You were a new graduate from a dental college and practicing under an experienced dentist to hone your skills but now you want to start your own practice but you are thinking whether you should buy a new one or established one but starting your own practice is not easy.
If you have found the perfect practice and have purchased it then it is good but these opportunities are rare than they were before. Below are some reasons for this:
Not many dentists retiring: When the global economy collapsed drastically in 2008, not many dentists are retiring, because the money that they had in their bank account for retirement, disappeared quickly. So rather than selling their practices, dentists are continuing to work for themselves or they hired associates for work while they themselves have entered into semi-retirement.
The down economy made the process affordable: Because of the down economy, the cost of materials and labor for building office, have also gone down. So you can get more in less money. You can negotiate for everything whether from chairs to paint and other materials for your office establishment. The down economy has helped many dentists for their offices.
Not cost prohibitive: If you want to start your own practice and have gone to some banks for loan, perhaps many banks have replied you in negative that they don’t give loan on that but there are some few banks that give loan for dentistry. They understand what dentistry is and provide you special loan. Dentists’ success and high earning potential make them deservable candidates for loans.
Technology gap: Retiring dentists and graduating ones have different valuation of their practice’s worth, even technology gap is also large than generation. There are many modern types of equipment that are not present in older offices and they are also less cared.
When a patient walks into your clinic and sees that your office is not up to date as you are then he walks out immediately because today a patient looks both whether their dentist is experience or not or they have modern types or equipments to treat their diseases. In some words, dentists have understood that patients judge books by their cover rather than matter in it.