Posted by Guest Author on Dec 21, 2023 1:48:00 PM
Dentistry is a noble career that can take many forms of advancement. One potential avenue for growing your career is becoming a partner in a dental practice.
By becoming a practice partner, you can help make the decisions that build a foundation for running a successful and meaningful business. Below, we’ll discuss the potential benefits to consider before you plan your next career move.
5 Considerations for Dental Practice Partnership
1. Practice Partner Responsibilities
A key advantage of partnership is the opportunity to participate in decision-making. Unlike working as a dental employee, you’ll have the autonomy to shape the direction of the dental practice by contributing your strategies for success, analyzing the next steps, and communicating how the dental practice can meet its goals.
Partnerships create a more open environment where key stakeholders have a say in crucial matters such as:
- New technology implementation
- Staff hiring
- Policies and procedures
Shared decision-making can increase professional satisfaction and ensure alignment with the partners’ collective vision for the dental practice.
2. Dental Practice Growth
When you become a partner, you have an opportunity to reach new heights of financial stability. Every partner is entitled to a portion of the business profits, which can be considerable if the practice succeeds.
According to a DentalPost Survey, general dentists have reported an average annual salary of $180,000, while partners and owners enjoyed an annual salary of $289,550.
Additionally, partners may have the option to invest in the practice, allowing the potential for long-term financial gains as the business reaches success. Partnership may provide a level of financial safeguarding as well as personal and professional opportunities you may not experience as an employee.
3. Trust in the Business
As a partner in a dental practice, you can build your reputation and help foster patient loyalty. Your role gives you a unique ability to develop long-term relationships with patients, staff, and partners for a foundation of trust and mutual respect. This is crucial to retaining patients and staff, forming a solid reputation for the practice, and creating a positive yet professional environment.
When you deliver exceptional care and build strong relationships with your patients, the professional reputation of your business will also grow.
4. Work-Life Balance
Perhaps one of the more anticipated and hoped-for benefits is the possibility of increased work flexibility and a healthy work-life balance. Dedication is required across all partners to start and run a successful dental business. However, once you have established your practice, you may enjoy the freedom to create a schedule based on your needs.
Partners typically gain more control over their time to balance their professional responsibilities with their personal lives. This freedom may improve your quality of life and well-being, and reduce dentist burnout.
5. Collaboration & Support
Practice partners help create an environment that supports professional development and continued learning opportunities. The natural collaboration that takes place between partners who share the common goal of practice improvement may lead to knowledge exchanges and mentoring.
As an additional benefit, you may gain access to a diverse range of dental cases and specialized dentistry, giving you a chance to expand your medical expertise. In an atmosphere where partners are encouraged to stay up-to-date with advancements in the dental field, you can enhance the services you offer your patients, thus improving the overall quality of your practice.
Deciding To Become a Partner in a Dental Practice
If you become a successful partner in a dental practice, you may enjoy numerous benefits and rewards. Keep in mind that you’ll want to consider the specific opportunities and challenges of each partnership available to you before you make a commitment.
As you consider your options, we encourage you to consult advisors who understand your unique position and ensure you have the insurance policies to maintain your financial security in this next chapter of your career.
Speak with Treloar & Heisel to learn more.
For financial considerations, speak with the team at Panacea Financial.
About Panacea Financial
Written by Michael Jerkins, MD, M.Ed, President and Co-Founder of Panacea Financial on Nov 15, 2023 10:25:00 AM
Panacea Financial, a division of Primis. Member FDIC is a financial services company for physicians, dentists, and veterinarians.
About Treloar & Heisel
Treloar & Heisel, an EPIC Company, is a premier financial services provider to dental and medical professionals across the country. We assist thousands of clients from residency to practice and through retirement with a comprehensive suite of financial services, custom-tailored advice, and a strong national network focused on delivering the highest level of service.
