Quickest to open private practice

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Sasuke Kun, lets not get too ahead of ourselves
 
NyCzPeter said:
Sasuke Kun, lets not get too ahead of ourselves
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Haha yeh, I know it takes years and experience but I was just curious to how fast the quickest person to open private practice was. I'd be amazed if it was something like 2 years
 
yakuza said:
Haha yeh, I know it takes years and experience but I was just curious to how fast the quickest person to open private practice was. I'd be amazed if it was something like 2 years
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A dentist I shadowed opened right after his 2 month humanitarian service in Jamica after graduation. Now, four years later, he's building a large practice and plans on hiring an associate. He said it was extremely rough in the begining...
 
DrReo said:
A dentist I shadowed opened right after his 2 month humanitarian service in Jamica after graduation. Now, four years later, he's building a large practice and plans on hiring an associate. He said it was extremely rough in the begining...
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So right after graduation..wow, I'm impressed and now know it's possible. Btw, what school are you going to attend?
 
Yawn. Many dentists used to open their own practice immediately following graduation. Not sure if it's as common as it used to be, but I'm sure there are plenty that still do.

Moving on...
 
KOM said:
Yawn. Many dentists used to open their own practice immediately following graduation. Not sure if it's as common as it used to be, but I'm sure there are plenty that still do.

Moving on...
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The dentists I know all said the fastest is ~2-3 yrs, but that's if you're a badass
 
I got my license and worked as an associate Feb 2000; then built and opened my fulltime practice by Nov 2000.

I signed a space lease in April 2000 and took out a $120K loan ($80K construction/equipments, $40K working capital) from Henry Schein at 14% interest. They also took care of office design, permit, equipment, etc. with my general contractor. I read that dentists have the 2nd highest startup success rate of all businesses so I just jumped in even with little support or experience. Luckily, the practice was profitable with positive cash flows after three months.
 
Daurang said:
I got my license and worked as an associate Feb 2000; then built and opened my fulltime practice by Nov 2000.

I signed a space lease in April 2000 and took out a $120K loan ($80K construction/equipments, $40K working capital) from Henry Schein at 14% interest. They also took care of office design, permit, equipment, etc. with my general contractor. I read that dentists have the 2nd highest startup success rate of all businesses so I just jumped in even with little support or experience. Luckily, the practice was profitable with positive cash flows after three months.
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Very cool! I'm not sure i'd have to gumpshun (sp?) to start up that soon, but that's great that it worked out. To the OP, sign up for dentaltown and read through that forum, they have a lot of great threads about startups, and you'll find several people who started up on their own after graduation, and the majority are glad they did! I think when most threads on dentaltown ask 'should I start my own practice?' the posters seem to be 99% positive about the benefits of owning your own practice, even given the ups and downs at the beginning

Daurang - 8 years down the road are you looking to move on and expand, or are you still happy in your original office? I assume you would recommend owning your own practice as well?
 
my cousin graduated UMDNJ in the early 90's and took a loan from the bank right when he graduated and bought a practice of his own right from the get go. He now owns 4 practices and just bought a 5th. Not to mention his yellow ferrari f430 which is his weekend car. His work car is an sl550 and his wife drives a pretty nice maserati quattroporte. I GUESS you could say he isn't doing all that bad.
 
JamesOSU said:
Daurang - 8 years down the road are you looking to move on and expand, or are you still happy in your original office? I assume you would recommend owning your own practice as well?
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I am very happy with my 30hrs workweek and laidback lifestyle and have no plan to expand. As a matter of fact, I am seriously contemplating calling it quits in 2-3 years. Taxes on high-income earner will surely go a lot higher so there's little incentive to work. If you add the 13% (maybe soon to be uncapped) social security self employment tax, 3% medicare tax, 40% federal tax, state income tax, 28% maximum mortgage deduction, then you're paying a whopping 60% of your money in taxes; imagine working January to July for nothing before you even see a cent for yourself! Luckily, I have amassed enough savings to allow that choice.
 
Daurang said:
I am very happy with my 30hrs workweek and laidback lifestyle and have no plan to expand. As a matter of fact, I am seriously contemplating calling it quits in 2-3 years. Taxes on high-income earner will surely go a lot higher so there's little incentive to work. If you add the 13% (maybe soon to be uncapped) social security self employment tax, 3% medicare tax, 40% federal tax, state income tax, 28% maximum mortgage deduction, then you're paying a whopping 60% of your money in taxes; imagine working January to July for nothing before you even see a cent for yourself! Luckily, I have amassed enough savings to allow that choice.
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Daurang, did you have a fair share of student loans?
 
Yep, i bought a large practice right after dental school. Took lots of planning even before starting dental school. The office is doing good and runing smoothly with 3 docs and 12 employees, and still haven't not reaching its 75% potential in my opinion. I'm currently trying to add more associates and staffs and planning to open another one in the next 2 yrs.
 
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yakuza said:
The dentists I know all said the fastest is ~2-3 yrs, but that's if you're a badass
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The dentists you know, if they did indeed say that (I'm somewhat skeptical), are incorrect.

As KOM already said, it's not unusual at all for a dentist to start a practice right out of school. It's one of several viable career paths after graduation.
 
dr786 said:
my cousin graduated UMDNJ in the early 90's and took a loan from the bank right when he graduated and bought a practice of his own right from the get go. He now owns 4 practices and just bought a 5th. Not to mention his yellow ferrari f430 which is his weekend car. His work car is an sl550 and his wife drives a pretty nice maserati quattroporte. I GUESS you could say he isn't doing all that bad.
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well your cousin is doing well, but its been awhile now. i would hope that in 15 years of establishing a practice he would be profitable.
but damn, 5 practices, what area of NJ is this?
 
Daurang said:
As a matter of fact, I am seriously contemplating calling it quits in 2-3 years. Taxes on high-income earner will surely go a lot higher so there's little incentive to work. If you add the 13% (maybe soon to be uncapped) social security self employment tax, 3% medicare tax, 40% federal tax, state income tax, 28% maximum mortgage deduction, then you're paying a whopping 60% of your money in taxes; imagine working January to July for nothing before you even see a cent for yourself!
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It's so sad that this is becoming the new economic climate. You're absolutely right, why work that much harder to gain an even smaller return? So you can help raise other people's children? 😡
 
...and they're not even legal Americans! and when I need the ER I have to wait 4hours because they take up all the space that my tax money is paying for. 😡
 
KOM said:
It's so sad that this is becoming the new economic climate. You're absolutely right, why work that much harder to gain an even smaller return? So you can help raise other people's children? 😡
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In 20 years, they could be your children. Or if you were born into a different family, those children could have been you.

selfish much?
 
Contach said:
In 20 years, they could be your children. Or if you were born into a different family, those children could have been you.

selfish much?
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In 20 years they will still be his children, not everyone in America's collectively. If he was born into a different family, he would still be his parents' child, not everyone in America's collectively. When did it become fashionable for colleges to start pumping people's brains full of this garbage?
 
Contach said:
In 20 years, they could be your children. Or if you were born into a different family, those children could have been you.

selfish much?
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Well, selfish we speak of, go pay for octomom's kids. We will see how liberal you stay in this regard.
http://www.msnbc.msn.com/id/29113819/

Yes, you pay the 1.5-3 million to even take them home!
 
DrReo said:
Well, selfish we speak of, go pay for octomom's kids. We will see how liberal you stay in this regard.
http://www.msnbc.msn.com/id/29113819/

Yes, you pay the 1.5-3 million to even take them home!
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I don't want to seem mean, but it is not the kid's fault their mom did that. SO, instead of society leaving those kids on their own, we as a people are doing the right thing. Let's not forget our humanitarian spirit please. 👍
 
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AlwaysImproving said:
I don't want to seem mean, but it is not the kid's fault their mom did that. SO, instead of society leaving those kids on their own, we as a people are doing the right thing. Let's not forget our humanitarian spirit please. 👍
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It sure as hell isn't my fault. Frankly, I don't really care if that seems mean.
 
They can follow our laws and get in line legally like everyone else. We can execute our laws like Sheriff Joe is doing, but he's getting heat for doing the right thing; that's 'Change We Can Believe In!'

Don't worry when you have your first kid and making money and paying taxes, you will know what's right wrong.
 
aphistis said:
It sure as hell isn't my fault. Frankly, I don't really care if that seems mean.
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Exactly. One can pay the fault game all day. In the end, who loses? The middle class who slaves away paying their taxes, and (usually) being noble citizens.

Also, is it humanitarian to give tax breaks and refund check to those lovely americans that do not even pay taxes?

Look at reality: http://www.brillig.com/debt_clock/


There has to be a point where us, brilliant Americans, but our foot down to this crap. And, everyone needs to overcome the barrier that he said, she said and guilt stuff ended and go directly to the problem. I'm sure a few of the more realistic minds do understand.
 
I think we got a little off topic. Starting a practice right after graduation would be awesome, I'm a D3 and that is my goal...someday. Fortunately for me I am on a Navy scholarship and will be working for them for 4 years, gaining experience and making a decent living taking care of those who serve our country and offer their lives to defend this great nation. I do plan to someday work in the private sector, but for now, my future is laid out before me. I don't see why it wouldn't be reasonable to start or buy into a practice immediately after dental school. Most of us dream of this. However, there are so many other options out there many of us don't even consider. These options can be fulfilling in other senses and the experiences we can gain from looking outside the box can certainly be rewarding in the future. I really hope we all understand that any of us graduates in the future, deemed competent by the board examiners which evaulate us, will try and make our dental careers an experience that isn't all too familiar, and also understand that private practice is not the only way to go. Financial rewards are wonderful, but private practice does indeed come with headaches...there are opportunities many of us never even consider. One day I hope to open a practice, and it can be done for a graduate immediately after dental school. I'd just like to do different things, but good luck to all who choose otherwise.
 
DrReo said:
Exactly. One can pay the fault game all day. In the end, who loses? The middle class who slaves away paying their taxes, and (usually) being noble citizens.

Also, is it humanitarian to give tax breaks and refund check to those lovely americans that do not even pay taxes?

Look at reality: http://www.brillig.com/debt_clock/
There has to be a point where us, brilliant Americans, but our foot down to this crap. And, everyone needs to overcome the barrier that he said, she said and guilt stuff ended and go directly to the problem. I'm sure a few of the more realistic minds do understand.
Click to expand...


I can totally see and respect your point of view.
I am sorry if I was not clear enough in my previous post. If you look at it again where I wrote about being "humanitarian," what I wrote is that I agree on helping the KIDS that are born into horrible situations. I agree with what we as a people (the government) have decided to do>> help them, since it is not the KIDS' fault they were born into such horrible conditions. I believe we need to invest in all kids and make sure our country is headed for a better future. 👍

(Sorry for going off-topic, I just wanted to explain my earlier post bec/ it seems it got misunderstood...😀)
 
AlwaysImproving said:
[/size]

I can totally see and respect your point of view.
I am sorry if I was not clear enough in my previous post. If you look at it again where I wrote about being "humanitarian," what I wrote is that I agree on helping the KIDS that are born into horrible situations. I agree with what we as a people (the government) have decided to do>> help them, since it is not the KIDS' fault they were born into such horrible conditions. I believe we need to invest in all kids and make sure our country is headed for a better future. 👍

(Sorry for going off-topic, I just wanted to explain my earlier post bec/ it seems it got misunderstood...😀)
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Exactly, an investment in an education is worth a million buck (or for some 4 yr plus dental schools, almost a half million now :laugh:). We will defer this talk to a different time.
 
I can't wait to be out there getting ready to open my own practice. I was thinking of working as an associate for the first year making an income while everything was being built. I like knowing that I can do significant probono work while at the same time make a very respectable income to support the family.
 
AlwaysImproving said:
[/SIZE]
I agree with what we as a people (the government) have decided to do>> help them, since it is not the KIDS' fault they were born into such horrible conditions. I believe we need to invest in all kids and make sure our country is headed for a better future. 👍
Click to expand...

Well, since I feel the original Q has already been sufficiently answered I'm going to awaken the dead.

You know, I'm probably one of those few remaining that choose to believe in both God and Evolution. Every day I see how humans are destroying the natural world around us...with govt rewarding those who are 100% consumers/takers, potentially obese, incompetent, care nothing about the world they live in, except to smoke their daily cigarettes.

These people are "takers" and care nothing about the natural world. There's probably a strong enough correlation/percentage of people in the USA fat enough that eat enough cows that equates to enough rain forest logging as there is to people in the rest of the entire world.

Then I see the people that are givers. Don't get me wrong...I used to think the people making more money were the "takers" but in reality, these are the people that see the positive side of life and want to GIVE something back. These are the people that see the goodness in human nature and want to be a part of society, want to thrive in human society, and want to give back to human society (even if it's through propagating those values to their own children).

My point is simply that there is a middle ground. Religion plays a major part. If you can't accept evolution with God than you will have no respect for your planet and you may tend towards satisfying strictly your own desires because in your mind, humans are the only ones given a "chance by God." Your own children may have no repect for the necessities granted by God...and by mother nature. Govt is rewarding this kind of behavior. If republicans could stand up and fight for our environment that is how you could rally the base....enough of the "drill, baby drill ****."

I want to see a new generation that respects the planet, that doesn't feel entitlement to anything, and that STOPS REWARDING those USING AND ABUSING the "liberal" education. The same type of liberal education that currenly encourages and says, yes, I will support a generation of citizens that aren't raised by those who actually are successful in this economy. (I know, because I was led to believe this ****). Those, that actually have the means to instill the same values that have led them to success.

Conclusion - if you believe in evolution you will understand survival of the fittest. If you understand that, you will understand that yes, you are right (AlwaysImproving), it's not the children fault that they were born into such "horrible conditions." However, perhaps these conditions were initiated by the wrong decisions of those preceding. At the same time, I assure you, I will teach my children to fight for the Earth's limited resources and to not reward/compete with those who expect a free hand out. Selfish much? When the world has limited resources...I'm an animal just like everyone else. That's when God ceases to exist. We can avoid that.

I assure you, God has a plan for us all...animals, humans, apes, those that couldn't have withstood the relentless rains mentioned in the bible (basically all of us)...but in the meantime...stop rewarding POOR SERVICE!
 
Contach said:
In 20 years, they could be your children. Or if you were born into a different family, those children could have been you.

selfish much?
Click to expand...

And then I read Atlas Shrugged.
 
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KOM said:
Well, since I feel the original Q has already been sufficiently answered I'm going to awaken the dead.

You know, I'm probably one of those few remaining that choose to believe in both God and Evolution. Every day I see how humans are destroying the natural world around us...with govt rewarding those who are 100% consumers/takers, potentially obese, incompetent, care nothing about the world they live in, except to smoke their daily cigarettes.

These people are "takers" and care nothing about the natural world. There's probably a strong enough correlation/percentage of people in the USA fat enough that eat enough cows that equates to enough rain forest logging as there is to people in the rest of the entire world.

Then I see the people that are givers. Don't get me wrong...I used to think the people making more money were the "takers" but in reality, these are the people that see the positive side of life and want to GIVE something back. These are the people that see the goodness in human nature and want to be a part of society, want to thrive in human society, and want to give back to human society (even if it's through propagating those values to their own children).

My point is simply that there is a middle ground. Religion plays a major part. If you can't accept evolution with God than you will have no respect for your planet and you may tend towards satisfying strictly your own desires because in your mind, humans are the only ones given a "chance by God." Your own children may have no repect for the necessities granted by God...and by mother nature. Govt is rewarding this kind of behavior. If republicans could stand up and fight for our environment that is how you could rally the base....enough of the "drill, baby drill ****."

I want to see a new generation that respects the planet, that doesn't feel entitlement to anything, and that STOPS REWARDING those USING AND ABUSING the "liberal" education. The same type of liberal education that currenly encourages and says, yes, I will support a generation of citizens that aren't raised by those who actually are successful in this economy. (I know, because I was led to believe this ****). Those, that actually have the means to instill the same values that have led them to success.

Conclusion - if you believe in evolution you will understand survival of the fittest. If you understand that, you will understand that yes, you are right (AlwaysImproving), it's not the children fault that they were born into such "horrible conditions." However, perhaps these conditions were initiated by the wrong decisions of those preceding. At the same time, I assure you, I will teach my children to fight for the Earth's limited resources and to not reward/compete with those who expect a free hand out. Selfish much? When the world has limited resources...I'm an animal just like everyone else. That's when God ceases to exist. We can avoid that.

I assure you, God has a plan for us all...animals, humans, apes, those that couldn't have withstood the relentless rains mentioned in the bible (basically all of us)...but in the meantime...stop rewarding POOR SERVICE!
Click to expand...

To sum this up, are you trying to say that those less fortunate should have to deal with their conditions and that it's wrong that so much of our future dentist salary tax goes to the needy?

If so, then I agree. We live in America where opportunity is everywhere and for everyone. For example, the vietnamese community(mine) that came here with nothing but rags.
 
yakuza said:
To sum this up, are you trying to say that those less fortunate should have to deal with their conditions and that it's wrong that so much of our future dentist salary tax goes to the needy?

If so, then I agree. We live in America where opportunity is everywhere and for everyone. For example, the vietnamese community(mine) that came here with nothing but rags.
Click to expand...

Yea man this country is the poor man's haven. Welfare checks are the death of evolution as we know it. If they are too lazy to find a job, work or simply suck so bad that they can't keep a job even when the economy was booming for the past decade or so, then let em move on before they can reproduce more like lazy/sucky people like them. Less fortunate? lol comon, granted, some are poor/bankrupt due to bad fortune, but losing all your money because you bought five million shares of Lehman Brothers does not really qualify you as "less fortunate." I tell yah, at this rate our species is doomed
 
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If you guys want to talk about cost. How about protecting our cash. Estimates of the net fiscal cost of illegal immigration range from $22 billion to $70 billion annually. http://www.cagw.org/site/News2?page=NewsArticle&id=9876

To me, that is one of this issues. We are taking care of others and honestly HANDING out cash to those who are in the US illegally as our national debt keeps rising. If we want to start reparing, we need to save some money, keep the boarders closed of illegals and remove those who are staying/costing you and I money. In fact, I wonder if Obama will tackle this and address the obvious http://www.guardian.co.uk/world/2008/nov/02/us-elections-2008-barack-obama1



 
Obama can't even prove he was born in the USA; do you think he gives a crap about controlling illegal immigration?

I BET you that after he's done with changing tax code so that 50% of the country don't pay any federal tax, he'll move to legalize all the illegals one way or another; and thus cementing a huge permanent voting block who do not contribute to our government yet is totally dependent on government handouts. I feel very bad for everyone of you for the sacrifice you're about to make because this nation will survive on screwing you in the future.
 
Daurang said:
Obama can't even prove he was born in the USA; do you think he gives a crap about controlling illegal immigration?

I BET you that after he's done with changing tax code so that 50% of the country don't pay any federal tax, he'll move to legalize all the illegals one way or another; and thus cementing a huge permanent voting block who do not contribute to our government yet is totally dependent on government handouts. I feel very bad for everyone of you for the sacrifice you're about to make because this nation will survive on screwing you in the future.
Click to expand...

= Obama '12! Nothing like setting up your game, right?
 
yakuza said:
To sum this up, are you trying to say that those less fortunate should have to deal with their conditions and that it's wrong that so much of our future dentist salary tax goes to the needy?

If so, then I agree. We live in America where opportunity is everywhere and for everyone. For example, the vietnamese community(mine) that came here with nothing but rags.
Click to expand...

Yeah, I think that was it. :laugh: Sorry about that post...that was a late night/first day of spring break drunk rant about nothing.
 
Daurang said:
I got my license and worked as an associate Feb 2000; then built and opened my fulltime practice by Nov 2000.

I signed a space lease in April 2000 and took out a $120K loan ($80K construction/equipments, $40K working capital) from Henry Schein at 14% interest. They also took care of office design, permit, equipment, etc. with my general contractor. I read that dentists have the 2nd highest startup success rate of all businesses so I just jumped in even with little support or experience. Luckily, the practice was profitable with positive cash flows after three months.
Click to expand...

How did you manage a build out for only 80K. Was it already plumbed for a Dental office? What many sqft do you have in you office? I am looking into a start up and was under the impression that my 2800 sqft office would cost around 90$ per sqFT. So the build out will be well over 200K.
 
Opening a practice right after you are done with school is just a field day for the Dental state board to come visit you anytime.

Your file will be on top of their desk for sure :smack:
 
Doctor Dj said:
Opening a practice right after you are done with school is just a field day for the Dental state board to come visit you anytime.

Your file will be on top of their desk for sure :smack:
Click to expand...

I dont understand what you mean? What would you expect to find?
 
KOM said:
Conclusion - if you believe in evolution you will understand survival of the fittest. If you understand that, you will understand that yes, you are right (AlwaysImproving), it's not the children fault that they were born into such "horrible conditions." However, perhaps these conditions were initiated by the wrong decisions of those preceding. At the same time, I assure you, I will teach my children to fight for the Earth's limited resources and to not reward/compete with those who expect a free hand out. Selfish much? When the world has limited resources...I'm an animal just like everyone else. That's when God ceases to exist. We can avoid that.

I assure you, God has a plan for us all...animals, humans, apes, those that couldn't have withstood the relentless rains mentioned in the bible (basically all of us)...but in the meantime...stop rewarding POOR SERVICE!
Click to expand...
Notice the irony. How about we stop breeding while there are already 6.7 Billbion Homo sapiens on earth while "the resources are limited".
 
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Hey dickheads, can we keep the thread relevant. This was one of the few threads I actually found informative and interesting.
 
Awesome topic, I am very interested in different peoples approach to this.

Most of you that obtained a practice after graduation did you buy an existing one or did you build one? Also what were some of the unexpected costs you didn't realize until getting into this endeavor? Feel free to chime in with any words of wisdom for someone starting out with going straight into their own practice.

Also if everyone doesn't mind could you please keep this civil and avoid the profanity ^, we are all professional or on our way to being professionals.
 
about the octomom thing. ok this lady is obviously messed up and a con. she had the children, b/c she knows that people in this country have hearts for children.

i believe that CHILDREN should be taken care of regardless of their parents craziness. but you know what? i think it is SO messed up that the octomom just installed a jacuzzi in her house, when she is unemployed, has no education and just keeps popping out children.

hello. a freaking JACUZZI in her house at the expense of the american people when she has no financial plan to raise her kids. that is just SO MESSED UP.

so the solution to this is....someone ELSE who is responsible needs to be in charge of any money or aid given to this woman's children. because its obvious that she's going to spend it on her lavish lifestyle and plastic surgeries when the kids aren't going to see a dime of this.

give the parents $1,000 or have some way to ENSURE that the $1,000 goes to buying diapers for a month for the kids. see my point.

that is why they have vision cards now. people can't trade food stamps for beer anymore.
shouldn't the same reasoning be applied to the octomom.
 
p.s. don't think for a second that there won't be other girls who see the octomom and think "wow i don't have to do anything besides pop out kids and people will pay for me to have plastic surgeries and a jacuzzi in my house and so i can just go out shopping while other people raise my kids for free."
 
all the money should go to the kids, and somebody should make sure that the octomom isn't seeing a dime of it to spend on her selfish desires b/c she had this con-plan all made up in her head in the first place.
 
Stephie3 said:
all the money should go to the kids, and somebody should make sure that the octomom isn't seeing a dime of it to spend on her selfish desires b/c she had this con-plan all made up in her head in the first place.
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Programs like that actually exist. The one here is called WIC. Try googling it if you're interested.
 
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