Dental Business Question (Multiple Practices With Associates)

[bcsuccess]

Hey Everyone,

Just wanted to ask a question about private practice in dentistry.

I want to be an orthodontist hands down, because I like how they operate. Straightening other people's teeth by aligning brackets and other things, but having a staff that does basically all of the hands on work for you. My mom is a general dentist, and she has many friends who are close to me that are orthodontists.

I have learned that orthodontists have a more lenient lifestyle than other specialties. This gave me the idea that having multiple practices would be easier and beneficial with this specialty also.

-- Now to my question. (Sorry for long intro lol) --

I want to own multiple practices in the future and I wanted to know how the financial aspect happens. Lets say I have 10 offices, and I hire associate orthodontists to work at all 10. Does that mean that I make money off of the work that they do without doing anything at all? I am confused by this method. I know an orthodontist who has 17 offices and has associates that work at all 17, and he just floats to whichever one... and he says he works a few days a month.

Is this a smart way to be a 7 figure orthodontist? And how does the overhead and pay to the associate and the owner work. ANY ANSWERS ARE A HUGE HELP! Thanks.

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[predent2151]

You’re in high school. Not trying to rain on your parade, it’s good you have a goal. But you have all of college, the DAT, d-school admissions, being top 10% in your class in d-school, doing extensive Ortho research, and then matching before you can even think about being an orthodontist. Not to mention you really don’t know if you like science yet, not your fault but you just haven’t gotten there yet. If you want to make 7 figures learn to drain deep 3s, play good D, and dunk on Yao Ming. Worry about the first classes your going to take that matter in undergrad, bio 1, chem 1, and physics 1. Go watch some khan academy.

 

[bcsuccess]

You’re in high school. Not trying to rain on your parade, it’s good you have a goal. But you have all of college, the DAT, d-school admissions, being top 10% in your class in d-school, doing extensive Ortho research, and then matching before you can even think about being an orthodontist. Not to mention you really don’t know if you like science yet, not your fault but you just haven’t gotten there yet. If you want to make 7 figures learn to drain deep 3s, play good D, and dunk on Yao Ming. Worry about the first classes your going to take that matter in undergrad, bio 1, chem 1, and physics 1. Go watch some khan academy.

You are absolutely right. But I just was curious on this aspect and wanted an answer from someone who knows about the topic.

 

[predent2151]

You are absolutely right. But I just was curious on this aspect and wanted an answer from someone who knows about the topic.

To answer your question if you want to be best prepared to operate multiple practices in any specialty then you need to be pretty business savvy. Those orthodontists that have 10+ practices are racking in a percentage because they own the equity of the practice. They most likely practice because they still enjoy doing it not because of the money. If that’s really the path you want to set your sight on think about adding a double major in management/economics/ or finance. I majored in economics and minored in biology and chemistry. It actually is looked at favorably then being just another bio major.

 

[2TH MVR]

Sounds like you have it all planned out. I'll be curious to hear some of the replies.

 

[bcsuccess]

Sounds like you have it all planned out. I'll be curious to hear some of the replies.

Do you have any insight to the question? Does it seem unrealistic? I'm really curious.

 

[allantois]

Do you have any insight to the question? Does it seem unrealistic? I'm really curious.

With the way things are going, the older orthodontists with no debt are gonna employ all those orthos coming out of training with 1M debt

 

[2TH MVR]

Do you have any insight to the question? Does it seem unrealistic? I'm really curious.

You need to ask this question in a business MBA forum. I had the opportunity to visit the 10 story business center for the Corp that I work for. I was blown away by all the business/support depts for their dental corp. Each dept whether it is HR, legal, marketing, expansion, advertising, quality care, continuing ed for the doctors, osha, acquisition of dentists/specialists, acquisition of new practices to buy or areas to build another practice, CEO, CFO, COO, etc. etc. are staffed by experts in their individual business areas.

The days of simply opening a bunch of offices and expecting to compete with the Corps is over. If your serious .... you need to partner up with a business MBA that shares your vision and formulate exactly what your business plan is to drive the patients to your multiple office locations.