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#1 |
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Join Date: Aug 2010
Posts: 104
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Some of the older threads say that students make well over 100k starting working for these places. Is that true? |
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#2 | |
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#3 |
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It's all about production, production, production. A few of the corporate chains have come to talk to our school & the representatives quote around 120k right out of school. But you better believe you're gonna work your butt off to make that or even more.
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#4 |
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Senior Member
Join Date: Aug 2010
Posts: 104
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So I guess the over 100k value is true. What does work hard mean exactly? 50+ 60+ or 70+ hours?
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#5 |
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Nasal Intubator
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#6 |
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#7 |
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Nasal Intubator
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#8 |
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Senior Member
Join Date: Aug 2010
Posts: 104
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#9 |
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Senior Member
Join Date: Aug 2010
Posts: 104
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I also think it's interesting how people on the dental forum find the idea of 60 hour work weeks to be ridiculous while MDs/DOs on the other forum don't seem to mind. Are dentists pretty much guaranteed a better lifestyle if they choose to pursue a balanced life?
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#10 |
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It's a matter of choice. MD/DOs often, depending on their specialty, don't have a choice of not working long hours. Dentists do. Of course, the fewer hours you work, the more hours you have to flit away your money and save less for your future...
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Pacific Class of 2010 |
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#11 |
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Nasal Intubator
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Everyone always asks me why I chose dentistry over medicine...I tell all of them because it's EASIER money...not more...but easier
The average dentist works less than 40 hours a week...compare that to the average physician A lot of us went into dentistry because it's a relaxed lifestyle, so yes it isn't easy for us to swallow a 60 hour work week |
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#12 | |
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Supreme Member
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$130-140k starting salary is common for new grads who work under the supervision of lead dentist. Typical hours = 40 plus 1 or 2 Saturdays a month. $160K-$230k as an MCD (lead dentist) if you work as the solo dentist at the office. Typical hours = 40 plus 1 or 2 Saturdays a month. $500K+ as an office partner dentist. Typical hours = 40 plus 1 or 2 Saturdays a month. To join this club, you sign for life (a no walk-away deal). Aspen is a great company, but not for dentists who understand how the system works. |
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#13 |
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Cold Front, how much of the starting salary did you take home after taxes, lab bills, fees, etc? This is before any type of loan repayment.
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#14 |
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I don't always predent...
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prediction: cold front used his time at Aspen as recon prior to opening his (now) two practices. he will build them up to respectable, solid, and profitable levels then turn around and sell both (or more) of them to Aspen for a fat stack.
*what i would do... |
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#15 | |
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Senior Member
Join Date: Aug 2010
Posts: 104
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#16 | |
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Senior Member
Join Date: Aug 2010
Posts: 104
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#17 |
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People complain about these corporations because of the business model...it's all about production. Many dentists have said that the business model is unethical...strongly encouraging procedures to perform on patients that the patient may or may not really need depending on the clinical situation.
There are many, many posts about it...just look them up. |
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#18 |
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Nasal Intubator
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i was almost sure that my friend at Aspen said they worked 8-5:30 five days a week plus 2 saturdays a month
maybe they were doing something wrong but you're saying it's closer to 45ish hours a week for 140k? that's pretty good |
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#19 |
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1K Member
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http://boston.cbslocal.com/2012/06/0...0000-per-year/
Would you rather be a lawyer making this huge amount? |
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#20 | |
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Supreme Member
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I worked for Aspen about 6 months while my practice was being built. I was taking home about 70-75% of what I was making initially. I think I made about $5k of bonuses, which was taxed less on a separate checks. I was not responsible for lab bills or any office fees. I was paid on daily rate, so even if I worked half day I was paid full day rate. For me, Aspen was like a BIG CE Course in how to run an office. I went to work every day learning the business side of the office. I use to take the office manager out for lunch almost every other day, and asked her literally anything I wanted to know about the office. She did not like working there either, matter of fact she is no longer with the company. She even gave me tips about my new office while I was still with Aspen. I wanted to offer her a position at my office, but the commute was too far for her. The Aspen office was pulling $200-250k a month; with 1 senior dentist, 1 new grad (me), oral surgeon, and this well experienced cougar hygienist. 2 GPs brought in about $100-120k, hygienist about $30k, $60-70k from Oral Surgeon (who worked only 2 days of the month). Oral Surgeon took 50% of his production. Anyways, I don't want to spill more beans about Aspen, but they are a good place start if you want to learn the business side of dentistry on the fast lane. |
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#21 |
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Senior Member
Join Date: Aug 2010
Posts: 104
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Also the other main thing that I find intimidating about dentistry is that you pretty much have to open your own practice to live the lifestyle. What if your practice isn't successful? Are you just screwed? Is it likely to be successful in dentistry for a while (like 10 years out of Dental School) without opening up your own practice?
Having to run your own business seems like a huge burden that MD/DOs do not have to deal with. And there is also the issue of having to move to an ideal location to open up a practice. I just can't make up my mind!! Might as well spin a bottle and see if it lands on physician or dentist lol
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#22 |
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Supreme Member
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Better prediction. Aspen is heading to IPO status in 2 years. But little do they know that's what will bring an end to their venture.
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#23 | |
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New grads maybe very happy initially with this deal, but will eventually realize they can do well somewhere else, but corporations have another new new-grad dying to get the position for the same deal, if not less. Meanwhile, fees are going up every year, and the new new-grad is bringing in profits close to $600k. The cycle never ends, with more profits over time. |
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#24 | |
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#25 |
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Aspen has about 300 offices. They all have the same business hours (last time I checked).
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#26 | |
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Senior Member
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The quotes i've seen around here are around 90K-120K. It depends on if you pay for you lab work, hours, and production. 160-230K would be amazing if you didn't have to pay for any of the overhead. |
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#27 |
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On the Aspen Dental website they list $750,000+ as the salary for an OMFS, then directly below this they site the US Bureau of Labor Statistics as being roughly $210,000 on avg for an OMFS. What do you all think about this? Why would an OMFS for Aspen Dental make so much more than the average?
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#28 | |
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Supreme Member
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Typically, you would pay $250-300k for 1 office partnership. In return, you share monthly profits with the company, 50:50. Aspen does all the business aspects of the office, the partner dentist just worries about hitting Aspen set production goals, which are typically high. A dentist can be a PPO partner for more than 1 office, but the additional office will require associate(s), and their paychecks will come out of the PPO dentist's 50% profit of the office with the associate. So the profit gain from 1st to 2nd office is not the same. There are dentists who have 7 aspen offices, pulling 7 figure numbers easily. The PPO deal is irreversible for the dentist, meaning he or she is legally binded to never walk away from the company, otherwise the dentist will lose 100% of his/her initial investment. However, if the dentist is not meeting Aspen expectations, they can kick the dentist out of the program. Again, every aspen office is different, and the relationship between dentist and the company could slightly vary. The basic business model still applies. Last edited by Cold Front; 06-13-2012 at 04:41 AM. |
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#29 | |
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Supreme Member
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He was in the top 3 highest producing OS guys for the company. I think the top guy makes close to $5M a year. |
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#30 | |
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#31 | |
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I don't always predent...
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sounds like he leveraged the Aspen system to maximize his personal benefit. |
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#32 | |
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The problem with these corporations is that you never build any equity. You could open your own office make 50K the first 10 years out, but then start making real money have owned something. When you decide to retire, you can hire an associate and keep collecting checks. My uncle calls it mailbox pimping. You can't do that working for a corporation. When you stop working, the checks stop. |
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#33 | |
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Senior Member
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Edit: Never mind, read the rest of the thread. Got it. |
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#34 | |
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And if you had 10 Aspen offices acting as a referral network for 1 OS, I could totally see an OS producing those types of figures given the volume of extraction patients that a typical Aspen practice has. Tack on the anesthesia fees to likely a very high percentage of the cases that the OS was doing and that has the potential to be a serious amount of steady cashflow being generated
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DMD 1997 - UCONN, 41 years old |
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#35 |
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1K Member
Join Date: Feb 2011
Posts: 1,118
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Nvm
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Some people are like Slinkies, totally useless but great fun to watch when you push them down the stairs.
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#36 |
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Senior Member
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Aspen sounds like a good deal if you set up a profitable shop.
I just have a hard time believing it is that good. I have mainly heard negative things about it. I know people here call it the Wal-Mart of dentistry. You go there when you want a quick fix, but not when you are actually getting work done. Although it saddens me that Dentistry is being taken over by corporate. I guess most dentists are still trucking along. These numbers are still really good considering you don't have to take a loan out on the business or pay your staff or do any lab work. Do you get any say in hiring? Also are there set rules? Like you can only refer to the Aspen orthodontist, and you cannot refer out? |
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#37 | |
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Senior Member
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Can the partner DDS get to say in 'hiring a part time dentist' to meet the quota?? Hypothetically, if there were a law suit, what is the responsibility of Aspen? I've heard that at Western dental, they make associates sign the paper stating that Western is not responsible for any law suits but the dentists are.... I can't see any corporate playing fair and square with individuals. Edit: contract for a life time is a brilliant business model. No matter how successful a practice is, it is not likely the practice will meet the quota for (let's say) 25 consecutive years. If a partner DDS fails, just kick him/her out. Take over the practice and hire associates. More profits and for ASPEN, it cost barely nothing to set that practice up. Just be patient til he/she f**ks up. just brilliant I guess the million dollar question for a partner DDS is that how much more profits this ASPEN needs to generate than a private practice in order to sign the dotted line considering all the risks of losing it and law suits. Last edited by TheClutch; 06-13-2012 at 02:12 PM. |
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#38 |
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Nasal Intubator
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Okay texted my friend...he's somewhere in central Illinois at aspen
Says they work 9-6 four days a week (m,tu,wed, f) 11-8 on Thursday And 1-2 Saturdays a month from 9-3 So that comes out to close to 50 hours a week on average |
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#39 |
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1K Member
Join Date: Feb 2011
Posts: 1,118
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#40 |
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Senior Member
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I'd rather be in pharmacy if thats what Aspens hours are really like...
Corporate Dentistry really scares me sometimes. |
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#41 |
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Supreme Member
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Most weeks are 40 hours, but if you work a Saturday week, then it's 46 hours. So maximum you will work in a week is 46 hours, which is once a month.
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#42 | |
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Supreme Member
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In 2010, aspen's total offices revenue was half a billion dollars, with profits of $200-250 billion. What does aspen do with that money? Open 1 office a week, or uncle same will take that money as tax. Aspen is also a sponsor of NASCAR. Aspen lured the owners of DELL computers to invest in the company, Aspen probably has investors you wouldn't think would co-own the company. |
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#43 | |
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Supreme Member
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Associate dentist makes 20% profit sharing based on total profit for the office a month, but it comes out of the partner dentist's 50% pocket a month. If associate doesn't meet goal, he/she will make daily minimum of $600 a day at a typical office. So the associate usually tries to maximize their 20% incentive, plus managers are incentivized for maximizing production on the associate's schedule. The whole system is incentivized, from regional manager who overlooks multiple aspen offices to the assistant who works for her $150 a month bonus if the office hits goal. |
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#44 |
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Senior Member
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Hey Cold,
what's your background? Are you majored/minored in business in college, worked in the field before attending a dental school, your family runs a business, or you self-taught stuffs? |
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#45 |
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New Member
Join Date: Jun 2006
Posts: 37
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What is the hiring process like at Aspen? What do they look for and how hard is it for a recent grad to get a job there?
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#46 | |
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Supreme Member
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It was during school that one of my classmates, who was also one of my roommates talked to me the business side of dentistry a lot, but he himself did not want to jump into private practice right away after graduation. But he certainly was one of the first people who taught me how to have financial discipline and maximize self-potential. We constantly debated best thing to do when we graduated in terms of the shortest path to financial independence and early retirement. We both knew military scholarships, and other loan forgiveness paths were out of the question. So we talked a lot about how to be a successful solo practitioner. It was he who gave me the idea on what to name my practice. During school, I read a lot of books and joined online forums on how to work on personal finance, something that is not taught in school. For example, when I started school, I had a very low fico credit score (500's), and worked on building my credit profile during school, which I knew was critical to applying for business loan when I graduate. When I finished school, my fico score was in the high 700s, which showed the bank that I knew how to manage credit, plus making the case on why they should have my business by writing a 40 page report. I also met other people on the way through my business who were the best in their fields; commercial real estate agents, dental suppliers, marketing companies, and of course associating for Aspen Dental was a place to test things I wanted to do in my practice for free. They furthered my vision more than anyone else. I also read a lot of DentalTown forums on everything, there are very smart people on that website. There were also people on these forums who provided priceless info when I was building my first office from scratch. My accountant taught me a lot about taxes, retirement plans, etc. Some of my patients are professionals too; one of them is a Chase executive manager, and he helped get good deals on a property I bought last year. All in all, it's a continuous learning process by meeting the right people and researching the right information, and using everything to help your vision grow. I met a lot of skepticism from dentists and friends when I opened my practice, now they don't say the same thing about my 2nd practice venture. Last edited by Cold Front; 06-14-2012 at 06:49 PM. |
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#47 |
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That's great! thanks for sharing with us. really appreciate your experience, advice and lessons.
When you mentioned up there about having lunch every other day with an ASPEN manager, I knew you are exceptional. I know Than Merill, multimillionaire, has lunch with this guy (who used to be filthy rich till his business failed) and pays him $2000 every lunch to hear about why his business failed. No wonder why you've achieved so much. I actually have a million dollar question for you. Nowadays dental schools are so expensive. My school is only $342k, but by the time I graduate, it will be 399k. And my school is one of those cheaper schools (for OOS and private schools). Can't even imagine how much it will be for those attending "100k per year" schools. Having so much debt really hinders anyone's ability to buy a practice. I think that everyone tries to figure out how to knock off the debt as much as possible in the fastest way. How much was your loan when you graduated? How long did you work at the corporate and what percent of your total debt was paid off when you left the corporate? When you open up your start-up, how big was your student and practice loan? (If it was sizeable, what convinced you to take calculated risks?) |
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#48 | |
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Supreme Member
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I read somewhere that if a child is born today, and if that child ends up going to Harvard, he or she is expected to pay $600k of tuition for a 4 years program. What if that child wants to go dental school after undergrad? The average debt for my graduating class couple of years ago was $200-250k. This is considered astronomical in today's cost of education, but the # of applicants (the demand) is mostly what created that number, please fewer doctors (the supply) willing to teach those students at dental schools. Even state schools are getting less funds from their state to keep the cost down. For private practice loans, the banks are willing to lend not based on how much debt you have, but the ability to pay you billis if you open a practice, which studies show 99% of solo practitioners can. So you will not have a problem getting loans, but the idea of being debt free is unlikely in the short term, specially if you buy a home, a car, have family with children, etc. Unless you take calculated risks and have a sound business model for your own private practice or more. Last edited by Cold Front; 06-15-2012 at 05:34 AM. |
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#49 | |
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From what i've personally seen, both clinically and via 2nd opinion requests from patients, as well as via discussions with multiple collaegues about the generalized topic of corporate dentistry. Is all the work and actions of corporate dentistry questionable? Absoluetly not. Do they tend to do things/treatment plan things that one could argue are in that "gray area" at a higher frequency than most dentists would? I certainly feel that way. Then again, i'm sure that if you put 10 different dentists in a room and had them treatment plan the same patient, that at best you'd get 6 or 7 different treatment plans, realistically 8 or 9 different plans, and atleast 10% of the time, 10 different treatment plans! ![]() ![]()
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#50 | |
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Supreme Member
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Patient feedback tells the whole story. |
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