Owning a dental practice provides many benefits and can be very rewarding and lucrative. Of course, it goes without saying that practice ownership comes with significant responsibilities and challenges. Let’s go over some key benefits practice ownership offers, as well as a few considerations that should be made before investing in practice ownership.
Benefits of Ownership
Independence and Flexibility
Owning a practice means being your own boss. You’d have the freedom to make decisions about how to run your business, including the type of patients you see, which cases to take on, the services you offer, and the hours you work.
This allows you to specialize in areas of dentistry you’re particularly interested in or that align with your practice’s goals, which can provide a sense of control and satisfaction that may not be possible otherwise.
Professional Growth and Development
Being the practice owner means you shape the direction and focus of your business, as well as implement new techniques and technologies you learn about. This provides great opportunities for professional growth and development.
Potential for Financial Success
Practice ownership enables you to maximize your income and grow your business. Here are a few ways.
- Expand the practice’s capacity by adding additional dental chairs and/or offering a wider range of specialized services.
- Build wealth through the appreciation of practice assets, such as real estate.
- Expanding to multiple locations creates the opportunity to serve a wider geographic area and increase a practice’s customer base.
Create a Positive Impact on the Community; Build a Legacy
Practice owners build and lead a team of dedicated and skilled dentists, hygienists, and assistants. You and your team can make a positive impact on the health and well-being of your community by providing high-quality care and improving the oral health of your patients.
If you build a practice that reflects your values and vision and has a positive impact on the lives of your patients and employees, you’re building a legacy in your community. And when it’s time to retire or transition, you’ll be in control of who will take over the business.
Starting a practice is a costly and time-consuming process: there are expenses such as rent, equipment purchases, malpractice insurance, and staffing. Additionally, owners are responsible for managing the financial and operational aspects of the business, which can be complex and time-consuming.
It’s important to carefully consider your goals, strengths, and limitations before making the decision to start or purchase a practice. Are you prepared to take on the responsibilities and challenges of ownership? Do you have the necessary financial resources and support to succeed?
If you feel drawn to practice ownership, know that there are many resources that provide guidance or offer support for those who’d like to start or learn to manage a practice. Professional organizations and dental-specific consultants, such as a dental startup consultant or dental practice transition attorney, can provide valuable guidance and help you accomplish your goal.