Close to half — 44 percent — of dentists who are practice owners have had to take out a commercial loan, according to a Bankers Healthcare Group survey.
More than 400 dental professionals, including practice owners and associates, were surveyed to understand financial decision making that goes own with a practice.
Of the dentists surveyed, 40 percent said they have taken out a personal loan to operate their practice. Here is a further breakdown on what the loans are used for:
• Start/open practice/healthcare business: 50 percent
• Working capital: 41 percent
• To finance expansion/equipment: 32 percent
On top of operating a practice, dentists' hiring decisions can depend on financial success. Hiring office staff is the most frequently incurred financial investment for dentists.
Around 25 percent said their practice hires office staff every two to three years, while 22 percent responded that the practice hires annually.
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More than 400 dental professionals, including practice owners and associates, were surveyed to understand financial decision making that goes own with a practice.
Of the dentists surveyed, 40 percent said they have taken out a personal loan to operate their practice. Here is a further breakdown on what the loans are used for:
• Start/open practice/healthcare business: 50 percent
• Working capital: 41 percent
• To finance expansion/equipment: 32 percent
On top of operating a practice, dentists' hiring decisions can depend on financial success. Hiring office staff is the most frequently incurred financial investment for dentists.
Around 25 percent said their practice hires office staff every two to three years, while 22 percent responded that the practice hires annually.
More articles on dental:
Virginia dentist pleads guilty to oxycodone conspiracy
Virginia dental practice used unsterile equipment, class-action suit alleges
Drs. Glenn Head, Richard Schott & more: 5 dentists making headlines