You’ve studied for the past eight years and now finally have that much coveted dental degree in hand. Now what? Even if your dreams are to own your own practice, there are other options to consider and a few steps you might want to take first.
Associateship
While taking on an associate is risky from an owner’s perspective, it makes sense for a fledgling dentist to get his or her feet on the ground. With this option, you are working for a person or a DSO as an employee without an ownership benefit or management responsibility. This allows you to relocate or move among practices with ease and little stress since there is no real commitment on your end.
Military, school, or government
Working for the military, a school, or the government won’t give you the option of buying in to a practice. It will, however, earn you the notoriety to perhaps one day publish scientific work, if that’s what your goals include. This low-risk opportunity affords a relaxed schedule, long-term potential, and option to pursue a passion that the private sector might not offer.
Buy-in
The next best thing to owning your own practice, a buy-in grants you an ownership stake in the practice with the potential to become a partner. While not typically obtained right out of dental school, a buy-in is achievable within three to five years, making it a reasonable and beneficial long-term option, whether with a single practitioner, group practice, or corporate environment.
Buy-out
With a buy-out, you gain 100 percent interest within an existing practice while having the sole freedom to practice exclusively. Not to mention, purchasing an existing practice outright holds a 99.7 percent success rate for the completion of note. Compared with a start-up, an existing practice comes with its own staff, location, equipment, and patient base.
Start-up
Rather than taking on an existing client base, you would start your own practice from the ground up. Although the ultimate dream for most, it’s worth mentioning that between dental school and bank loans, you have the potential to be $1 million in debt before seeing your first patient, which may not be an issue for you since the success rate for a dental practice is so high.
What’s next?
Read up on our e-book for dental graduates, then contact the experts at Professional Transition Strategies to start the conversation.