76% of dentists are involved in financial decisions: See how much providers spend annually

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Three out of four dentists — 76 percent — play an active role in making financial decision for their practice, according to a Bankers Healthcare Group survey.

More than 400 dental professionals (practice owners and associates) were surveyed.

Around 60 percent of practice owners indicated they make financial decisions on their own, while 27 percent make the decisions with other staff. The other 13 percent of practice owners said they hand-off financial decisions to advisors, office managers or practice partners.

Payroll and benefits are the highest expense for practice owners, with 47 percent estimating an average annual spend between $100,000 and $299,000. Twenty-two percent of owners said their spend ranges between $300,000 and $499,999.

Here is a further breakdown into how much dentists spend on average for other practice expenses:

• Dental supplies: 32 percent spend more than $30,000.
• Office rent/mortgage: 39 percent spend more than $30,000.
• Lab fees: 29 percent spend more than $30,000.
• Marketing: 43 percent spend less than $3,000.
• Continuing education: 41 percent spend less than $3,000.

To access the complete survey, click here.

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