Know When It’s Time to Expand Your Practice

Examine these factors before you decide.

If you’re considering expanding your practice, it means you’re doing a lot of things right. Maybe you’d like to ramp up your revenue or become a larger player in your market. Perhaps patients have increased to the point that existing staff can’t serve them as effectively or your facilities feel ready to burst.

These are great reasons to consider enlarging your current office or even launching a new branch. First, though, carefully consider these key factors.

Poll your partners
Growth, like any change, can be disruptive. It can mean vastly different things to different people. Have you spoken with your partners about what level of growth they aspire to? No matter how busy your practice is, build in time for big-picture discussions, including how (and how fast) you want your practice to grow. If your growth plans include taking on additional partners, be sure everyone agrees on the proper process for accepting or rejecting potential newcomers.

Mind your infrastructure
First thoughts center on adding new physicians and dentists, but don’t overlook the crucial support (both human and otherwise) that an expanded operation will require. Manufacturers refer to this phase of expansion as “scaling up”— making sure they have the necessary equipment, transportation and tech support to accommodate an influx of new orders. Your practice faces similar challenges. Will your digital records system work across several branches? How many support staff will you have to hire? Are waiting areas roomy enough for new customers?[1]

Think like a business
Though your primary purpose is treating patients, growth plans should be based on a clear review of your financials: your revenue, costs, profits and cash flow, and how each of these is likely to be affected by your expansion. As you think of growing, now may be the time to assess which parts of your practice are most and least successful, and to focus your attention on areas driving the greatest return.[2]

Assess the market
A busy waiting room or the desire to earn more isn’t by itself justification to expand. Any growth plan should include a detailed assessment of the market. How much of the local market do you currently control? What segment or segments will you go after? Is the local population shrinking or growing? Who is your competition? How will your expansion complement what you’re currently doing, rather than creating redundancies?[3]

Get Local Help
For Your Healthcare Business

Healthcare, dental and veterinary professionals — what are your practice's needs? Give us a call and set up an appointment with a PNC Healthcare Business Banker near you.

Find Healthcare Business Bankers Near Me »

More Insights eNews

Get helpful articles like this sent automatically to your inbox.

Subscribe to Insights »

Get More Solutions for Healthcare, Dental & Veterinary Professionals 

Contact Us » »

Why choose PNC? »

Start Your Cash Flow Conversation
Give us a call at 1-855-762-2365 or fill out our simple form and a PNC Business Banking representative will get in touch with you.
Request a Contact »

Associated Products & Services

Smart, Fast, Affordable Employee Payroll Processing

PNC has payroll tools - from do-it-yourself online processing to fully managed processing by third party providers - priced right for your business and designed to eliminate the hassles of payroll processing.

Learn More »

Cash Flow Insight℠

Manage your business's cash flow with efficiency, control and insight with our innovative suite of online tools.

Learn More »

Earn a $100 Bonus

For a limited time, earn a $100 bonus when you make $3,000 or more in net purchases during the first 3 billing cycles following the open date of your PNC Cash Rewards℠ Visa Signature® Business Credit Card.

Learn More »

Important Legal Disclosures and Information



3. ibid.

The third-party trademarks referenced in these articles are owned by and are the registered trademarks of their respective third-party owners. There is no affiliation, sponsorship or endorsement relationship between PNC or its affiliates and any such third party.

 PNC is a registered mark of The PNC Financial Services Group, Inc. (‘‘PNC’’)

Business Insights for Dental Professionals/Business Insights for Healthcare Professionals is prepared for general information purposes by Manifest, LLC and is not intended as legal, tax or accounting advice or as recommendations to engage in any specific transaction, including with respect to any securities of PNC, and do not purport to be comprehensive. Under no circumstances should any information contained in the presentation, the webinar or the materials presented be used or considered as an offer or a commitment, or a solicitation of an offer or a commitment, to participate in any particular transaction or strategy, nor should it be considered legal advice. Any reliance upon any such information is solely and exclusively at your own risk. Please consult your own counsel, accountant or other advisor regarding your specific situation.

Neither PNC Bank nor any other subsidiary of The PNC Financial Services Group, Inc. will be responsible for any consequences of reliance upon any opinion or statement contained here, or any omission. The opinions expressed in these materials or videos are not necessarily the opinions of PNC Bank or any of its affiliates, directors, officers or employees. Banking and lending products and services, bank deposit products, and Treasury Management products and services for healthcare providers and payers are provided by PNC Bank, National Association, a wholly owned subsidiary of PNC and Member FDIC.

Lending and leasing products and services, including card services and merchant services, as well as certain other banking products and services, may require credit approval.