How will MCP help me Start a dental assistant school?
MCP will do all the leg work for you prior to classes - get your MCP Dental Assisting School licensed, provide the 13 week curriculum and student ancillaries, provide customized marketing templates, provide tuition funding sources that work exclusively with MCP and public accredited institutions, contract externship sites, train your selected instructor(s), and help you manage the marketing and enrollments for you once classes start - just like we do for our public university partners. After graduation, we will also handle placing students in their externship site we contract out with on behalf of your school. We also provide lifetime job placement assistance for your student graduates. Essentially, we provide everything end-to-end and you get to keep 100% of the revenues (average net per student profit to you is $3,300).
Do I have to have a license from the state to open a school?
Yes. You must be licensed by the state in which you operate, and the cost for preparing the documentation and State licensing fees is something you’ll have to cover. The costs vary by state and can average around $900 to $1,800 on average depending on the number of instructors and other factors. Overall, it is not a large investment at all. Because you are our partner, MCP invests the time, effort, and production costs to fully prepare, produce, professionally collate, print, and ship the licensing documentation to you for submission (catalogs, syllabus, enrollment agreement, program information pages, application and supporting documents, Pro-forma projections for your location, document collection and preparation, etc.. On average it takes about 60 production hours to complete everything in strict adherence to state requirements. Our licensing team consists of a CPA, Compliance Officer, Content Writer, and Reviewer.
How long does it take to set up my school?
Licensing with the state is the most time consuming factor involved with setting up your school. The time it takes to be awarded a state school license varies but on average, expect about a 3 to 5 month process, and it is well worth the wait. We look at this as a positive since in those 2 or 3 months or so, there’s a lot of preparation MCP goes through in order to get your school ready to offer it’s first class - school website build, curriculum and marketing template customization, instructor training on the curriculum and its delivery, staff admissions training, funding platform set-up and on-boarding, dentists business training, etc.. By the time your school is licensed, everything is ready to launch your first marketing campaign and start enrolling students. What we can tell you is that we keep a close follow-up with the state officials involved in the approval process and actively communicate with them to make sure your school license is not hung up on any small technicality that may take them a while to tell us about.
How involved do I, the dentist, have to be to run a successful school?
The dentist will make the practice available for the school facility. You don’t even have to teach since there’s always a dental assistant or two on your staff that want to teach and earn extra part-time income. In many cases the school day to day operation will not require the dentist’s participation. The school usually will have a Program Director (dental assistant, office manager, or hygienist). The state may require certain qualifying factors such as experience in the field, which dentists and staff easily meet and thus are readily approved. Obviously each state will have their own unique requirements and MCP will always find a way to meet them.
What is the cost of the MCP Dental Assisting School Partnership?
There is no up-front investment required. We operate with dentists in the same manner we operate with public universities. MCP’s partner share is $799 per month for as long as your school is in operation. Initial payment to get the partnership going once our partnership agreement is signed is the first month $799 and a small $401 on-boarding fee. That’s it. We’ll provide all the school assets and leg-work to get this partnership rolling quickly and seamlessly. The dentist partner keeps 100% of the net revenues.
You hand over the the curriculum to your instructor, and just deposit your checks that should total an average of $30,000 up to 4 and 8 times per year.
When you partner with MCP, you’ll have immediate access to all school operating and student training resources that you’ll need and it costs you nothing. Once we receive your inquiry for territory availability, you will include your Email address which will enable MCP to send you a Confidential Prospectus for more detailed information including the Financials.
How do I get students?
There are two options:
One is you can decide to self-market the school and we’ll provide all the marketing ad slicks and design, along with instructions on how to best implement them.
Option two is to let our professional winning to team handle the entire marketing development and management for you. You’ll be assigned a marketing team that will develop location based marketing and advertising campaign strategies for your school, and provide all the ad creative templates and content. You just pay $1,500 per month plus cost of advertising (which you have complete control of) for professional marketing development and campaign management to our marketing team, plus $200 per student as a means to provide a strong incentive for top talent who will assure your school keeps classes filled. Total marketing with professional services is 8% of gross annual revenues which is excellent considering total overhead for our model is less than 30%.
This is an MCP negotiated deal with our globally recognized team of published marketing authors, designers, and masters-level certified digital marketers that are hard to compete with in terms of raw talent and knowledge of student engagement. Remember, you can have the best curriculum in the world, but if you’re not filling seats, it won’t matter. Only the right marketing campaigns can. Curriculum, marketing, admissions, school services-elements that all have to tie in together to be at the utmost effective and realize maximum success and profits.
Other means of advertising preached by other competitors that require you to invest $15,000 up-front for their packages, include providing you with basic ad slicks for Newspapers, Dental sites on the internet, Radio, High School counselor and career days, etc., but these are far outdated marketing channels that will waste your money and yield little in the way of results. Todays student demographic is both complex and digital and always on the move, and their buying process is completely different than past generations.
I have a small practice. How much room do I have to have to do this?
Your school will require a lecture room (usually a patient reception room/waiting area) and seating for up to 15 students with a laptop, small stand and flat panel TV with HDMI which most reception rooms already have.Fifteen students will require approximately 400 square feet. If your facility cannot accommodate this many students you may opt to reduce class size to 10 or 12, or look into renting a lecture location convenient to your practice. Labs will require one operatory space for every 5 students max. At least 3 operatories are recommended for your school to accommodate 15 students.
What type of lab equipment do I need my school? Are there any other outside costs I should know about?
For the most part, the equipment required for the labs are already available in the dental practice. Five students per instructor is a comfortable ratio for very effective lab work. There will be dental supplies and some general dentistry instrument costs but students purchase those as part of their tuition costs. All other costs are incidentals such as printing and copying labs and test handouts, etc., and should run no more than $40 per student.
I only plan on doing one or two classes per year (for now). Is that cost effective?
Probably not as cost effective. Four classes per year minimum will produce an excellent $100,000 net revenue profit for passive income. Eight classes (4 evening and a separate 4 Saturday) per year will yield well over $200,000 net profit, also shrinking expenses because each marketing campaign drives for both class schedules. So you’d be getting a pay for one and get two type scenario.
When will I receive payment?
You receive tuition payments directly the minute the student registers and enrolls for class. Your practice owns the students and the revenues that come with it. MCP invoices you for the $799 per month partner share on and school support fee on a “net 15” on the first of the month.
Do I need to carry student insurance?
Your school will need to purchase liability insurance as required by the state, but it’s very affordable and averages $98 per month for a $1 million per incident, and $5 million aggregate policy. protect both you and us. We use and recommend Liberty Mutual.
Do I need to buy any additional insurance?
No at all.
Who purchases the supplies?
Students purchase required supplies from you. They are mostly small consumables. We provide a list of required textbooks and supplies with the curriculum content assets. You can use your current supplies vendors and your average markup is $200 per student above the $80 cost attached to them.
What are the revenue streams?
Tuition revenue: Tuition is $5,508 per student for everything)
Lab Materials: $200 per student
Loan Origination Fee: $50 per student for either of the two tuition lending platforms options for student 80% seek loans
Loan Interest: One of the platforms yields you an average of $50 per month interest per student compounded every quarter as new enrollments come in and can add up to a substantial monthly amount