Want to run own practice (dentistry)

[Eisley]

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So my mom is currently an independently practicing dentist and said that I could take over when I'm ready if I decide to go to dental school. I am currently a senior in HS so I have plenty of time.

My question is, are there any special things I should do in college to ensure that I am ready to run a practice on my own? Like minoring in business, or even going further to do _____. Thanks.

 

[xnfs93hy]

So my mom is currently an independently practicing dentist and said that I could take over when I'm ready if I decide to go to dental school. I am currently a senior in HS so I have plenty of time.

My question is, are there any special things I should do in college to ensure that I am ready to run a practice on my own? Like minoring in business, or even going further to do _____. Thanks.

A solid background in accounting would be helpful.

 

[MilkmanAl]

Yeah, you might consider minoring (or majoring) in business just so you know what's going on. However, odds are she has a business manager or a team of people who're running the financial logistics. That is, you could probably get by without any formal business training since other people would be doing the work for you. I could be wrong, I suppose, but the amount of people in health care who both practice and actively run said practice is quite small, as far as I can tell.

 

[Eisley]

Yeah, you might consider minoring (or majoring) in business just so you know what's going on. However, odds are she has a business manager or a team of people who're running the financial logistics. That is, you could probably get by without any formal business training since other people would be doing the work for you. I could be wrong, I suppose, but the amount of people in health care who both practice and actively run said practice is quite small, as far as I can tell.

She does it herself right now. There are very few people working in the office, and she's the only one that manages business.

I'm going to look at business programs for the schools I want to go to now. Thanks!

 

[pressmom]

Taking courses in business will undoubtedly be helpful, but there are many other aspects to running a business. (My dad runs a business with 50-60 employees.) There is a lot to learning by talking with your mom. I've taken business courses (even took an MBA class this summer), but really nothing compares to talking to my dad about things. There's a lot more to running a successful business than just knowing how to crunch the numbers. There's personnel problems, health insurance, 401k, building leases, equipment leases, tax codes, etc. Take business courses but also, as you get older, talk to your mom about these things. Running a small business is no easy feat, and she is probably your best resource!

 

[Maygyver]

So my mom is currently an independently practicing dentist and said that I could take over when I'm ready if I decide to go to dental school. I am currently a senior in HS so I have plenty of time.

My question is, are there any special things I should do in college to ensure that I am ready to run a practice on my own? Like minoring in business, or even going further to do _____. Thanks.

Hey, I can give you some advice because I shadowed my pediatric dentist this past year. Some dental schools will involve courses that help you run your own practice. I believe Case Western has a "mock practice" sort of class. The dentist I shadowed knew someone who went on to get his MBA after getting his dental degree. As far as accounting specifically, I'm not sure how useful that would be because I know that the dentist I shadowed hired his own accountant to work at the office. However, picking up a business minor definitely couldn't hurt and it will be very easy compared to your science major. I though about picking up a minor in business but I'm pretty sure most of the classes would be boring so I will probably do something else instead.

Another option is to shadow another dentist and see how they run their office. It is very helpful to see the office in action and to understand the entire underpinnings of how it is run. Good luck!

 

[xnfs93hy]

Just gonna throw this out there, and point out the obvious.

If you are seriously going to RUN YOUR OWN practice, you are going to have to know accounting. Period. Unless of course who have an accountant whom you can hire (if you have the money to do so).

 

[Maygyver]

Just gonna throw this out there, and point out the obvious.

If you are seriously going to RUN YOUR OWN practice, you are going to have to know accounting. Period. Unless of course who have an accountant whom you can hire (if you have the money to do so).

Accounting courses are included in a business minor. Thus, a business minor is a better idea than just specifically taking accounting courses.

 

[huskerdye]

Just gonna throw this out there, and point out the obvious.

If you are seriously going to RUN YOUR OWN practice, you are going to have to know accounting. Period. Unless of course who have an accountant whom you can hire (if you have the money to do so).

There's a lot more to running a business than accounting.. A lot more, especially in health care.

You need to know how to pick insurance, how to organize papers, billing, advertising, and much, much more.. A minor in business would be helpful even if you just want to hire others to really "run" the place for you.

 

[xnfs93hy]

There's a lot more to running a business than accounting.. A lot more, especially in health care.

You need to know how to pick insurance, how to organize papers, billing, advertising, and much, much more.. A minor in business would be helpful even if you just want to hire others to really "run" the place for you.

I never said it wouldn't I just said you will need a solid background in accounting. Business would def. be a great major if you plan on going to med school and building up your own practice 👍.

Just saying that you need an accounting background.

 

[lhtran07]

You don't need an accounting background. Most will consult/hire an accountant to help with the loopholes in tax laws anyway...if you get an accountant who knows his ****, you'll be saving lots of money just from that. A good accountant is worth hiring rather than taking accounting classes. However, a business minor/major would be a lot more relevant to owning and running your private practice.

 

[Maygyver]

I never said it wouldn't I just said you will need a solid background in accounting. Business would def. be a great major if you plan on going to med school and building up your own practice 👍.

Just saying that you need an accounting background.

Just so you know. He would be going to dental school, not medical school.

 

[EyEnStein 07]

Perhaps a smart thing to do, is take some regular business classes or something, that help towards your graduation requirements, and then when you are ready apply for a DDS/MBA or DMD/MBA joint degree program.

Ofcourse another great thing to do is help your mom out now so you can get insight into her job in the business aspect.

 

[xnfs93hy]

Alright, you guys are the geniouses here. I'll leave it to you then.

 

[EyEnStein 07]

Alright, you guys are the geniouses here. I'll leave it to you then.

There was nothing wrong with what you said IMO. He probably will need to know some accounting, but i think in private practices they just hire accountants to relieve the workload. The business aspect varies to what you have to know, and there are many Doctors who have never taken business classes nor have Business Degrees. Perhaps they read about it or learned from others in there earlier years of practice, which is why a lot of them now are running quite successful practices.

 

[Strivetosucceed]

Honestly, my mom is also a practicing dentist and she too owns her own clinic. You really do not need to study business in order to own a clinic. Just hire an accountant and a good, reliable manager (the front- desk person) and you will be fine.

 

[glowworm]

Honestly, my mom is also a practicing dentist and she too owns her own clinic. You really do not need to study business in order to own a clinic. Just hire an accountant and a good, reliable manager (the front- desk person) and you will be fine.

sometimes finding an honest accountant/ manager can be tough though. seems like half the doctors/dentists i know have had an office worker embezzle from them. my uncle is a doctor, and after working all day he still goes and checks all the books to make sure everything is ok. i would think you would need at least some business/accounting knowledge to keep from getting ripped off. and if you have dishonest business partners, it gets even worse.

 

[Eisley]

sometimes finding an honest accountant/ manager can be tough though. seems like half the doctors/dentists i know have had an office worker embezzle from them. my uncle is a doctor, and after working all day he still goes and checks all the books to make sure everything is ok. i would think you would need at least some business/accounting knowledge to keep from getting ripped off. and if you have dishonest business partners, it gets even worse.

Yeah, one of the main reasons I'm asking is because one of my mom's former office workers was arrested for embezzling over $250k from my mom's office. It's all okay now, but it makes me feel like I have to have some business experience, even if it just means I'll make sure I'm not getting ripped off.

 

[tennisball80]

Yeah, one of the main reasons I'm asking is because one of my mom's former office workers was arrested for embezzling over $250k from my mom's office. It's all okay now, but it makes me feel like I have to have some business experience, even if it just means I'll make sure I'm not getting ripped off.

Yea for sure.

I am thinking to make friends in undergrad years and maybe he/she can be a honest business partner. 😎

 

[New Vocab]

Yeah, one of the main reasons I'm asking is because one of my mom's former office workers was arrested for embezzling over $250k from my mom's office. It's all okay now, but it makes me feel like I have to have some business experience, even if it just means I'll make sure I'm not getting ripped off.

Wow, you must be quite wealthy to have a parent pulling in such an exorbiant amount of money via a business practice. I would to have such a parent with my parents being academically ******ed and yet, surprisingly able to produce offspring with intelligence that surpasses their own. It would be helpful to take some accounting courses as a guard against this type of white collar crime and it can never hurt to learn something new. I don't know about majoring in business, per se, but taking business classes can only serve as good academic experience when when you eventually are given leadership over your mom's practice. Since I'll most likely be moving to one of less temperate climate regions in America after I begin practicing (keyword: California), we may very well meet and I may very well be an employee.