I owned my first practice when I was a GPR. An attending told me of a distressed Medicaid practice which was for sale and he suggested I buy it. Borrowed from the bank, on simply my good name. I was now the boss, two part time dentists, two assistants, receptionist, and me, who was somewhere else most of the day. Hired my mom to watch the store. I stopped by every evening on my way home to pick up the receipts. Started profit sharing and hired a hygienist. Worked every Saturday and Sunday I was not on call. The two part time dentists started making a lot more money when they were incentivised. The hygienist became the big win. The DA's made sure every chart was called, updated, and recalled. The frontline receptionist answered the phone and ordered a new phone system that connected the entire staff together.
I made deals with all of my vendors, and cut my overhead by 20%. By deals I mean I negotiated a lower price by paying up front rather than 30-90 day net. People hate to wait for their money.
I paid everyone else before me. I had my resident salary. I learned about withholding taxes, WC ins, and payroll services. I got cheaper insurance for the office. I got a small business incentive break from Con Ed. Made friends with my neighboring businesses and joined the chamber of commerce. Sure, there were ups and downs, but in the long run, I made money, learned a lot, and was not afraid to fail. What could anyone do to me if I went belly up? I had nothing. In the end I sold the place to the two part time dentists and bought the practice I still have today. Next week I move into a new office, leaving behind the office I have been in for 32 years. Why? Long overdue, and new challenges in dentistry lie ahead. In order to keep this job interesting, you must keep reinventing it.
