For many dentists, dental practice ownership is the ultimate career goal, but getting there can be complicated. Especially early in your career, taking the plunge into practice ownership can be a high-risk venture, so working as an associate or employee for an existing practice for a while is pretty much a given. It may seem like there is a choice: dental practice ownership or DSO. Why not get the best of both worlds? Dental Service Organizations can support your path to dental office ownership!
The Key Benefit of a DSO Ownership Track: Financial Backing
Going into business on your own requires taking a financial risk, regardless of the industry. That being said, dentistry comes with an especially high financial burden. Opening a welcoming practice with great ambiance and decent equipment may run you well over $500,000. Even if you can handle that financial risk, will you be able to secure sufficient business loans to do it? If your student loans are already high, you may face many hurdles on your road to opening a new office.
One main benefit of partnering with a DSO like Community Dental Partners is that your financial risk along the road to dental practice ownership will be far less. For starters, because we open multiple offices and have existing relationships with builders and dental suppliers, we have been able to secure long-term deals that mean we pay less for the same materials. That means we can open a gorgeous, welcoming office with everything you need for far less than a solo dentist.
DSO Dental Practice Ownership: Potential to Hit the Ground Running
Opening a practice on your own not only means taking on more financial risk. It also means finding patients to fill those chairs you just paid for! That means navigating the sometimes sticky legal requirements, hoping there is a sufficient pool of patients needing and wanting dental care in your area, and sometimes navigating the emotions of an empty schedule.
Another amazing benefit of DSO ownership tracks is that your practice is all but guaranteed to hit the ground running. You’ll receive much needed guidance as to where your skills are most needed. We want to help increase access to dental care for patients who are eagerly waiting for an amazing doctor like you, and we will help get you there!
With brand recognition already built in, you’ll find it much easier to draw from that patient pool, too. It can be difficult to build trust as a newcomer to the dental industry. Even if you have years of experience under your belt, if your potential patients are not familiar with your name, it can take time to gain that trust. By growing with CDP, you’ll take advantage of an already trusted brands with a track record of amazing patient care. That goes a long way.
Our administrative support also means you will have experts in advertising and patient outreach helping you establish your business. As a medical practice, there are additional laws in place dictating what you’re allowed to do to promote your office. These laws can vary from place to place, and no one wants the surprise of running afoul of regulations. Owning a practice with DSO support means you can relax knowing your office has compelling—and legal—advertising to attract your patients.
A DSO Dental Practice Ownership Track Means Administrative Expertise Built In
Beyond advertising and reaching out to your potential patients, taking on an ownership track with DSO support means that you can skip a potentially unpleasant learning curve in business administration. You may have spent the first part of your career honing your clinical skills. Even though you’ve established yourself as a clinician and feel ready to take the plunge into dental practice ownership, many dentists experience the rude awakening of starting over as a complete novice on the business side.
Going it alone, you’ll have to learn how to run payroll, know the legal requirements for labelling your outgoing biohazardous waste, and effectively delegate ordering supplies. There are a million seemingly small concerns that can completely derail your work if they are not handled properly. Just like learning dentistry, you will make mistakes in the business side as well. But this time, each misstep can mean thousands of dollars in potential losses.
The whole point of a DSO, as we see it, is to relieve you of the tornado of business administration so you can focus on providing the best possible care for your patients. By delegating administrative tasks to experts who specialize in these areas, you’ll enjoy better focus on the clinical side. And, you can rest easy knowing that the business is in the best possible hands. You don’t have to do it all yourself!
Consider Carefully Before Signing on with a DSO
Working as an employee for a period of time will not only allow the organization to evaluate your skills as a clinician, but also give you the opportunity to ensure the DSO is a good fit for you. Does their philosophy of patient care align with yours? Do the practices provide a level of care you can feel proud of? Here at Community Dental Partners, we have worked to intentionally create a culture we feel passionately about. Be sure to work with a DSO that supports a practice you are proud of!
As you consider a DSO, be sure to gain clarity on how they support dentists going for practice ownership. What are the financial requirements? How much flexibility will you have as a practice owner? What level of support will they provide for you? Keep in mind, you may need to stay flexible about the location of your practice and review extensive information as to where your practice will be most profitable. If possible, try to speak with other practice owners within the organization to gauge their experience in opening a practice with the support of the DSO in question.
Allowing Community Dental Partners to care for your business will allow you to achieve better balance in your life. By relieving some of the financial and administrative pressure of practice management, we set you up to achieve your highest potential in the shortest amount of time. Schedule a call with a Recruiting Manager to learn more about the path to dental practice ownership with CDP!