It's hard to work for someone else. I became a dentist to be my own boss. It would be hard for someone to tell me what to do. However if you have no interest in owning a business I am sure it is fine.
Look. I was my own boss for 25 plus years. Owned multiple practices. I agree that the reason most of us went into dentistry is practice ownership. No debate there. But the reality is there will come a time in your practice life where your practice revenue will plateau and the hassles of running your own practice will not be on par with your reducing compensation. It happens to most older dentists. Of course there are always exceptions.
Now to answer the OP. I've worked for a Corp for approx 3 yrs. I am older and my reason for working for the Corp is LESS STRESS and to SIMPLIFY my life. But the difference between myself and others is that I am essentially debt free. For those straight out of school .... a Corp job is just a job. Unless you are a PT dentist or have no plans on owenrship .... then maybe Corp is for you. If you are looking to be a dentist FT, have DS debt .... to be a life long Corp employee is not a good idea.
My experience in the Corp. I laugh all the time at the Corp Culture. It's quite entertaining. Corp level people relay info to mid-level managers who relay the info to the workers (me). Trust me. It is not a smooth process. It is quite entertaining to see the staff on their phones during a meeting with a mid-level manager who is showing us pie diagrams, bar diagrams, month to month revenue tracking, etc. etc. etc.
The good? I show up 5 minutes before the day starts and leave when the last patient is done. I'm paid a daily rate plus bonuses. The bonuses can be really good. I could care less if the patients show up or not. I get paid regardless. If the computers go down or the internet is down .... I get paid. If the staff doesn't show up and patients need to be rescheduled. I get paid. If an employee has a problem .... they talk to the business manager .... not me. I don't deal with ANYTHING besides patient care. If the retainer isn't perfect .... impress for another .... I'm not paying for it. BTW. I do not have BOSS hanging over me all day. I do my own thing. Other benefits: 401K. Paid malpractice premiums. CHEAP, CHEAP ...did I say CHEAP medical insurance. Getting medical insurance in a private practice is a joke. The premiums are extremely high. I get some PTO and sick leave. Free CE and out of town paid meetings for other CE or Corp meetings. As a specialist .... NO SUCKING UP TO GENERAL DENTISTS. No referral politics. The GPs have to refer pt to me. HAVE TO. Another positive is working with your colleagues. If you are a private practice owner .... more times than not .... you are on a lonely island. It's just YOU and your staff. I get to interact with many dentists. As you can tell from the length of this post .... I like to talk ALOT.
The bad? You're an EMPLOYEE. You have to work with the staff that is provided. Oh I miss the days where I could fire a staff member that I did not get along with. For myself ... staff is the biggest headache I have. The corp staff, at least where I work, are terrible. As for working days. I have some leeway, but it includes most fridays and sats. I can choose how many days I want to work though.
So. Good and bad. If you are just out of school ... use Corp as a job, but private practice is still king.
I like how you presented BOTH the good and bad sides of working in a corp/working as a private owner. I gained a lot of perspective from this response.
How difficult is it to get a corp job right out of dental school? Like how is the competition? I get that more saturated areas will be more competitive due to obvious reasons, but how would one describe the difficulty of corp job searching? Just for example, if you submit your application to 10 places, how many are you likely to a land a job offer? 1? 5?
This question never really comes up much. But if corps were to take over dentistry, how would that affect job security?
One of the big pros for dentistry is that there is high job security, you'll always have a job unlike finance or something. But if corps controlled dentistry, then during a recession wouldn't corps fire a bunch of dentists, just like big companies fire their employees to help their bottom line. This means the job security in dentistry is similar to any other (unsecure) profession right?
I've thought of this also with my time at the Corps. My answer is the same as when I practiced privately. Be the best that I can be. Stand out from the crowd. If a scenario arises where my Corp needs to downsize orthos ..... I want to be the last ortho standing. This starts with being a high producing dentist, being a good, dependable employee, not complaining, rubbing shoulders with the right people, etc. etc. If you are a mediocre dentist .... then yes .... you are more likely to be on the chopping block.
You compete in predent, dental, residency school and it continues in real life. That's life.
From a micro perspective, every dentist would love to work for a corporate dentistry. From a macro perspective, we are becoming like Pharmacy profession. Eventually, once corporations have the lion share of the dental office market - local regional managers will start to talk differently to their dentists, and the tables will turn.Exactly.
someone else mentioned they went into dentistry to be your own boss. You pick your demons. If you are the sole owner of a private office you have MANY bosses all asking for more and more from you. Corporate is easy. You answer to the patient and some level of reasonable productivity. As a specialist what is asked of me is not that far off of what my private offices needs to perform at to pay all those bills too....
I enjoy meeting with the regional managers. They do like to spout random numbers. My response is always, are you happy with me or not. Tell me exactly what would make YOU look better and I’ll see what I can do to help. Easy game to play.
Not just in dentistry. In any job, if you are slow, your chance of getting fired will be very high. If you were a boss, would you hire a slow associate dentist or a slow assistant to work for you? A slow dentist = a poor dentist.Ah I see. It seems you are a high producing ortho, but for your average dentist, job security will likely be lower in the future right?
That's something people should take into account when going into dentistry. Not only is there 500k loans, but also the possibility of being fired if you don't produce enough/are naturally slow.
From a micro perspective, every dentist would love to work for a corporate dentistry. From a macro perspective, we are becoming like Pharmacy profession. Eventually, once corporations have the lion share of the dental office market - local regional managers will start to talk differently to their dentists, and the tables will turn.
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It’s hard to say. But a corporation is a corporation. They all answer to their stock holders. If stock holders say jump, dentists will someday say “how high?”. Ofcourse we are not there yet. But in the long run, it will happen. Pharmacy was a solo business for centuries, then it all changed the last 3-4 decades.In your opinion, dentists right now still have the power in the corporate relationship? But once corporate controls >50% of dentistry, the power will shift to the corporations?
Do you think will they bully future dentists, will dentists eventually need to unionize?
I'm pretty concerned haha, I think about it everyday. I'll probably be practicing in peak corporate era. Debt or no debt, it's a tough pill to swallow. I'm surprised not many predents are thinking about this. It's their future too
That is one thing that actually does concern me about practicing in a small town or as a dentist in general. Your patients look in the parking lot and very quickly recognize which car belongs to you, what are their feelings/thoughts towards you based on that impression. Probably an over-analysis on my part... Maybe I will just have to park under a car cover every day or build a garage at my office. The ideas are coming.btw: if you practice in a small rural area .... sell that Lambo (your avatar) with the scissor doors. It won't go well in a small town. 😉
It depends. At my buildings, the employee parking is in the back of the building. Patients park in the front. The street entrance to the buildings (unfortunately) are from the back of the property, and some patients can see the employee cars. Maybe 1 in 100 patients notice my car.That is one thing that actually does concern me about practicing in a small town or as a dentist in general. Your patients look in the parking lot and very quickly recognize which car belongs to you, what are their feelings/thoughts towards you based on that impression. Probably an over-analysis on my part... Maybe I will just have to park under a car cover every day or build a garage at my office. The ideas are coming.
Since you don’t plan get married and have kid, you’ll be fine. If you only have to support yourself, you don’t need to make a lot of money….the low pay income that you earn from working at the corp office should be plenty for you.I'm pretty concerned haha, I think about it everyday. I'll probably be practicing in peak corporate era. Debt or no debt, it's a tough pill to swallow. I'm surprised not many predents are thinking about this. It's their future too
Everything in life is a trade-off. If one thing increases, another must decrease. If you want to make more money, practice in an area where nobody wants to live. You would save so much money for not buying a Lambo, a big expensive house etc when you live in a small town. If you want to live in the nice sunny weather state like CA, where corp offices are everywhere, expect to work like a dog to pay for all the luxury items and conveniences. If you don’t want to work hard, then don’t expect to have the nice things that the rich people have. People are rich because they work hard and make sacrifices. They may not work hard now but to get to where they are now they had to work really hard when they were younger.Chill buddy. You worry too much at your stage. I still believe that there are rural and semi-rural areas with fewer Corps. I was in Alaska last summer. Visited some small towns. No Corps there. Fact ... the nice, urban, coastal areas are saturated. These areas are also populated by the low income set. Most Corps (ours does) market to the lower income patients. You want the dentist dream? It still exists in the smaller, less populated, less desirable areas. You may or may not make as much money ..... but you have the opportunity to practice dentistry as YOU WANT.
I'll say it again. Corp is ok for an older dentist like myself, but not for young dentists with DS debt. Corp is a dead-end for young dentists. You still have time. But how long? Who knows. Start or buy that private practice in a rural area while you still have that opportunity.
btw: if you practice in a small rural area .... sell that Lambo (your avatar) with the scissor doors. It won't go well in a small town. 😉
I would argue you need to make even more money, because now you need to have lots of money for retirement because you won't have kids to take care of you when you're old.Since you don’t plan get married and have kid, you’ll be fine. If you only have to support yourself, you don’t need to make a lot of money….the low pay income that you earn from working at the corp office should be plenty for you.
If you think dentistry will be so bad in the future, it’s not too late for you to switch to medicine now since you are not in dental school yet.
My kids will take care of me when I am old? I wish. I never have such expectation. I expect my kids to have good enough career to take care of their own kids. The reason I work so hard now is I try to save as much as I can....both for my own retirement and for my kids in case they make mistakes and don't have good jobs.I would argue you need to make even more money, because now you need to have lots of money for retirement because you won't have kids to take care of you when you're old.
Dentists and doctors in America make more money than dentists and doctors in a lot of other countries. Hope this makes you feel better.Unfortunately I don't think medicine is much better. It's already controlled by corps, that's just the reality for America, everything is corporate. I'll just have to suck it up and deal with it. I'll still try my best to own a practice and live my dental dream.
99.9% of new dentists get at least one job offer immediately when they graduate. As of today if a dentist get fired from their job at a corp or private practice they can easily get a new job at another corp. Not sure how this will changes in the future.Ah I see. It seems you are a high producing ortho, but for your average dentist, job security will likely be lower in the future right?
That's something people should take into account when going into dentistry. Not only is there 500k loans, but also the possibility of being fired if you don't produce enough/are naturally slow.
This is also true even for oversaturated states like CA. Job security is the one thing that dentists continue to enjoy for many many years.99.9% of new dentists get at least one job offer immediately when they graduate. As of today if a dentist get fired from their job at a corp or private practice they can easily get a new job at another corp. Not sure how this will changes in the future.
That is one thing that actually does concern me about practicing in a small town or as a dentist in general. Your patients look in the parking lot and very quickly recognize which car belongs to you, what are their feelings/thoughts towards you based on that impression. Probably an over-analysis on my part... Maybe I will just have to park under a car cover every day or build a garage at my office. The ideas are coming.
They will have to work at more than one office. Are you sure they're looking hard enough? I personally will be happy with working 4 days a week for $120k.While dentists may have jobs, i'm somewhat surprised no-one has mentioned underemployment. I know dentists now who can only find work 3-4 days a week and would like to work more.
edit: just want to say these are generally new grads and slower dentists from my experience
They will have to work at more than one office. Are you sure they're looking hard enough? I personally will be happy with working 4 days a week for $120k.
Yeah but that 120k is more like 20k after taxes (-40k) and loan repayment for an expensive school (-60k). Living off 20k is borderline poverty level.
Lets say you went to a in state school half the price (-30k/yr), you will still live off of 50k a year which is not that much more than your average American who might not have even gone to college, let alone dental school.
According to Table 3, only 13% of dental students had parents earning less than 50k a year. Majority of dental students have parents earning 100k+. So 50k a year would actually be a downgrade in lifestyle for your average dental student. Just giving some perspective here...
Like I said before, a slow dentist = a poor dentist. If your plan to is work for someone forever, then it's probably not worth pursuing dentistry.....because you'll be the same as a pharmacist/optometrist, who works at Walgreen. Your associate income will be stuck at $120k for the rest of your practicing career.Yeah but that 120k is more like 20k after taxes (-40k) and loan repayment for an expensive school (-60k). Living off 20k is borderline poverty level.
Lets say you went to a in state school half the price (-30k/yr), you will still live off of 50k a year which is not that much more than your average American who might not have even gone to college, let alone dental school.
According to Table 3, only 13% of dental students had parents earning less than 50k a year. Majority of dental students have parents earning 100k+. So 50k a year would actually be a downgrade in lifestyle for your average dental student. Just giving some perspective here...
Like I said before, a slow dentist = a poor dentist. If your plan to is work for someone forever, then it's probably not worth pursuing dentistry.....because you'll be the same as a pharmacist/optometrist, who works at Walgreen. Your associate income will be stuck at $120k for the rest of your practicing career.
If you are single and have no kid, an income of $120k should be plenty for you. If you graduate at 26, you should be student debt-free by 36, which is still a very young age. Not a lot of people (even the ones with a college degree) at this age can make a 6-figure income.
Many of my single Asian adult friends lived with their parents after graduation to save money and to pay off debts. They moved out they when they got married. And with the additional income from their spouses, they all bought very nice houses
how did they graduate with zero?If you can go to a school $150-$200k then you'll be fine no matter what you do. So do everything you can to hit this mark. Significant other graduated with $0 - yes it can be done. Makes $170k after GPR year at the ripe age of 27 and is saving like no other. This is where you want to be!