Your ability to generate revenue is your greatest asset. If something happened to you, it would have a significant impact on your cash flow. Whether you’re just starting your training or you’re already in practice, one of the first things you need to do is protect your ability to earn an income. While health insurance will help pay to get you back to good health, an entirely different type of insurance is required to replace the income you forego while you are unable to work. This insurance is called disability income, or “DI” for short.
In this edition of Let’s Talk, Christian Pearson, national director of dental partnerships at Treloar & Heisel, Inc., continues the conversation with Stephen Trutter, director of consulting and partner at Ideal Practices, as they discuss what students and new dentists can do now to prepare for private practice ownership.
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.
The “Renaissance Men” were sublime combinations of artist, engineer, and scientist. They were masters of each discipline, and are considered the most well-rounded talents to ever draw breath. Truth be told, owning a practice is more like being a “Renaissance (Wo)Man” than you might think. In contrast to the masters, though, we receive highly specialized training in treating dental disease and very little about the “other stuff.” Every dental office is full of protocols and contraptions that are not covered in school. That is not a reason to exclude owning from the menu of options open to you after graduation! Here are five keys to unlocking the mysteries of the non-clinical aspects of private practice.
Graduating from the preclinical labs to the predoctoral clinic brought a lot of anxiety and the unexpected. The experience has been very rewarding though I wish I’d known a few little nuggets beforehand that would have made the transition smoother. Here are a few tidbits that have helped me the past two years in clinic. I hope they can be beneficial to you as well!