miketheooo
Full Member
- Joined
- Mar 12, 2022
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Lets start with the general state of the profession:
Now let’s look at issues with working for an office after graduation:
Finally, let’s look what many dentists think is the best way to avoid all the issues listed — practice ownership:
- The field is getting saturated and will require you to move to a more rural setting to find a job that pays more than $120K.
- Insurance reimbursements are cut year-after-year, making you have to work harder to collect compensation over time.
- The high amount of dental students graduating every year increases competition — this drives down compensation, and allows insurances to continue getting away with compensating less (Supply and Demand).
- Decreased patient trust due to over treatment as a result of high student debt and unethical dilemmas sourced from students/practices wanting to earn more money.
- Patients tell you they hate you quite often, and some just do not trust you or respect you.
- Some patients are uncooperative or extremely anxious.
- Some patients have unrealistic expectations for what you can do for them, and get mad when you deliver bad news.
- Being a dentist is both physically and mentally laborious on the body.
- Work follows you home in the form of notes or general stress for your patients or what you have to do the next day.
Now let’s look at issues with working for an office after graduation:
- A large percentage of associateships fail within 1 year, whether it is private or corporate practices.
- Large turnover rates not only for dentists but other staff as well.
- Unrealistic expectations from bosses for time to complete a large load of procedure.
- Owner doctors that “cherry-pick” the money generating cases.
- Unethical dilemmas exist with over treatment of patients.
- The dream of working 4 days week is hard to come by in many associateships. Often times you’re required to come to work 6 days two out of the four weeks in a month.
- You lack clinical autonomy in some of these practice models.
- You generally aren’t going to receive benefits even as an employee.
- You will often have to pay for your own malpractice and disability insurance.
- PTO is extremely rare to come by, and taking a 5 day vacation is not easy to do considering you are scheduled in months ahead of time for patients that rely on you.
Finally, let’s look what many dentists think is the best way to avoid all the issues listed — practice ownership:
- Buying a practice is more expensive than ever with costs of purchase equalling about $500K-$1M. Overhead costs are also extremely high.
- Not only is it expensive, it is also much harder to buy a practice today. Corporations are taking over existing private practices and outbidding new grads trying to purchase an office by hundreds of thousands in their offers.
- Owning a practice isn’t all sunshine and rainbows. You may LOSE money the first few years or simply make less than an associate.
- As an owner, you work harder, even if that means you’re not working in the dental chair as much.
- You take a lot of your work and stress home in forms that are totally unrelated to healthcare or dentistry.
- You have to worry about hiring staff, keeping them happy, paying them, and making sure they all are coming in on time to work.
- You have to worry about bringing patients into your practice with new marketing strategies.
- You have to worry about billing and insurances.
- You have to worry about buying all your equipment and supplies and keeping everything up to date.
- You have to worry about fixing anything that goes wrong.
- You have to worry about competition, and the many dentists fighting for the same patients next door.