Congrats. You’ve finished school and graduation was a blast. However after you’ve taken off the cap and gown, you have dentistry degree certificate and a lot of decisions to make. Life happens fast and you don’t have a lot of time before you have to begin your career.
You’re at the proverbial fork in the road. And you really have two options: corporate dentistry (Managed Service Organizations or Dental Support Organizations) or starting your own practice.
Corporate dentistry is definitely an easier road and a lot of grads are tempted by the allure of a steady, predictable income. I come from a different world. I know how great it is to have your own practice, set your own rules, define your own standards for performance, and even set your own hours of operation.
I’m not here to judge. What works for one dentist won’t work for another. Corporate dentistry isn’t going anywhere and both private practice and corporate work each have pros and cons to consider.
One of the objections I’ve heard when speaking to new dentists who are considering opening their own practice is, what they see, as a lack of experience in clinical skills and complete absence of any practical business knowledge.
To these dentist corporate dentistry looks pretty good: more skill experiences, a built-in primer on running a business and the piece of mind that comes with knowing everything else is the corporation’s problem.
But here’s the thing. I’ve talked to many practicing dentists who have taken this path only to find out that the above scenario isn’t necessarily true.
Experienced dentists today say 50 or 60 percent of the stress in their practice, is not related to their clinical focus but rather, caused by staff and patients.
These are stresses that will happen whether you’re the captain of your boat or a hired hand on someone else’s.
For me, being independent and in control of both the clinical and business aspects is very important. Not only do you control every factor in your professional life, it also pushes you to get the training on the clinical skills you need and upgrade your management skills.
It really comes down to the kind of person you are. Do you just want to do A, B and C? Then explore a corporate dentistry opportunity.
Just don’t do it because you’re lacking clinical skills and business savvy. You can learn those while developing your own practice. And this is something I help new dentists do through my private coaching programs.
So ask yourself: what kind of a person am I? Are you happy being the employee, or would you rather develop the skills to create something special? The answer to that will ensure you make the right decision: your right decision.
And he knows that once you “get it right,” it’s not a great leap to replicate that success over and over again.
Today, in addition to his work as an actual dentist, Dr. Coughlin coaches, consults and speaks to dentists across the country on how to build the practice of their dreams – based on proven processes and procedures.
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