So…you graduate from dental school and you want to buy a practice. You know what state you want to practice in, but not much else; they didn’t teach you the business side of dentistry after all! So where do you start?
At this time of year, we have become accustomed to answering two questions asked by third year dental students. The first is: “Should I apply to residency programs?” The second is: “How do I know which residency program is right for me?”
Regardless of which school you’re attending, what grade point average you’ve maintained or how many scalings and root planings you’ve completed, we instantly and unequivocally answer “YES!!!” to the first question.
The time has come. You’ve fulfilled your dreams of becoming a dentist! People will start referring to you as Dr. (insert your name), and that may take a little getting used to. But like most new accomplishments, this one comes with a set of new challenges to sort through. One thing to consider when buying or establishing a dental practice of your own is where to live in proximity to your practice. Here are a few pros and cons to consider when making the decision.
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.