After working as an associate for a couple of years, you’ll start thinking seriously about whether to become an independent practice owner or remain an employee for your career. This is a personal decision and there really isn’t a right or wrong answer, unless you make the decision based on bad information. I’ve heard dental students and recent grads share a few misconceptions over the years about what it’s like for those who choose to become business owners. I’d like to set the record straight here. Here are the three biggest myths about owning a practice.
As dentists, we’re in the business of prevention. But what happens when in spite of our preventive efforts, our patients develop a problem? We quickly move into damage control mode to protect our patients’ interests. Shouldn’t we do the same for ourselves?
That’s why we need insurance. When something happens, we want to control the damage and protect our interests. Would you ever consider leaving an auto dealer with your new car and no auto insurance? You have so much invested in your decision to become a dentist, and as a result of this investment, you have tremendous earning potential. Yet although you’d insure your car without hesitation, you still haven’t insured yourself.
Maybe you just don’t know what you need. Unfortunately, both of us got a quick education when we had to use our insurance plans early in our careers. We are hoping that our stories will help to illustrate which insurance coverage you need as soon as you get your license, and why.