More than one-third — 35 percent — of independent dentists desire to own a private practice, according to a Bankers Healthcare Group survey.
Bankers Healthcare Group surveyed 413 dental professionals, including practice owners and independent providers.
Of the dentists surveyed, two-thirds of dentists under the age of 35 are involved in an ownership transition model to obtain the practice they currently work at. Among dentists who want to own their own practice, 53 percent plan to take ownership in the next five years.
Around 28 percent of dentists who aspire to own a private practice predict ownership will happen within six to eight years.
Here are the most important things dentists are thinking about when transitioning to ownership:
• Cost involved — 72 percent
• Concerns about running a business — 52 percent
• Effect on work/life balance — 51 percent
• Student loan debt — 35 percent
• Not sure where to start — 22 percent
Dentists who wanted to remain independent cited the following reasons:
• I’m happy at my current employer — 35 percent
• Financial implications — 28 percent
• Too much responsibility — 21 percent
• Current industry environment — 19 percent
• Previously owned a practice and sold it — 19 percent
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Bankers Healthcare Group surveyed 413 dental professionals, including practice owners and independent providers.
Of the dentists surveyed, two-thirds of dentists under the age of 35 are involved in an ownership transition model to obtain the practice they currently work at. Among dentists who want to own their own practice, 53 percent plan to take ownership in the next five years.
Around 28 percent of dentists who aspire to own a private practice predict ownership will happen within six to eight years.
Here are the most important things dentists are thinking about when transitioning to ownership:
• Cost involved — 72 percent
• Concerns about running a business — 52 percent
• Effect on work/life balance — 51 percent
• Student loan debt — 35 percent
• Not sure where to start — 22 percent
Dentists who wanted to remain independent cited the following reasons:
• I’m happy at my current employer — 35 percent
• Financial implications — 28 percent
• Too much responsibility — 21 percent
• Current industry environment — 19 percent
• Previously owned a practice and sold it — 19 percent
More articles on benchmarking:
11 best small cities for dentists facing student loan debt
9 best practices to remove cybersecurity risks
Dentists, oral surgeons among U.S. News 'Best-Paying Jobs'