Setting up a new dental practice involves combining the challenges of starting a business with additional dentistry-related challenges, which can be overwhelming. A lot of work goes into establishing any business, from deciding if a partner is right for you to how many employees you will hire to how you will market your dental practice. This post will cover all these and more to help you set yourself up for success.
By completing a simple “starting a new dental practice” checklist, as outlined in this post, you can ensure you have everything in order before opening your dental practice.
When Should You Start Your Own Dental Practice?
Starting a dental practice is a big step, and it's not something to be undertaken lightly. Before moving forward, consider whether starting a dental practice makes sense for you. There are many factors to keep in mind, including the personal and financial impact that being a business owner will have on your life. Here are some important considerations to keep in mind.
What Are the Benefits of Owning A Dental Practice?
A recent survey conducted by DentalPost analyzed over 13,000 dentists across the country to compare salaries, working hours, and job satisfaction among dentists in different positions and levels of experience. The survey findings show minimal disparity in the weekly working hours between practice owners and employees, with most individuals working between 31 and 40 hours per week. However, practice owners are more inclined to work over 40 hours weekly — 19% compared to 14% of associate dentists.
Regardless of experience, dental practice owners earn an average of $100,000 more per year and are likelier to receive salary raises than associate dentists. The most significant pay gap is observed among early-career dentists with less than 5 years of experience, where practice owners earn an average of $300,000 annually while associates earn $175,000.
Dentists who own a private practice are approximately twice as likely as dental employees to enjoy a range of benefits such as retirement plans, health insurance, tuition reimbursement for continuing education, coverage for attending dental conferences, and paid time off for vacation and holidays.
Finally, practice owners exhibit greater job security than associates, with the majority remaining at the same practice for over 15 years. Conversely, 85% of associate dentists switch to new employers before completing 7 years at a single practice.
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