SERVICES

Whether you are looking to start a practice, or optimize your current practice, we can offer you support, tools, resources, and guidance to help you through the process.

OPTIMIZE OR GROW YOUR PRACTICE

We can support you to optimize your current practice based on current pain-points. Whether you need support with managing people, streamlining operations, improving profitability, or planning for expansion, small improvements and data driven analysis can inform next steps to further develop your dental practice.

START YOUR DENTAL PRACTICE

Hive can support you to create your business plan and a financial forecast to help your vision become a reality. Throughout the startup process, we can provide you with insights, guidance, and resources to determine the feasibility of your unique vision for your dental practice and put a plan in place to seek financing and outlining next steps.

HOW WE CAN HELP

Practice Startup

Develop a business plan to guide your planning and vision of the clinic, and to summarize all relevant aspects of the clinic that needs considerations prior to investing money or taking on liabilities.
Develop a clear and accurate financial forecast to share with investors or commercial bankers, or if you’re financing personally, to understand your start-up costs, the impact of various scenarios, and profit potential of your venture.
Complete a location analysis to determine where demand for your services might be most optimal given competitors, market rates, and patient access.
Identify key risks to your business, and implement plans to mitigate those risks before they become unsurmountable
Identify key success factors to make your practice successful. For example, how can you optimize the number of chairs-to-hygienists to maximize revenue, or reduce no-show and late attendance?
Explore how to properly onboard and hire staff for your practice at the appropriate levels and with clear job descriptions, task delegation and competitive remuneration levels.

Optimize or Grow Your Practice

Explore your current practice bottlenecks or inefficiencies, and unpack how new processes, policies, or technology can help to alleviate inefficiencies.
Analyze current utilization of your physical space as well as and understand different options for improving utilization rates and revenue generating opportunities.
Track and improve practice metrics to affect profitability such as ratio of preventative-to- elective services, billed-to-paid ratio for both insured and private services, average patient visits per year, and year over year comparison of attrition and new clients.
Complete feasibility analysis for opening additional clinic locations including identifying opportunities for economies of scale and profit potential with this growth.
Review and adjust current HR policies and procedures, including performance management and compensation rates, to remain competitive and run have your clinic run smoother operationally.
Explore how staff might be incentivized or motivated to improve practice metrics.
Develop or refine dentist retention strategies including adding flexible remuneration structures, partnership benefits and profit-sharing options.
Explore strategies to improve your practice valuation in preparation for a negotiated sale to a consolidator.