ku06

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I just want to know because I have read so many different threads that have been so dramatically different. For example, I was reading a thread the other day that said the average salary was 175,000 for three days a week. Then I read a post from other, personal accounts who say they are only making 50k for 6 days a week. People then say, "Oh we have already talked about this, forum closed." Whenever high salaries are talked about though, the thread just goes on and on. So What's the deal!
 

12YearOldKid

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First of all, there is no need to waste your time trying to reconcile anecdotes with statistical data. There most definitely are dentists out there making $50,000/yr. There are also general dentists out there pulling in a million a year. The average of all those figure comes out to be somewhere around $175,000/yr. Lots of people make more, lots of people make less.

There are no guarantees in dentistry, but you can rest assured that $50,000/yr on a 6 day week is so low that it is almost laughable. I could see that much or even less for a new startup, but there is better money to be had for that individual if he is willing to go out and get it. Think about it. Let's assume the guy is in a really crappy associateship that only pays him 25% of collections and the senior doc saves all the good stuff for himself. So that he means he needs to produce $200,000 of dentistry a year. He claims he is working 6 days a week and I will assume he takes 4 weeks of vacation each year. This leaves him with 290 days to produce that $200,000.

$200,000 / 290 days = $689/day

$690/day is NOTHING. That's 6 or seven amalgams. And if the senior doc throws him a bone once in a while like two endos with buildup and crown or an FPD he has his quota met for the whole stinkin' week. If he is content with that $50,000/yr he should just schedule his patients for Monday and a half day Tuesday so he can knock out those amalgams and spend the rest of the week fishing.

Seriously, I wouldn't get too worked up about some anecdotes on the internet.
 

Dr. Pedo

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Nicely put 12yrOld! I'm absolutely surprised at the lack of business-sense and/or financial-sense displayed around the SDN. Not just dental but nearly all professional groups-----I guess having run a business gives me a little advantage-----but I can honestly say I was never that clueless about finances. I don't understand why people don't spend a little time learning about dentistry as a business; learn some things about overhead, operating costs, write-offs, production vs time, etc... Just simple concepts that are necessary to understand in any business venture. There is plenty of info at your local library, barnes and noble, or the ADA . Take some responsibility people, there is plenty of time during dental school to sharpen your business skills by reading some books, meeting with business owners, heck even magazines (smart money, INC, etc...) could get you started. Not here to lecture but jeeze, some of you scare me :eek:
 

ILUVEZRA

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I am an Operations Manager for a Family Practice Residency Program I also teach Compliance and Practice Management. I have to agree with your statements however, it isn't just Dentists. It is laughable how little doctors know about running a business and the worst part is most of them don't even care enough about their financial futures to attend my class unless it is under duress! :eek:

Dr.2b said:
Nicely put 12yrOld! I'm absolutely surprised at the lack of business-sense and/or financial-sense displayed around the SDN. Not just dental but nearly all professional groups-----I guess having run a business gives me a little advantage-----but I can honestly say I was never that clueless about finances. I don't understand why people don't spend a little time learning about dentistry as a business; learn some things about overhead, operating costs, write-offs, production vs time, etc... Just simple concepts that are necessary to understand in any business venture. There is plenty of info at your local library, barnes and noble, or the ADA . Take some responsibility people, there is plenty of time during dental school to sharpen your business skills by reading some books, meeting with business owners, heck even magazines (smart money, INC, etc...) could get you started. Not here to lecture but jeeze, some of you scare me :eek:
 

ItsGavinC

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ILUVEZRA said:
I am an Operations Manager for a Family Practice Residency Program I also teach Compliance and Practice Management. I have to agree with your statements however, it isn't just Dentists. It is laughable how little doctors know about running a business and the worst part is most of them don't even care enough about their financial futures to attend my class unless it is under duress! :eek:
Good post, and welcome to SDN!
 

gpg

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I don't know much about the dental education in the US.

But I feel there are two vital components lacking in dental schools in India:

1) Communication skills

2) Practise Management and Enhancement

Basically, I feel dentists need to get rid of the guilt about making good money.

What say?
 

ItsGavinC

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The practice management/business aspect IS an area where more effort could be put forth.