Owning a dental practice

Discussion in 'General Dentistry Discussion' started by lilkoala, Mar 5, 2013.

  1. lilkoala

    lilkoala Member

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    Just a quick question:

    does anyone here know, realistically, how many yeasr of experience in the dental industry does a dentist need, after his fresh graduation, in order to be able to open up his own dental General practice?

    I know there is no exact answer, but realistically, how long would it roughly need? any thoughts?
    thx!
     
  2. Lacerum

    Lacerum Emeritus MSO Staff Emeritus

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    I'll leave it to the dentists to reply. But there are people that do it first year out. Probably comes down to confidence in your own abilities, and your business-mindedness.
     
  3. forevafrensbear

    forevafrensbear Consultant Physician

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    Depends if you have:
    1. Capital and/or bank loan on hand
    2. How business savvy you are

    Realistically, you probably want a few years experience under your belt. Most of my friends who have set up their own practice have done so about 3-6 years after graduation.
     
  4. monkey magic

    monkey magic Regular Member

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    There's an article about it in the February ADA news bulletin on taking over a practice vs starting a new one, apparently there are incentives for starting rural practices, some towns even will pay for the setup and you can use it for free if you practice there, the downside apparently of starting your own practice rurally is they are very difficult to sell.

    The article suggests without incentives you get better cash flow from buying an established practice.

    I guess ideally you could work with a dentist who was looking to retire in an area you want to work in who can train you for a few years before they retire, but you would probably have to be very lucky to find something like that lol
     
  5. lilkoala

    lilkoala Member

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    i see. thank you very much for the response!
     
  6. 230CME

    230CME Member

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    I agree with what both Petar and forevafrensbear has said.

    I bought into a practice after one year out. One of my classmates did start a new practice straight out of graduation, but I believe he shared reception and premise with one of his medical friends.

    Even now after 10 years of practicing I would find it daunting to start a new practice from scratch.
     
  7. Joaquin_30

    Joaquin_30 New Member

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    My brother is doing BDS and he wants to start his own clinic after that. He took some advice from our family dentist. Now we all are forcing my brother to work under him for good 2 years so that he have a good experience. Any suggestions for him?
     
    Last edited by a moderator: Jul 1, 2017
  8. Ruth

    Ruth Maderator Moderator

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    I've got a friend who bought his own practice in his first year out, although tbh I think he's absolutely crazy. He's also rolling in it so who knows? My boss has mentioned a few times that he'd love for me to take over when he eventually retires, so I'm trying to be active in helping out with admin etc. and learning about tax and business and all that kind of stuff...I would be absolutely terrified at the prospect of owning a practice any time soon, especially because at my age I would feel pretty weird about being the 'boss'. I'd personally prefer to wait at least 5+ years, 3 at the least. I'm still trying to wrap my head around how commission works!

    Suggestions wise, it seems that the most important thing is to just employ someone who's really really good at admin to do things like wages/paying staff, sending payments off to ACC/Ministry of Health (or the Australian equivalents), also delegation in general eg. dental assistant to do ordering stock - although I'm a massive control freak so I'd prefer to do all that myself, hence why I'd rather wait.
     

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