns; however, you’ll need some basic knowledge of digital marketing tactics. If you choose to run your own campaigns, use your business loan to launch campaigns on Google, Bing, and Facebook. In today’s fast-paced world, you simply cannot afford to opt out of digital marketing!

3. Purchase New Equipment

Dental equipment isn’t cheap, but it’s imperative to performing your services, and giving your patients the best possible care. If your equipment has become unreliable or outdated, a business loan could help you swap failing equipment with state-of-the-art replacements that will impress your patients.

4. Start an Expansion Project

Is your business location too small? Does your office look old and outdated? If you answered yes to these questions, consider putting your business loan towards an expansion project. With a larger practice, or another business location, you can have ample space to grow your business.

5. Acquire Another Practice

Have you considered acquiring another dentist practice? Using your loan, you can acquire another practice, and in-turn prepare your business for the future.

Once the acquisition is complete, you’ll inevitably inherit more patients. Due to this, you could use a business loan to hire more staff members, expand your office space, or order additional inventory. Having a dentist business loan will help you accommodate your new patients, and ensure a seamless transition.

6. Invest in New Technology

A great way to utilize a business loan is to invest in technology that will make your operations more efficient. For example, you could use a business loan to:

  • Upgrade your computer system: Some examples include improving your scheduling system or moving your charts from paper to digital files.
  • Purchase tablets: Instead of having patients sign-in through paper forms, you could purchase tablets so that the process can be faster.
  • Invest in a user-friendly website: It could include a chat function, scheduling assistant, and state-of-the-art patient management tools.
  • Hire a mobile developer: Recruit someone who can create a user-friendly app that patients can use to book appointments and pay outstanding bills.

Using a Dentist Business Loan to Fit Your Needs

Now that you’ve learned a few of the ways that dentist practices can use a business loan, it’s time to consider how your business can improve. Every practice is different, and you should consider the pain points that your practice experiences. We hope that you have a great National Dentist’s Day, and are excited about your practice’s future with the help of a business loan!

Fora Financial

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

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Fora Financial is a working capital provider to small business owners nationwide. In addition, the Fora Financial team provides educational information to the small business community through their blog, which covers topics such as business financing, marketing, technology, and much more. If you’d like to see a topic covered on the Fora Financial blog, or want to submit a guest post, please email us at [email protected].