Buying own practice right out of school

[TJNova2011]

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After reading the asda magazine, I was wondering how many people in your class have (or will, for those graduating) purchased their own practice right out of dental school.

In one of the articles, the dentist went to a rural area. What are the dentists take on this.

 

[DentStudent2010]

After reading the asda magazine, I was wondering how many people in your class have (or will, for those graduating) purchased their own practice right out of dental school.

In one of the articles, the dentist went to a rural area. What are the dentists take on this.

very few because its difficult to get financing right now for a new grad even with a down payment and a co-signer.

 

[djh597]

Not many do it, out of fear I would guess. I did. I graduated in 2006. I signed a contract in March to buy a practice, and closed on it as soon as I had my license. I think 5 people out of my class of 100 went out on their own.
Financing is not as hard as it seems, if it is a good practice at a fair price. I am trying to sell my practice to return to school to specialize, and already have financing lined up by my bank for whoever buys it. (pending any major blips on credit)

 

[asdfg]

Not many do it, out of fear I would guess. I did. I graduated in 2006. I signed a contract in March to buy a practice, and closed on it as soon as I had my license. I think 5 people out of my class of 100 went out on their own.
Financing is not as hard as it seems, if it is a good practice at a fair price. I am trying to sell my practice to return to school to specialize, and already have financing lined up by my bank for whoever buys it. (pending any major blips on credit)

How did you end up doing with buying a practice right out of school and what are you now planning on specializing in? Also, are in a rural area or larger city?

 

[djh597]

i did fantastic with it. It is not for everyone thought. I was pretty proficient in school. I was never one to take 3 hours for an appointment. I was in and done. I plan on going back for pediatrics. pretty rural setting, town of 16000, with a draw of 60,000 or so

 

[LNinlove]

i did fantastic with it. It is not for everyone thought. I was pretty proficient in school. I was never one to take 3 hours for an appointment. I was in and done. I plan on going back for pediatrics. pretty rural setting, town of 16000, with a draw of 60,000 or so

Sorry, what's a draw?

Also, are you the guy that said you were in Kansas?

Did you have an average amount of student loan debt? I'll be 33 when I graduate dental school, so I need to get out and get my own practice as soon as I feel comfortable. Feel free to PM me if you like. Thanks!👍

 

[djh597]

yeah, im in central Kansas. not too far from CO. I actually have a season pass to ski up there! Ill be there in about 2.5 weeks again, whoo hooo!

A draw is the population that comes to the city for commerce. Whenever you look at a cities population it lists those that live in the city limit. for example we have the only walmart for an hour drive in any direction. So people come here to shop, eat, dentist, etc.

I think i had a slightly above average debt load when i graduated. My student loans were around 210,000.

 

[LNinlove]

Very nice on the season pass! At this point, I'm too afraid to go snowboarding as I don't want to break my future money makers...

Thanks for the clarification on the draw!

 

[Thaxil]

I bought my practice straight out, but had difficulty financing. Eventually after 6 months I was able to get the practice completely financed. It has only been a year and things have went very good. It is more stress due to budget strains due largely to my own personal budget. What is most difficulty is just managing staff. I am getting better at it, but is sometimes is a daily struggle. It is hard to tell the office manager how you want things to occur when you have not even formulated a system yourself. Clinically, there are mishaps as well, but I like to think I learn from them.

 

[jrdds]

I don't think its good idea to buy private practice right after dental school.
I would look into residency program for at least 1 year. then may be work for someone else for least 1 year. and Still I don't think its still too late.
I graduated 2002 from NYU and did residency at VA (NJ) then I worked few offices. I took over older Dr. practice 2004. 100% financed, 3 chairs, I also took over 90% of his patients. in addition, I took over his position at the hospital as medical attending. Its been great since then.
You may want to use brokerage (professional). if you have any questions you can contact me. I will be more then happy to help you guys out. or email me at [email protected]

 

[DentStudent2010]

I don't think its good idea to buy private practice right after dental school.
I would look into residency program for at least 1 year. then may be work for someone else for least 1 year. and Still I don't think its still too late.
I graduated 2002 from NYU and did residency at VA (NJ) then I worked few offices. I took over older Dr. practice 2004. 100% financed, 3 chairs, I also took over 90% of his patients. in addition, I took over his position at the hospital as medical attending. Its been great since then.
You may want to use brokerage (professional). if you have any questions you can contact me. I will be more then happy to help you guys out. or email me at [email protected]

waste of time!

 

[Istr8nthem]

waste of time!

I am having a very hard time understanding why you are so set against 1-year residency programs. You have never attended a GPR/AEGD and thus have no light to shed on the subject. All you have said about the subject on SDN is that they are a waste of time because that's what your friends told you. A GPR/AEGD is a great option/necessity for many people out there. The list of positives are a mile long if you attend a good, clinical program. The list of negatives is not as long, as you have told us: why make 40K/year when you can make 120K/year. Very few people come out of dental school with the ability to immediately enter private practice and hit the ground running. For most, the year of residency allows a big increase in speed/efficiency, much more exposure to oral surgery procedures, increased ability to manage medically complex patients, exposure to new restorative materials, ability to place/restore implants (at the right program)..... the list goes on and on.

Please don't continue to make broad generalizations/blanket statements and tell everyone on this board looking for serious advice that GPR's are a "waste of time." It's incredibly narrow minded when you have practicing dentists saying the opposite. Like I said, to each their own, and everyone will chose their own path in life, give suggestions, don't use generalizations.

 

[gr8smile]

I am having a very hard time understanding why you are so set against 1-year residency programs. You have never attended a GPR/AEGD and thus have no light to shed on the subject. All you have said about the subject on SDN is that they are a waste of time because that's what your friends told you. A GPR/AEGD is a great option/necessity for many people out there. The list of positives are a mile long if you attend a good, clinical program. The list of negatives is not as long, as you have told us: why make 40K/year when you can make 120K/year. Very few people come out of dental school with the ability to immediately enter private practice and hit the ground running. For most, the year of residency allows a big increase in speed/efficiency, much more exposure to oral surgery procedures, increased ability to manage medically complex patients, exposure to new restorative materials, ability to place/restore implants (at the right program)..... the list goes on and on.

Please don't continue to make broad generalizations/blanket statements and tell everyone on this board looking for serious advice that GPR's are a "waste of time." It's incredibly narrow minded when you have practicing dentists saying the opposite. Like I said, to each their own, and everyone will chose their own path in life, give suggestions, don't use generalizations.

Couldn't agree with you more. I shadowed at a teaching clinic and everyone felt that it was an invaluable experience. All the residents I shadowed felt that it allowed them to grow professionally and tweak and maybe perfect some of their clinical skills. I will be 40 by the time I graduate, and the instinct will probably be to go out blazing and try to get that “120K/year” job, but I truly feel that doing residency will make me a more competent clinician.

 

[jay47]

Couldn't agree with you more. I shadowed at a teaching clinic and everyone felt that it was an invaluable experience. All the residents I shadowed felt that it allowed them to grow professionally and tweak and maybe perfect some of their clinical skills. I will be 40 by the time I graduate, and the instinct will probably be to go out blazing and try to get that "120K/year" job, but I truly feel that doing residency will make me a more competent clinician.

I read that whole article as well in ASDA. Well written, but it really made it sound WAY too easy. I know for a fact that there are a lot of things not mentioned in the paper that must be taken into account aside from what they writer talked about. Nonetheless, it does give me confidence that someone can do that.

I too am torn on the GPR residency.

On one hand, it seems like going into the real world, and "hitting the ground running" (possibly with another associate who is more experienced?) would be just as advantagous. You get to see lots of patients, make a decent amount (more than GPR for sure) and you have the "experience factor" that other dentists might be looking for.

On the other hand, the GPR is more likely to train you in a larger variety of cases and you will definitely get an experienced professional teaching you the proper and best way to do things, BUT, you won't have any "real world experience". I have seen several dentists post on here (and that is but a small fraction of all dentists) that they would prefer someone with one year of real world experience over someone with a GPR.

I suppose ideas will vary, but it really seems like there are advantages to both.

 

[DentStudent2010]

I am having a very hard time understanding why you are so set against 1-year residency programs. You have never attended a GPR/AEGD and thus have no light to shed on the subject. All you have said about the subject on SDN is that they are a waste of time because that's what your friends told you. A GPR/AEGD is a great option/necessity for many people out there. The list of positives are a mile long if you attend a good, clinical program. The list of negatives is not as long, as you have told us: why make 40K/year when you can make 120K/year. Very few people come out of dental school with the ability to immediately enter private practice and hit the ground running. For most, the year of residency allows a big increase in speed/efficiency, much more exposure to oral surgery procedures, increased ability to manage medically complex patients, exposure to new restorative materials, ability to place/restore implants (at the right program)..... the list goes on and on.

Please don't continue to make broad generalizations/blanket statements and tell everyone on this board looking for serious advice that GPR's are a "waste of time." It's incredibly narrow minded when you have practicing dentists saying the opposite. Like I said, to each their own, and everyone will chose their own path in life, give suggestions, don't use generalizations.

3 of my family members did residencies at 3 different schools.

Each have told me why it was a waste of time.

Thats not a broad generalization kid.

 

[jfitzpat]

3 of my family members did residencies at 3 different schools.

Each have told me why it was a waste of time.

Thats not a broad generalization kid.

I can't imagine who would think that basing your impression on n=3 is a broad generalization...

 

[jay47]

I can't imagine who would think that basing your impression on n=3 is a broad generalization...

When the population from which the person is making assumptions, dentists that the person knows, n may include the entire population. I'm sure that for every person, and from school to school, the value of a GPR/AEGD varies greatly.

 

[browncrack]

GPR as required for state licensure makes a GPR worthwhile. GPR/AEGD just for a transitional year out of school seems like a bad idea. GPR/AEGD to hone or refine clinical skills makes the choice in residency location critical as no two are exactly alike. Some GPR/AEGD are just awful and should be eliminated as useless.

The above is based on comments I've heard from dentists, residents, and dentists who have done residencies. I'm still a student so I'm hoping my experience turns out well enough to get work straight out of school.

 

[jfitzpat]

When the population from which the person is making assumptions, dentists that the person knows, n may include the entire population. I'm sure that for every person, and from school to school, the value of a GPR/AEGD varies greatly.

I have no problem with a person basing their decision on what three of their family members recommend. We all do it. But it IS a broad generalization and he shouldn't be calling all AEGDs/GPRs a "waste of time" based on the opinions of three people. They may be a waste of time for those three people, but to come here and expect everyone to agree with him based on that evidence alone is ridiculous.

 

[yahoogoogle]

3 of my family members did residencies at 3 different schools.

Each have told me why it was a waste of time.

Thats not a broad generalization kid.

I totally get where this is coming from. Most GPR programs require their dental residents to do rotations with medical residents, such as delivery of babies, trauma, cancer, etc, which is something that we'll never do in private practice. Even most oral surgeons don't do trauma and oral cancer in their private practice. Why would we bother to learn to deal with these nonsense? When dental residents are not doing medical stuff, they most of time end up with menial labor like fillings and extractions, which we would get paid double in a mill practice. Don't get me wrong. I would take a spot in VA GPR or a SOLID AEGD in a heartbeat, or I decide to teach after school, but it's just that the purpose of most GPRs, seems to me, is to exploit new dental graduates as a source of cheap labor to fill in hospital's understaffed medical personnel. Go get a job in a real world if you can. Either way we'll get abused but at least the real world experience counts for something in the end. There will always be someone out there, who would tell you how GPR makes you clinically competent and enhance your knowledge with medically complex patients and I would tell any pre dent or dental students same thing because it's a politically correct thing to say, as I would tell them how imperative Gross Anatomy and Biochem are to our career of dentistry.

 

[jay47]

I have no problem with a person basing their decision on what three of their family members recommend. We all do it. But it IS a broad generalization and he shouldn't be calling all AEGDs/GPRs a "waste of time" based on the opinions of three people. They may be a waste of time for those three people, but to come here and expect everyone to agree with him based on that evidence alone is ridiculous.

Of course, your point is well taken.

 

[Demeter]

After reading the asda magazine, I was wondering how many people in your class have (or will, for those graduating) purchased their own practice right out of dental school.

In one of the articles, the dentist went to a rural area. What are the dentists take on this.

You need to ask yourself if you have the necessary speed and skill set to produce enough dentistry right out of school. Most recent dental school graduates are barely competent. If you only completed one molar endo, one Pulp/ SSC, one bridge, or restored one implant then I am talking about you. There are so many hurdles when you decide to go out on your own such as finding the right location, researching your demographics, managing your staff, worrying about how to get new patients, implementing systems etc.. One thing you can't be worrying about is being able to produce dentistry if it walks in your office.

Find a good mentor, pick up your speed, learn some more advanced dentistry and read some threads about starting an office on Dental town- then you will be ready.