Why should someone want to have his or her own dental practice in 2019?

It seems somewhat ridiculous to have to post on this subject, but given current developments it is a topic worth discussing. Given the increasing costs and complexity of running a dental practice, it seems that more and more younger dentists hope to join a group practice.

Originally when I started practicing, most owner operators kept a higher percentage of the gross receipts. An associate might earn 35% with the lab bill taken off the top. The practice he or she worked for kept the rest. When I took started my own practice, initially I made less than I did working for other dentists but eventually, after I paid off loans and built up the practice I was making 40% of the gross receipts and I got to make all my practice decisions. I liked the freedom and control that I was able to have since I was able to practice in the manner I felt most comfortable with. If a particularly difficult procedure required more time, no one I worked for was watching the clock and shooting me a disapproving look.

Over time I was able to perfect my techniques and also achieve an excellent reputation as a dentist. I still find having my own dental practice extremely satisfying. There is a small hitch though, as operating costs have gradually increased, insurance reimbursements haven't really kept up . Private, non insured patients seem harder to come by and insurance reimbursements require a dentist become "more efficient" in delivering dental care. Dentists who practice in a setting that accepts most insurances  have to be more aware of the time it takes for them to complete theri procedures. This is exactly what I found frustrating when I worked for other dentists in insurance oriented practices, since it seemed like I was working in an assembly line  and when the "whistle blew" it was time to complete my procedure and get ready to see the next patient.

When I started my own practice, I determined that I would schedule more time than needed for my procedures so that I would rarely feel the pressure to rush. Probably it was not entirely a surprise, but I started enjoying dentistry more! The money was nice, but the bigger satisfaction came from helping my patients and my improved ability to deliver consistently excellent dentistry.

Now a days the consensus among younger dentists  seems to be  that solo dental fee for service practices are dinosaurs and that group practices with a heavy emphasis on accepting dental insurance are the way to go. My younger colleagues may be right, but personally, I would rather keep less and practice the way that I want, instead of working on an assembly line that seems to be speeding up with each additional year, as dictated by insurance fees. After all my student loans were paid off years ago and my life style is rather simple as I am now an empty nester. Believe it or not I have never been happier with my dental practice and have allowed myself time for teaching at NYU College of dentistry as well.

While it is likely that sometime in the future I may be practicing in a group setting, for now I will stand pat. When my current lease ends it may seem like it maybe a  good time to make a change but I still may choose to stay put and have my son David join me in practice. Maybe he will have some friends who also will want to join us. Ca sera sera!

from Ask Dr. Spindel - http://lspindelnycdds.blogspot.com/2019/07/why-should-someone-have-his-or-her-own.html - http://lspindelnycdds.blogspot.com/