Thinking about owning your own dental practice?

[x0jessmariex3]

Owning a practice is much more earning potential and many of you will be successful at it. Just felt like sharing a small joke/anecdote from my job as DA today. The periodontist and one of dentists were talking about how I will be hitting the books soon in DS. The dentist works Tuesdays and Wednesdays as an associate at our office which is a 15+ year, pretty successful office. He also opened a practice of his own with his wife who is also a dentist and an associate at our office 2 days a week. They recently graduated in 2012. Long story short, I was telling them how I hear horror stories from all the D1s and D2s about having no free time. The dentist was like I had way more free time in DS compared to now. The periodontist also has his own practice, but works at our office 2 days a week. They joked how the office is like your wife. LOL

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[RS2224]

That's definitely the stress that comes with business ownership. Coming from a business oriented family I have grown to kind of despise that tense and stressful environment. The work never stops and at the moment I don't see myself opening my own practice. Owning a Business is extremely demanding, especially one that has tons of legalities, rules, and liabilities like healthcare practices. I work to live and not live to work. So don't see myself doing that down the road unless I open it up and sell it to dentists wanting the practice or doing a parternship where I'm not taking care of a lot of the stress.

 

[DMDDDSHopeful]

Owning a practice is much more earning potential and many of you will be successful at it. Just felt like sharing a small joke/anecdote from my job as DA today. The periodontist and one of dentists were talking about how I will be hitting the books soon in DS. The dentist works Tuesdays and Wednesdays as an associate at our office which is a 15+ year, pretty successful office. He also opened a practice of his own with his wife who is also a dentist and an associate at our office 2 days a week. They recently graduated in 2012. Long story short, I was telling them how I hear horror stories from all the D1s and D2s about having no free time. The dentist was like I had way more free time in DS compared to now. The periodontist also has his own practice, but works at our office 2 days a week. They joked how the office is like your wife. LOL

To have a successful practice, you'll have to eat, live, and breathe it. You can't leave work at work either. There's a lot of pros and cons. I think majority of people should realize that they'll need a few years after graduation before they can realistically own their own practice. Aside from debt, you need real world experience and, as much as you'll be awesomely educated and gained experience in clinicals, you're still nowhere near as good as someone who has 5-10-15 years experience on you. Too many people want to rush into things forgetting it's a marathon and that it's okay to take your time.

 

[redhotchiligochu]

Yes, there is more earning potential owning your own practice, but now the question is, is the extra ~$50k/yr ($120k associate salary vs $170k sole proprietorship/LLC) worth dealing with regulations, employment law, business loans, etc?

I think it's a personal preference. People who are aware of the downsides of owning a business tend to be more successful than those who "run the numbers" and blindly think that they'll make $170k off their practice right off the bat.

Personally, I'd like to own my own practice, but I know it won't happen right away. I think it's a smart idea to pay off most of my loans first before setting up a Dr. Redhotchiligochu DMD office

 

[doktorinprogres]

Yes, there is more earning potential owning your own practice, but now the question is, is the extra ~$50k/yr ($120k associate salary vs $170k sole proprietorship/LLC) worth dealing with regulations, employment law, business loans, etc?

I think it's a personal preference. People who are aware of the downsides of owning a business tend to be more successful than those who "run the numbers" and blindly think that they'll make $170k off their practice right off the bat.

Personally, I'd like to own my own practice, but I know it won't happen right away. I think it's a smart idea to pay off most of my loans first before setting up a Dr. Redhotchiligochu DMD office

Idk, I personally think as soon as you feel competent clinically you should explore jumping into ownership. While I agree that business tends to be stressful, I also think that ownership allows you to practice the way you believe best fits your goals and your patient's health. You will also have that extra 50k to put towards loans.

 

[Alpha Centauri]

Good to see another positive and business minded individual on the forum, rather than the typical doom and gloom. Nothing comes easy, but that's not an excuse to be lazy

 

[RS2224]

Good to see another positive and business minded individual on the forum, rather than the typical doom and gloom. Nothing comes easy, but that's not an excuse to be lazy

I think going into entrepreneurship is more of a preference/personal decision and not necessarily your level of laziness or productiveness.

 

[ncide]

Yes, there is more earning potential owning your own practice, but now the question is, is the extra ~$50k/yr ($120k associate salary vs $170k sole proprietorship/LLC) worth dealing with regulations, employment law, business loans, etc?

I think it's a personal preference. People who are aware of the downsides of owning a business tend to be more successful than those who "run the numbers" and blindly think that they'll make $170k off their practice right off the bat.

Personally, I'd like to own my own practice, but I know it won't happen right away. I think it's a smart idea to pay off most of my loans first before setting up a Dr. Redhotchiligochu DMD office

You shouldn't spend more than a year as an associate. It is isn't smart financially.

 

[redhotchiligochu]

You shouldn't spend more than a year as an associate. It is isn't smart financially.

Agreed, but the question is, is it realistic? After 1 year, is it possible to have enough funds to buy or set up your own practice? Especially for those who have $400k in school loans and very little assets.

So yes, I agree with you in theory (e.g. 25% collection, so 75% goes to owner and non-payroll overhead so why make your boss richer), but not quite sure of the reality of being able to escape being an associate and be financially capable of setting up your own practice.

 

[x0jessmariex3]

I think going into entrepreneurship is more of a preference/personal decision and not necessarily your level of laziness or productiveness.

This. Not saying I'm not capable. Rather not be stressed 24/7. Once I'm off the clock. I'm out

 

[ncide]

Agreed, but the question is, is it realistic? After 1 year, is it possible to have enough funds to buy or set up your own practice? Especially for those who have $400k in school loans and very little assets.

So yes, I agree with you in theory (e.g. 25% collection, so 75% goes to owner and non-payroll overhead so why make your boss richer), but not quite sure of the reality of being able to escape being an associate and be financially capable of setting up your own practice.

Yes, after a year's worth of production, it is easy to get a practice loan. Banks see dental businesses as very low risk, so you shouldn't have a problem having them offer you a practice loan.

 

[DMDDDSHopeful]

Yes, after a year's worth of production, it is easy to get a practice loan. Banks see dental businesses as very low risk, so you shouldn't have a problem having them offer you a practice loan.

Plot twist: Banks deny your practice loan request because you only have one year of practice.

 

[RS2224]

This. Not saying I'm not capable. Rather not be stressed 24/7. Once I'm off the clock. I'm out

Exactly. You can never clock out of your business. You have to be 110% invested cause your input will be directly affecting your output. Overlooking so many people as well as the legalities and financial aspects creates a lot of permanent stresss. At the end of the day, no employee or hired person will take care of your office(s) the way you would. You're in charge of hiring, people quitting, malfunctions .. etc. it's a lot to take in as a recent graduate or just constantly as a person. I wanna work and ACTUALLY clock out like you said. I wanna have time to pursue things that relieve stress and things I'm passionate in doing, not as a break from dentistry but as a healthy moderation into my work and personal life balance.

 

[x0jessmariex3]

Exactly. You can never clock out of your business. You have to be 110% invested cause your input will be directly affecting your output. Overlooking so many people as well as the legalities and financial aspects creates a lot of permanent stresss. At the end of the day, no employee or hired person will take care of your office(s) the way you would. You're in charge of hiring, people quitting, malfunctions .. etc. it's a lot to take in as a recent graduate or just constantly as a person. I wanna work and ACTUALLY clock out like you said. I wanna have time to pursue things that relieve stress and things I'm passionate in doing, not as a break from dentistry but as a healthy moderation into my work and personal life balance.

Well the hiring, firing, scheduling, etc. are the responsibilities of the office manager at my office, but regardless the practice owner still has a ton of stress.

 

[RS2224]

Well the hiring, firing, scheduling, etc. are the responsibilities of the office manager at my office, but regardless the practice owner still has a ton of stress.

Right, but the owner has to hire the office manager and may still have to do all the things the office manager does until they find/hire one. The office manager won't be able to bring the output you would be able to cause quite frankly h/she doesn't care about your business as passionately as you do. If your dental assistant quits/gets sick.. and you're the owner who also practices in there.. they'll be looking at you. If the AC/sterilizing machine is broke they'll be looking at you. This all happened in the practice I worked at where the owner was also the dentist inside. He'd have to reschedule all his patients just to get the AC/sterilizer fixed.

 

[DOC YANKEM]

Right, but the owner has to hire the office manager and may still have to do all the things the office manager does until they find/hire one. The office manager won't be able to bring the output you would be able to cause quite frankly h/she doesn't care about your business as passionately as you do. If your dental assistant quits/gets sick.. and you're the owner who also practices in there.. they'll be looking at you. If the AC/sterilizing machine is broke they'll be looking at you. This all happened in the practice I worked at where the owner was also the dentist inside. He'd have to reschedule all his patients just to get the AC/sterilizer fixed.

I loved this post. The dental office, I worked for the past 2 years, is located with 4 other dental offices on the same city street. One day, the dental office borrowed our office's sterilizer throughout the whole day. We have a ton of part time employees which fixes the problem of someone not showing up. Sacrifices are meant to happen; I work both the front and back office when needed. Usually my work hours are 10-12 hour shifts because 95% of the time I am the first person to open the office and the last to leave. Staff members have their own family, personal matters and classes to attend. I'm not saying I don't have any important things to do, but in order to have a successful practice you need people who really care about the office. I am quitting my job very soon, and my employer offered to hire me back every Saturday during dental school. In addition, I can become an associate after my residency but I have my own aspirations in having multiple practices.

 

[distressstudent]

Ever seen ads by corporate dental chains?

They emphasis again and again that a huge perk of joining a chain is how you can leave the business part to them and you just focus on being the dentist. And of course they want to make owning a business is way more complicated than what it is discourage dentist from leaving them!

Yes owning a business is hard. After all, if it isn't you wouldnt have so many associates. But here's a piece of wisdom i picked up from DT.

You know what's harder than owning a business? Dentistry. Extra time managing business translate to you having to do less dentistry to earn the same amount. Something to think about.

 

[DOC YANKEM]

Huge snow storm in New York City tonight and tomorrow. Several colleges have close or canceled their morning classes. Dental office is still open and I have to be there early. Feelsbadman

 

[DMDDDSHopeful]

Huge snow storm in New York City tonight and tomorrow. Several colleges have close or canceled their morning classes. Dental office is still open and I have to be there early. Feelsbadman

And what do you do when the patients don't show up because there is 10-15" of snow?

 

[DOC YANKEM]

And what do you do when the patients don't show up because there is 10-15" of snow?

There is always something to do. The dentists who own the practice are Jewish, but they are open during Jewish holidays and some other Holidays like Good Friday. I usually catch up or prepare for the following few weeks.

Edit: I almost forgot. During those holidays when the office is open, there are no patients. Lol....

 

[x0jessmariex3]

Huge snow storm in New York City tonight and tomorrow. Several colleges have close or canceled their morning classes. Dental office is still open and I have to be there early. Feelsbadman

My office is closed. One receptionist just went in to make cancelation calls and all that fun stuff.

 

[DOC YANKEM]

My office is closed. One receptionist just went in to make cancelation calls and all that fun stuff.

I didn't go to work today, but I have to shovel snow for 2 houses.

Edit: The office is still open, but I didn't show up because the trains weren't running in the morning. Most likely the office manager and the dentist is very annoyed about today's misfortune.

 

[DOC YANKEM]

Finally finished shoveling the two houses. The most annoying and longest part was shoveling the driveway to the garage and the second side driveway next to the house, for each house. I have an excuse to not visit the gym today. Oh wait, the gym is closed today.

 

[DMDDDSHopeful]

Finally finished shoveling the two houses. The most annoying and longest part was shoveling the driveway to the garage and the second side driveway next to the house, for each house. I have an excuse to not visit the gym today. Oh wait, the gym is closed today.

Gym logic: People are home from work today and can go to the gym. Close the gym.

 

[DOC YANKEM]

Gym logic: People are home from work today and can go to the gym. Close the gym.

Their residence is one block away from their office.

 

[FanOfCostco]

If you ever find Cain waters at a dental convention, talk to them. They will give you very very good info. Or if they are ever at a lunch n learn, ATTEND IT. It was the most powerful lunch and learn I ever been to and I still have their info.

 

[FanOfCostco]

Gym logic: People are home from work today and can go to the gym. Close the gym.

Gym logic: drive 2 miles to the gym to run 2 miles.

 

[DOC YANKEM]

If you ever find Cain waters at a dental convention, talk to them. They will give you very very good info. Or if they are ever at a lunch n learn, ATTEND IT. It was the most powerful lunch and learn I ever been to and I still have their info.

Probably one of the most important tips I have learned from working at a dental office for 2 years. Don't ever let companies do walk-ins and promote their products/services on the spot. Schedule a lunch and learn on separate days; my workplace has lunch and learn nearly every other day. For 30 minutes of your time, you have free lunch for the whole office and typically it's 20 dollars per person. You don't care about that limit because you own the practice and the sales representative can't do anything about it so you decide to order 30-40 dollars worth for yourself. In the end, you compliment their products and you say you'll think about purchasing their products or sign up for an account with them without buying anything. Don't forget the free samples so you can put them in a "goodie bag" so you can have your patients coming back for more.

 

[DMDDDSHopeful]

Probably one of the most important tips I have learned from working at a dental office for 2 years. Don't ever let companies do walk-ins and promote their products/services on the spot. Schedule a lunch and learn on separate days; my workplace has lunch and learn nearly every other day. For 30 minutes of your time, you have free lunch for the whole office and typically it's 20 dollars per person. You don't care about that limit because you own the practice and the sales representative can't do anything about it so you decide to order 30-40 dollars worth for yourself. In the end, you compliment their products and you say you'll think about purchasing their products or sign up for an account with them without buying anything. Don't forget the free samples so you can put them in a "goodie bag" so you can have your patients coming back for more.

Awesome point! Tons of physicians do this at their private practices too. I've heard a story where one guy would complicate the lunch by having dietary restrictions and when they inevitably mess it up because it's complex, he would throw a fuss and cancel the whole thing and keep the lunch.

I personally wouldn't ever do that. I would feel bad and don't think it's worth to do all that for a free lunch. Not professional either if you ask me. But hey, I guess the physician can do what he wants and no shortage of sales reps that want you to sell their products to patients.

 

[doc toothache]

I agree with many of your opinions, because the dentist is a very prestigious, but at the same time, a difficult profession that you need to love with all your heart. Once I was at the dentist, who openly told me that this was not his calling. He went to study and work only for the sake of his parents. Is it normal?

Did you make a follow up appointment or did you start a new search?