About one-third (35%) of independent dental professionals surveyed said they want to own a practice, according to a national research study from Bankers Healthcare Group, a leading provider of financial solutions for healthcare professionals.
Ownership can be a natural transition for a young dentist working as an associate in a practice, and 2/3 of dentists under age 35 said they’re involved in an ownership transition model in order to one day obtain the practice at which they work.
Among those who desire to own a practice, more than half of those surveyed (53%) expect to take on ownership within the next five years, while roughly a third (28%) forecast ownership within six to eight years. As they move toward ownership, here’s what they said they’re thinking about:
72% Cost involved
52% Concerns about running a business
51% Effect on work/life balance
35% Student loan debt
22% Not sure where to start
“It’s exciting to see the desire for dental practice ownership. Certainly, it’s a big investment of both time and money, but an important step in one’s career that can reap great rewards,” said Al Crawford, Co-Founder, Chairman and CEO of BHG. “Clearly, preparation is required, and by having a timeline to achieve the goal of ownership, dentists can use that time to secure the right financing, tackle other outstanding debt, and learn about what’s required to run their own practice.”
The dentists who indicated they wanted to remain independent cited the following reasons:
35% I’m happy at my current employer
28% Financial implications
21% Too much responsibility
19% Current industry environment
19% Previously owned a practice and sold it
BHG’s National Survey of Dentists examines financial concerns, business outlook and social media use across dental specialties in the United States. BHG surveyed 413 dental professionals (practice owners and independent providers) to gain understanding of their concerns and goals within their profession. To learn more about how BHG works with dentists, please visit www.bankershealthcaregroup.com/dentists.
About Bankers Healthcare Group
Bankers Healthcare Group provides innovative, hassle-free financial solutions to healthcare professionals. Since 2001, BHG has provided more than $3.5 billion in financial solutions to satisfied customers nationwide and worked with over 110,000 practitioners. BHG is proud to maintain partnerships with leading healthcare industry associations, and is continually recognized for innovation, growth, and being a best place to work. BHG is partially owned by Pinnacle Financial Partners. To learn more, visit www.bankershealthcaregroup.com, and follow us on Twitter, LinkedIn and Facebook.
