Are you at a crossroad in your career? Owning your own dental practice comes with many benefits. You get to be in charge, make your own schedule, and design the practice the way you want it, but you also have to shoulder the responsibilities. How do you know if owning a dental practice is right for you and if now is a good time to open or buy a practice?
The experienced team at LenDRgroup Consulting offers financing and business consulting services for dental professionals. We are available to discuss your options and help you develop a business proposal to determine if owning a dental practice is the right choice for you.
Dental Associate vs. Dental Owner
Attending dental school prepared you for being a dentist, treating patients, and addressing problems with the teeth, gums, and mouth. It did not prepare you for owning and managing your own practice. However, if you have only been a dental associate, how do you know what life is like on the other side?
What is the Difference Between the Roles?
Dental associates are dentists who work in a dental practice, but do not own the practice. Depending on the contract, a dental associate may be considered an employee or independent contractor of the practice. Dental owners are dentists who own and operate a practice. There can be more than one owner within the same practice if partners formed a practice together.
Pros and Cons of Working as a Dental Associate
Being a dental associate is how many dentists get their start. It offers steady employment and a way to start paying off school loans. Additional benefits of being an associate include:
- No management responsibilities
- Only have to be a dentist
- No financial obligations to the practice
- Freedom to go wherever you choose
However, there are also downsides to being a dental associate. The biggest one being that you have to answer to someone else. This includes adhering to the schedule that has been set for you and following someone else’s rules. While you may not bear the weight of the financial burden, you also do not profit from the practice’s success. You also do not have a say in how the practice is managed or maintained.
Pros and Cons of Being an Owner
As the owner of a dental practice, you still get to do what you love and treat your patients. However, you get to do it your way. You are in charge. You can make the schedule, decide when you want to work, how many patients you want to see, the types of services you want to offer, etc. You have the decision-making power. This gives you increased flexibility in scheduling and in creating a practice that is a reflection of yourself. Plus, when the practice succeeds, you profit too.
Having an increase in choices also comes with responsibilities and financial obligations. As the practice owner, you have to take on a number of roles besides just being the dentist. You have to run a business, market your practice, handle payroll and taxes, manage a team of employees, and much more. While you profit when the business does well, you also bear the financial stress of covering overhead costs and running the practice. Since this is your business, you can’t just leave or go on vacation as you please. You are responsible for the success of your practice.
Owning Your Own Dental Practice
Becoming a dentist doesn’t happen overnight. It takes countless hours of studying, years of school, residency, and passing your boards. There is a step-by-step process. Perhaps you have reached a turning point in your career and you are contemplating the next step. Working as an associate will give you the opportunity to repay some of your loans and to gain experience in the field.
Is It the RIght Time?
Owning a practice gives you more control over your professional life. While it comes with responsibilities, you also get to feel pride in its successes because that will be a reflection of your hard work and determination.
So how do you know if it is time to go from associate to owner? If you answer “yes” to any of the following questions, you may want to consider making the jump.
- Would you prefer preparing your own schedule?
- Do you like creating your own routines and managing your own day-to-day duties?
- Have you developed management skills and feel ready to handle the responsibilities of running a company?
- Are you confident in your abilities as a dentist?
Steps to Starting Your Own Practice
Once you start considering making the jump into practice ownership, it is time to contact the business consulting team at LenDRgroup Consulting. We can walk you through the ins and outs of practice ownership, help you develop a business plan that suits your specific needs, determine if starting a new practice or buying an existing one makes more sense, and help you secure financing to achieve your dream. We will help you make the transition from dental associate to practice owner. You are not alone.
Choose LenDRgroup Consulting
Deciding to become a dental practice owner can be overwhelming, mentally and financially. Thankfully, you don’t have to do it alone. At LenDRgroup Consulting, we provide a concierge turn key loan process so you can do what you do best, focus on your patients and your practice. The goal of our specialized financial services is to make financing your dream a smooth, simple process without unnecessary stress.
Experienced, Certified Dental Practice Consultants
At LenDRgroup Consulting, our team of experienced dental business consultants can walk you through financing and managing your practice. We can review your business, your plans, and your goals to help determine the most appropriate dental practice financing options for your needs.
The team at LenDRgroup Consulting cares about the long-term success of your practice. No matter if you are in need of practice financing or business consulting, we are able to craft a customized plan to fit the unique needs of not only your practice, but also your career. We bring a lending platform comprised of 300+ dental and healthcare-specific lenders. Think of us like match.com between medical and dental practice owners and lenders. We do the work for you to match you with the best lender for your needs. It is not a one-size-fits-all lending process. We work to find a successful match. We built this network with the purpose of helping dentists, veterinarians, and physicians achieve their dreams of practice ownership while eliminating the obstacles typically associated with making this transition.
To date, we have helped hundreds of medical and dental professionals expand and grow their practice. LenDRgroup Consulting recognizes, listens to, and understands the needs of your business and can provide guidance to help avoid costly mistakes. So, let’s get started.
ContactLenDRgroup Consulting today to schedule a one-on-one consultation and find out how we can help with your financing and consulting needs!