While it may seem obvious that owning your dental practice is the best way to achieve success, it’s always important to look at both sides of the question before making a big decision. So, which path is more likely to bring success?
The Advantages of Ownership
Let’s start by looking at the positives of owning your dental practice versus working as an associate. When you own the practice, you make the decisions regarding hours, benefits, customer demographics and more. Every part of the practice is your responsibility, and you have control.
As an owner, you choose the scheduling at the practice. You decide how much time is set aside for appointments and how long the hygienist spends with the patients. You also choose the days and hours you are open. In addition, you can pick which hours you will be at the practice, and which are covered by associates.
In your practice, you choose the dentist’s equipment and tools. From floss to fillings to X-rays and more, you make the decisions. You don’t have to settle for what you consider less effective materials because you make the purchases.
What are the Struggles of Owning Your Dental Practice?
When you own the dental practice, you spend your time doing much more than treating patients. You need to make sure the business end of things is running smoothly. While you can certainly employ a business manager to take care of the day-to-day business, it all depends on you at the end of the day. Choosing the proper staff in your dental practice is vital to success.
When problems happen, the buck stops with you. Whether it’s being short-staffed, choosing to continue treating a delinquent account or making sure the sanitation rules are followed, it falls on your lap.
The financial pressures are all yours, too, as the owner. No one else shares the burden of ensuring the monthly income is larger than the outflow. Because the responsibility is all yours, you may find it much more difficult to take time off because the bills need to be paid whether you go to work or not.
How Can You Decide Whether to Buy Your Own Practice?
One way to help you purchase the dental practice that suits your life is to get help determining what you need and why you don’t. At Buy the Right Practice, we walk through all the stages of finding and purchasing your dental practice and turning it into a success. Contact us today to learn how to skip the learning curve and own your own dental practice.
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