Group dental practice is one where two or more dentists work together at the same location, and a recent trend that many dental professionals are opting for. It can have many time, monetary, and energy benefits for you, but you must first decide if it is a good fit for you and your lifestyle. Here are a few things to consider:
Cost is one of the main reasons that dentists opt for group dentistry. The average debt for dental school graduates in 2019 was nearly $300,000. Buying or opening a practice can add even more debt to that amount, which is why more than 80% of dental graduates initially avoid practice ownership for the beginning part of their career. Group dental practice is helpful in this case, allowing you to split the costs of location, equipment, etc. with your other dentists and/or management. Of course, this also means that your profits will be split as well, so if you have the means to build and manage your own practice-- that may be what you decide to do instead.
Time and Control
In a Dentist-Operated practice, you will have complete control over every decision in the business, which will allow you the freedom of running it how you see fit. You’ll be able to determine your own hours, and potentially work fewer hours with higher income. Your business will also be a reflection of your work and no one else’s (as opposed to a group practice, where other’s quality of work could affect your reputation). These benefits are all worth noting, although as the sole owner of the practice, you’ll also have more responsibilities and the business will take up more of your time.
In a group dental practice, you’ll have more personal freedom and limited responsibilities. Depending on your model, you may also be able to work short hours with a high income. You’ll likely have a larger marketing budget as well which could lead to more patient outreach, as well as more leverage to negotiate higher fees from insurance companies. So, while you may have less control over the business, there are more opportunities for you to utilize personal time for your own interests.
These are just a few options to consider as you weigh this important decision. Whether you decide to enter a group dental practice or manage your own, give us a call so we can help you make the most of your space, budget, and time!
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