Practice or Joining a Chain Dental Group?
The first hardcore, life-altering decision you have to make as a new dentist is what kind of dental clinic you will be a part of as you begin your dentistry career. In the distant past, dentists generally opened a solo dental practice by buying an existing dental practice or by starting with a new building. In recent times, dentists often choose to begin practice by joining other dentists in a private group practice or a dental chain practice. You have probably heard many stories about all three kinds of practice, but stories aren’t enough to base a decision on. You need to approach this decision from a logical viewpoint, taking into consideration both market demands and your own personal preferences.
As you read this chapter, think about how each type of practice meshes with your own value system, financial needs and the goals you have made for yourself and your practice. Do some research on market trends in the area where you want to practice. Get together with your business consultant to get advice on the profitability of each type or practice. But before you do all that, read this chapter so you’ll know what to think and talk about as you make your plans. By the time you go in to your meeting with the business consultant, you’ll already have a good idea of what suits you best. In the chapter on Coaches and Consultants, you can learn how a practice broker or transition company can help you make the move into your dentistry business.