Software Engineer to Dentist

[gryffindor]

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Yes, except being a business owner for most businesses suck because you are competing against tons of people.

There is competition in dentistry as well.

All my businesses failed very quickly because I am learning what the market values and what businesses are too competitive.
One of the businesses I failed at was actually trying to start up an IT MSP for dentists, exactly the problems you’re discussing. IT MSP is overcrowded and will only get worse with AI and outsourcing. Imagine an AI doing everything you can do but much better and reducing demand for your profession entirely. I’m not interested in continuing that path.

Again, as I wrote earlier, AI can not fix the hardware in an office. AI also can't fix physical dental equipment. A good dental repair tech is worth their fees. I pray that mine don't retire before I do. Dentistry as a business is competitive in desirable areas. There are still some areas where dentists don't want to live that have low competition.

I’m curious since you own 2 private practices in a competitive area, can’t you just find new grads, train them, and have them work while you manage the operation? Sounds like you are sitting on a gold mine. You don’t even need to practice as much, just come check their work to make sure they’re doing a good job and train them, then once they quit and leave just go back and hire more.

Yes I do this to an extent and have a few doctors who work for me. I don't want a revolving door of doctors. Patients don't like that. Also it is challenging to build a strong staff team if the doctor keeps changing. There is a lot of competition for patients. There is also an oversupply of doctors looking for jobs. Someone else in this discussion mentioned a lot of pediatric dental offices opening in their area. Post-COVID, I'm seeing that too in one of my areas.

 

[schmoob]

That is true, but I think that more days does not always mean more money. I think what we should focus more on is productivity / hour. Theoretically, if you put in 40 hours v. 56 hours, you should have the same hourly income. However, for example, if you are making 100k/week at 40 hours v. 56 hours, it would be better to make it over a span of 40 hours/5 days (or even 32 hours over 4-5 days) than a seemly tortuous 56 hours / 7 days. Hopefully this makes some sense. I've been cutting more and more hours and days per month, but still seeing an increase in production/income. As professionals, we should strive to become more efficient throughout our career.

I love your take on the refusal to cut back on lifestyle. For as long as we can work hard, we shouldn't have to cut back on our creature comforts.

Kids are expensive, but I believe some adversity breeds strength in shaping them to be adults. I would rather have my kids take out loans for school under the premise that if they do well and succeed, I'll pay it off as a reward and then some. If they fail miserably, then they are on their own. They should own up to their own failures and hope that the guidance we've given them is sufficient for them to succeed.

Yep. Economies Of Scale and The Law of Diminished Returns. Very important in our field.

But $100K on a 4 day week, wowza.

 

[schmoob]

What are two things that look good hanging from a tree?
Apples and lawyers

Pretty tasteless especially considering I just said my wife is a lawyer.

Just keep in mind that both dentists and lawyers carry a stigma so people make stupid jokes, until they really need one. Then it’s not so funny.

 

[Rush_motion]

Pretty tasteless especially considering I just said my wife is a lawyer.

Just keep in mind that both dentists and lawyers carry a stigma so people make stupid jokes, until they really need one. Then it’s not so funny.

Schmoob my apology for the tasteless joke.
I didn’t mean to offend you or your wife. I was just trying to be funny. Obviously lawyers are important!
What area of law does your wife practice ?

 

[New_Vegas]

Pretty tasteless especially considering I just said my wife is a lawyer.

Just keep in mind that both dentists and lawyers carry a stigma so people make stupid jokes, until they really need one. Then it’s not so funny.

Its just a joke. If one of my friends said the same thing about dentists, I would probably just laugh.

 

[TanMan]

Pretty tasteless especially considering I just said my wife is a lawyer.

Just keep in mind that both dentists and lawyers carry a stigma so people make stupid jokes, until they really need one. Then it’s not so funny.

Lawyers/attorneys are awesome if you have money. They can get you out of any trouble since the system is gamified to benefit the one that can hire the most powerful and well-connected attorneys. Depending on the state, medmal lawyers are either raking it in or bottom feeders, depending on tort limits.

 

[schmoob]

Schmoob my apology for the tasteless joke.
I didn’t mean to offend you or your wife. I was just trying to be funny. Obviously lawyers are important!
What area of law does your wife practice ?

No worries, thank you for the apology.
After law school she went on and got her L.L.M. in Cyber, Intelligence, and National Security Law.

She is also Dr. Schmoob’s personal staff Counsel 😂😂