First year after AEGD: yearly collection report

[Faux]

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I feel like money talk gets discourage around here. But you gotta pay the bills, especially when considering school investments.

Started in September, but I only listed Jan-Dec. Only had a year AEGD under me. Relatively insurance heavy practice.

 

[doktorinprogres]

Really appreciate you being open, how does this compare to your own expectations and maybe those of some of your peers?

 

[Faux]

Really appreciate you being open, how does this compare to your own expectations and maybe those of some of your peers?

When I applied, 120-150k hovered around a lot, so I’m happy. I’m more happy about the level of mentorship I got and would gladly take less pay to have someone like my boss.

My one friend mentioned 500k collection. My other classmate I think is doing the same or little less than me.

I work four days a week.

 

[2TH MVR]

How old is your boss?
Does your boss own more than one practice?
You talk very highly of this boss. Any future chance of buying into this practice? Has this been discussed at all?
Do you place implants in the private practice?

 

[Faux]

How old is your boss?
Does your boss own more than one practice?
You talk very highly of this boss. Any future chance of buying into this practice? Has this been discussed at all?
Do you place implants in the private practice?

About 45. He owns one practice but looking into buying another since I seem to be doing well and wants to build on that momentum.

I’ve thought about buying it, staff and even the boss encourages it too. It really is a good team and I commute 35-40 minutes every morning. Right now I’m just focusing on my hand skills and patient care. So far its me, my boss and three hygiene and four assistants. He has 3 chairs, I have two. I wouldn’t mind another to be honest.

I’ve done 29 implants in AEGD. I haven’t done as many so far here, but I’ve done about 10 so far I think, I’ve done 2 in November and another 2 coming in Jan. It takes time, I think the bigger issue is comfort. It’s one thing to have faculty there, its another thing to be sailing the ship yourself, so I’m trying to overcome that nervous feeling. My boss actually assisted me in my first immediate implant. Good time!

 

[deleted1082923]

I feel like money talk gets discourage around here. But you gotta pay the bills, especially when considering school investments.

Started in September, but I only listed Jan-Dec. Only had a year AEGD under me. Relatively insurance heavy practice.

Where is this practice located (which state)?

 

[doktorinprogres]

When I applied, 120-150k hovered around a lot, so I’m happy. I’m more happy about the level of mentorship I got and would gladly take less pay to have someone like my boss.

My one friend mentioned 500k collection. My other classmate I think is doing the same or little less than me.

I work four days a week.

Did those other two do post-grad training as in AEGD or GPR? I think I maybe thought that an aegd/gpr would mean one could be producing more but perhaps it more so means you're more comfortable and confident in procedures.

Honestly, if I backed out your doctor production as 2/3 of a practice and add in 1/3 for hygiene, you're essentially producing enough to support a 800k practice. I think I'd be satisfied if I was able to be in your shoes when I get there(still a baby dentist).

 

[Faux]

Where is this practice located (which state)?

Western NY

Did those other two do post-grad training as in AEGD or GPR? I think I maybe thought that an aegd/gpr would mean one could be producing more but perhaps it more so means you're more comfortable and confident in procedures.

Honestly, if I backed out your doctor production as 2/3 of a practice and add in 1/3 for hygiene, you're essentially producing enough to support a 800k practice. I think I'd be satisfied if I was able to be in your shoes when I get there(still a baby dentist).

They both did GPRS in hospital.

I believe producing more comes hand in hand with being comfortable and confident. Also its not just about production, but overall care and reducing redos and follow ups. I think I could have been okay without the residency, but it sure would have been bumpy. I was pretty much doing full mouth extractions my second or third week into work.


I believe overall as an office, it collects +2million. My guy pretty much does it all. Pretty slick and passionate dentist.

 

[AONLINE]

I think that’s a really good set up that you have, congratulations! So what is the % that you take home out of the $553k collection?

 

[TanMan]

Not to be a negative person, but why are the writeoffs and adjustments proportionally so big? We're also a heavy insurance practice but our writeoffs/adjustments are nowhere close to your adjustments/writeoffs.

 

[Senee]

What residency program did you attend?

 

[Roto Picante]

Where did the production on this report come from Jan-Aug if you didn't start until Sept? And I agree with TanMan, your writeoffs are out of control. Fee schedule too high? Accepting Medicaid?

 

[Faux]

Not to be a negative person, but why are the writeoffs and adjustments proportionally so big? We're also a heavy insurance practice but our writeoffs/adjustments are nowhere close to your adjustments/writeoffs.

Decent amount of healthplex and other low reimbursement insurances. Just cemented a crown the other day that gave $400 from insurance. Hurts a bit. Do you mind sharing yours for the last year so I have something to compare to?

What residency program did you attend?

UB AEGD

Where did the production on this report come from Jan-Aug if you didn't start until Sept? And I agree with TanMan, your writeoffs are out of control. Fee schedule too high? Accepting Medicaid?

Started 2019 sept. See above for fees

 

[schmoob]

I’m guessing those are your office uncontracted rates and adjusted to contracted rates? That is a lot in write offs though.

 

[TanMan]

Decent amount of healthplex and other low reimbursement insurances. Just cemented a crown the other day that gave $400 from insurance. Hurts a bit. Do you mind sharing yours for the last year so I have something to compare to?



UB AEGD

Started 2019 sept. See above for fees

I censored the monthly as I'm going to keep that proprietary information for now. This is my 2021 production/adjustment/writeoff. We got hammered/destroyed in the last 3 months. Edit: That's why production/adjusted production is lower than it should be. Not sure why this part got cut off.

 

[702]

I censored the monthly as I'm going to keep that proprietary information for now. This is my 2021 production/adjustment/writeoff. We got hammered/destroyed in the last 3 months. Edit: That's why production/adjusted production is lower than it should be. Not sure why this part got cut off.

View attachment 347983

This is amazing!

 

[2TH MVR]

I censored the monthly as I'm going to keep that proprietary information for now. This is my 2021 production/adjustment/writeoff. We got hammered/destroyed in the last 3 months. Edit: That's why production/adjusted production is lower than it should be. Not sure why this part got cut off.

View attachment 347983

Those are truly incredible numbers. One dentist. One office.

 

[TanMan]

Those are truly incredible numbers. One dentist. One office.

That's why I am such a strong advocate for owning and not being an associate. This is on a 30 hour a week/48 week (I need to double check how much vacation I took last year) schedule in a solo practice. Imagine if you were a group practice owner (although overhead would be higher with dentist labor included). I like simplicity and less drama, so solo practice is the way for me. The incremental gain in practice income by adding multiple locations and/or associates isn't worth my headache.

I guess the takeaway message here is become an owner asap. It reminds me of an old tv cooking show and the phrase, if yan can cook, so can you.... but replace cooking with practice ownership.

 

[Aspire2019]

I censored the monthly as I'm going to keep that proprietary information for now. This is my 2021 production/adjustment/writeoff. We got hammered/destroyed in the last 3 months. Edit: That's why production/adjusted production is lower than it should be. Not sure why this part got cut off.

View attachment 347983

Is this a general practice or a particular specialization? Also, is the practice in a generally dentist favorable area ( like top states for dentists to work in)?
Just trying to understand some context around the numbers.

 

[TanMan]

Is this a general practice or a particular specialization? Also, is the practice in a generally dentist favorable area ( like top states for dentists to work in)?
Just trying to understand some context around the numbers.

I'm a GP and I don't exactly know what "top states" means, but it's not NYC or LA. It's a moderate sized suburb w/ at least a million people in the county.

 

[TanMan]

I feel like money talk gets discourage around here. But you gotta pay the bills, especially when considering school investments.

Started in September, but I only listed Jan-Dec. Only had a year AEGD under me. Relatively insurance heavy practice.

On another note, you should really find out why you have so many writeoffs. Most likely your office might be billing UCR/Office fees rather than contracted fees. If that's the case, it's not as bad as if you were delivering that much under contracted rates and you weren't getting paid 43% of the contracted rates for one reason or another. The latter would indicate poor management (poor ins verification, collection strategies, notes, and so on...) , the former is just a dumb internal practice unless they were trying to inflate numbers. Shoot, if I billed everyone my UCR/office fees, I'd probably hit 6-8MM in fake production.

 

[Aspire2019]

I'm a GP and I don't exactly know what "top states" means, but it's not NYC or LA. It's a moderate sized suburb w/ at least a million people in the county.

Thanks for sharing this. I find it very encouraging. I am sure lot of hard work has gone into making this.
One question, maybe a bit off topic - how do you handle emergencies while you are on vacation, especially since it’s a solo office.

 

[TanMan]

Thanks for sharing this. I find it very encouraging. I am sure lot of hard work has gone into making this.
One question, maybe a bit off topic - how do you handle emergencies while you are on vacation, especially since it’s a solo office.

It really depends if the emergency is from a patient of record, how long it's been since I've seen them, do I have a colleague lined up to triage and see new patients and existing patients alike in their own practice, etc... I have my own algorithm but I also have my computer just in case I need to look at a chart.

 

[ASPEN'S NIGHTMARE]

I just want to hop on and say thank you to both of you for sharing numbers like this.

Although everything is variable etc.

It's still really cool to see guys talking numbers and trying to help each other out when they see something weird.
I'll def be doing the same when I get out.

 

[GoDental101]

I think that’s a really good set up that you have, congratulations! So what is the % that you take home out of the $553k collection?

I think this needs to be emphasized because I'm certain there are pre-dents out there thinking he is taking home the full 553k as his income, although that may be the case I am pretty sure most people get something ranging from 25-40% of collections so the actual take-home income range is anywhere from 135k-220k.

 

[Faux]

On another note, you should really find out why you have so many writeoffs. Most likely your office might be billing UCR/Office fees rather than contracted fees. If that's the case, it's not as bad as if you were delivering that much under contracted rates and you weren't getting paid 43% of the contracted rates for one reason or another. The latter would indicate poor management (poor ins verification, collection strategies, notes, and so on...) , the former is just a dumb internal practice unless they were trying to inflate numbers. Shoot, if I billed everyone my UCR/office fees, I'd probably hit 6-8MM in fake production.

I believe it was the former! Just the way the software lists everything I believe. How long have you been practicing with you numbers? That’s the dream

I think this needs to be emphasized because I'm certain there are pre-dents out there thinking he is taking home the full 553k as his income, although that may be the case I am pretty sure most people get something ranging from 25-40% of collections so the actual take-home income range is anywhere from 135k-220k.

35%! I thought I posted it somewhere but I looked it over and I didn’t.

 

[TanMan]

I believe it was the former! Just the way the software lists everything I believe. How long have you been practicing with you numbers? That’s the dream

35%! I thought I posted it somewhere but I looked it over and I didn’t.

I've been practicing for 10 years.