Interested in owning your own practice? You’re not alone. Many dentists and dental students pursue dentistry to exercise maximum control over their careers. According to recent surveys, more than 95% of dentists are in private practice, either as a solo practitioner or as a partner in a group.
An opportune time to purchase a dental practice is when the owner you are working for has decided to retire. Purchasing the practice from someone you work for has the inherent advantages of knowing how the practice operates, understanding the staff dynamics and having realistic business expectations because you have worked there.
You have the option of starting a practice from scratch or buying an existing practice. While starting up a practice from scratch may come with a lower price tag than buying an existing practice, the existing practice is often less costly to your pocketbook. This is because you have the advantage of purchasing an already operational dental practice with an immediate patient base and income that comes with it.
A private, solo dental practice offers :If you go with a partnership or group practice setting rather than as a solo practitioner, the benefits are similar. In a group practice, though, you would enjoy additional benefits of sharing management responsibilities, professional teamwork, in-house consultation, and shared patient coverage.
To thrive in a solo or group practice environment, you’ll need more than just keen dentistry skills—you’ll also need entrepreneurial expertise. Managing employees, negotiating contracts, monitoring the cash flow, marketing your practice and more all become the responsibilities of practice owners. IDA maintains practice management resources online including a free new practice checklist, and tips on everything from infection control to congratulating the dental team for a job well done.
