Opening a business

[cys19]

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I have genuine interests in both retail/clinical pharmacy and dentistry (as well as informatics research in both fields). Actually, I would pay to do either of them. So it comes down to which path I should choose. Since I plan on opening other businesses on the side and having a family after I settle down, which job would allow me to benefit most from this plan both financially and time-wise?

Thanks.

 

[ZpackSux]

if you plan to open a dental business, Pharmacy school obviously won't help you. Remember though, as a dentist with a dental office, your income depends on you working. Of course you can hire other dentists to do the work but I assume this probably is not the easiest thing to do.. SDN1977's lovely husband can chime in..

Retail pharmacy is not the easiest business to get into. Nor is employing pharmacists easy.

I've been able to work as a hospital pharmacist and at the same time found time to start and operate several businesses.... including a Durable Medical Equipment co servicing over 1200 pediatric medicaid patients. This business takes very little of my time..and is employee operated with multiple locations.

Could I have accomplished this as a dentist? Probably.

But my idea is to generate income while not working... "Residual" income.

 

[sdn1977]

Well...thank you Zpak....yes...I can give you a perspective from a dental side, however, not from the pharmcy business side.

The dental business is very EXPENSIVE!!!!!!!!!!

We started 30 years ago with a loan of $57,000 - that equipped one operatory....there were not computers at that time for dental software. All charting was by hand & billing was done by hand.

X-rays were manual - not digital. There was no dental imaging, online billing, computer education,etc....Over the years we've added everything...there is always something else to buy & dentists love "trinkets - $500 trinkets...but, they are still trinkets to me!

We have friends who are new and young and just starting out. In our area, it is impossible to begin a practice from scratch as we did. There is just not the pt base & it costs more than $300K. Most new dentists buy a practice & slowly change the office to suit them.

A dental chair alone costs at least $5K. Serac cost $100K all by itself, but that is not something which you'd start out with. A Panorex costs $30K, digital x-rays cost $20-30K depending on how involved you want it to work with your software. The dental computer software & hardware cost about $20K.....You have to pay all your employees, rent, electricity, insurance, property tax, etc - overhead.


You have to produce as a dentist or be really, really good at employing & getting your employee dentists to produce lots & lots & lots of work.

Now...some folks make that work to their advantage...they don't much actually like the dental side - so they employ lots of dentists who keep production up then they do other stuff - consulation or management work. But...you really have to be a player - these people are really slick - and they spend very little time at home. They are always giving seminars somewhere.

Given all that...you also have to be able to have someone you really trust to oversee the business! We've had a couple of experiences in which we've had employees embezzel from his business. It hurts & you have no recourse unless its a lot of money & you want to get involved in the legal system.

(btw....dental hygeinists get the same hourly rate pharmacists get....go figure!)

Good luck with whatever you decide to do!

 

[ZpackSux]

SDN,

I knew a dentist who didn't practice dentistry but owned a very successful Dental Equipment Supply business.

Man..he was a good guy.. lived in Malibu Beach overlooking the ocean.

 

[davidgayz]

(btw....dental hygeinists get the same hourly rate pharmacists get....go figure!)

Please elaborate

 

[Glowwyrm]

Please elaborate

Maybe it's higher in other places, but here they make about $20-$25/hr.

 

[davidgayz]

Maybe it's higher in other places, but here they make about $20-$25/hr.

We're all in basically the same profession here so we know the deal, but it seems like this issue comes up a lot (my friend makes 45/hr at the tgi fridays, I know a guy who makes 90,000/yr as a bartender, etc) and as soon as you scratch beneath the surface a little bit it never holds up.

 

[sdn1977]

Please elaborate

I got paid $50/hr (just got a raise 😀 )......he pays his hygienists $50/hr....

Same hourly rate.....

 

[sdn1977]

SDN,

I knew a dentist who didn't practice dentistry but owned a very successful Dental Equipment Supply business.

Man..he was a good guy.. lived in Malibu Beach overlooking the ocean.

Yeah....we know quite a few who have spun off into other things - a couple of "techie" dentists who have become involved in computer software for dental businesses.

One guy in his class....kind of a sad thing actually....developed (or found - who knew if he always had it???) a SEVERE allergy to mercury while in dental school. So severe to the point he couldn't work with the alloys at the time. I don't think he ever took the state board exam, but he did take his degree & went into a dental related business.

Now..it wouldn't be an issue since they don't use mercury fillings like they did 30 years ago...but...it just goes to show what you can do with knowledge & creativity!