As young professionals, we often assume that dentistry is
easy - that the lessons we learned in school will be the pillars on
which we build our careers. Over time, you will amass a multitude
of these pillars. Dental school is outstanding in providing
baseline knowledge to succeed, but the problem with this
knowledge is that all dentists are compared on the same scale.
Young dentists need to have proper resources - learning and
advancing quickly - to decrease the separation between seasoned
practitioners and themselves.
Your patients and staff want to feel that you love your career.
Furthermore, you should be passionate about what you do. This
idea may seem simple, but many practitioners rarely focus on it
until they reach the twilight of their careers. Why is this important?
So that your staff, patients and colleagues understand your
drive for clinical excellence with every completed procedure,
leading to unparalleled office cohesion and creating emotional
momentum - the driving force that brings patients back to your
office. Unfortunately, dentistry has become a commodity, meaning
patients do not have to return to you. It's your responsibility
to make them understand why they should.
The following are five significant lessons that I learned as an
associate and practice owner.
Evolution, not Revolution
As young dentists, we want to hit the ground running after
school. We hope to establish ourselves as bright, confident and
clinically excellent providers. Often young dentists try to accomplish
too much too soon, leading to board problems and selfconfidence
issues. The meaning of the subheadline, "Evolution,
not Revolution," is to take your career and grow with it. Allow
yourself to be humbled, ask for help on a regular basis, learn, and
create an environment where you may bounce ideas off of peers.
A dentist's personality can be described in one word: driven.
We persevered through rigorous undergraduate studies, were
successfully admitted to post-graduate work, and are now figuring
out what dentistry will do for us. We like to assume we have
the skills to complete any and all aspects of dentistry.
As young dentists, you need to critically evaluate yourself as
a practitioner. Where do your skills lie? Are you skilled enough
technically to take on a difficult case, or is the patient better
served seeing a more experienced colleague? Diagnosing a
patient's needs and reflecting on how to best serve the patient
will help you grow. You'll recognize the aspects of dentistry that
you need to improve on, and your patients will see that you care
more about their health than their payment.
Patient Acceptance vs. Case Acceptance
As young dentists, we love to prove that we are knowledgeable
and trustworthy. We enjoy explaining the intricacies of prep
design or the stress strain curves of certain materials that make
them a great crown choice. Truthfully, none of this matters to
most patients.
The four years spent learning the language of this profession
might hinder you when it comes to conveying the urgency of oral
disease to patients in a way they'll understand. One way to create
trust with patients is by making yourself interesting! Interact with
them on a non-clinical level, injecting details of your personal life
and keeping record of their response. Use that data the next time
they return to reaffirm that you were listening.
No part of the dental boards tests your communication abilities.
You must work diligently to develop these. Communication
relies on your personal skills and your ability to connect, gaining
patient acceptance. Believe it or not, your patient simply wants
you to understand their circumstances. Ask, "How can I help
you today?" The response will be overwhelming. You'll see higher
case acceptance, allowing you to treat more.
As an owner dentist, earning patient acceptance is what facilitates
your office's excellence each year. Many seasoned doctors
leave personal connection to their hygienist or front staff - a dying
method in our current market. Patients come to see you, after all!
Creating Financial Independence
Achieving financial independence in our current economy is
unfortunately very difficult. The average graduating DDS is
$250,000 in debt. The following charts illustrate the difference
in debt payment when paid in 15 years vs. 30 years.
Debt Payment When Paid in 15 Years |
|
Debt Payment When Paid in 30 Years |
Loan Balance
Adjusted Balance
Loan Interest Rate
Loan Fees
Loan Term
Minimum Payment
|
$250,000.00
$250,000.00
6.80%
$0.00
15 years
$50.00
|
Loan Balance
Adjusted Balance
Loan Interest Rate
Loan Fees
Loan Term
Minimum Payment
|
$250,000.00
$250,000.00
6.80%
$0.00
30 years
$50.00
|
Monthly Loan Payment
Number of Payments |
$2,219.21
180
|
Monthly Loan Payment
Number of Payments |
$1,955.78
360
|
Cumulative Payment
Total Interest Paid |
$399,457.00
$149,457.00
|
Cumulative Payment
Total Interest Paid |
$704,075.00
$404,075.00
|
These charts are important, particularly to those graduating
soon. Let's use the 15-year plan with a monthly loan payment of
around $2,000. The average associate might have an agreement
entitling them to 25 percent of production. For example, if production
is $30,000, 25 percent would be $7,500. Let's assume
40 percent withholding for taxes, leaving $4,500 of post-tax dollars.
After the $2,000 student loan payment, we're left with
$2,500 to live with that month. Most of us have fixed expenses
such as medical insurance, car payments, and mortgages that
can pick away at that $2,500 very quickly.
How do we become financially independent? As young dentists,
we need to forge and find a pathway to ownership. Financial
independence as an associate is possible, but will take much
longer, and you'll lack control of certain variables within your
office. As a young owner, financial independence can be achieved
through brand recognition. People will not know who you are -
they'll know the dentist who has been on the same corner for 35
years. You need to get involved, join local young professional networking
groups or a running club, and/or establish yourself as an
active parishioner at a local church. The best advertising will come
from your interactions with the community. Building these relationships
allows others to gain trust in you, bringing them to your
office and patient base. Then, as you evolve as an owner, you may
be given the opportunity to invest in satellite offices and share
your knowledge with younger associates.
Life-long Learning
There are many levels to life-long learning. At the most basic
level, evaluate yourself critically, both in clinical work and patient
interactions. How can you grow from each patient experience?
How can you grow as an owner and boss from your staff interactions?
The number-one reason why people leave a position has
nothing to do with money and everything to do with their leader.
On a grander scale, seek out different forms of continuing
education. You will soon discover a facet of dentistry that you
are passionate about - then you may focus on developing your
continuing education curriculum.
Make Your First Career Choice the Best Career Choice
There are several choices post-graduation:
- Specializing
- General practice residency or advanced education in
general dentistry
- Independent private practice
- Group practice
- Public health or military service
- Academic dentistry and/or research
Finding the right fit can be difficult - I can speak for three
of these six. My experience in a private practice was outstanding
as far as learning goes. The market focused on comprehensive
casework, and I learned the principles of smile design and fullarch
therapy. However, there are many older dentists looking for
an associate or partner who have been practicing their way since
they opened their office, holding certain beliefs on how dentistry
should be practiced and certain expectations for how
patients will be treated under their roof. Assessing the morals
and ethics of an office can be difficult until you are immersed in
its clinical culture, and it's alright if you do not fit into it.
Unfortunately, a reputation in dentistry takes years to build
and seconds to destroy. You have to be careful if you stay somewhere
where the work does not meet your clinical standards, and
you'll need to discuss these issues and quickly resolve them. If
not, you need to think about whether or not you want to stay.
Even though you are not treating the other doctor's patients, you
are still under the umbrella of the office's name.
Leaving an office is difficult, but can be refreshing, allowing
you to learn from seeing how another office is run, how patients
are treated, and what other treatment philosophies exist. My fit
was - and is - a group practice supported by a dental support
organization. I am given the business support I need managerially,
the ability to own multiple offices, and the ability to mentor
new graduates. I am also a clinical instructor presenting on
patient interactions and treatment planning, and finally get to
practice dentistry the way that I was taught.
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