When entering practice, make your first choice the right choice


What issues do you need
to consider when entering practice? How can you make significant
lifestyle changes with a minimum of stress? In general, your
practice entry choices come down to the following options, each of
which has advantages and disadvantages:

  • Purchase a practice immediately
  • Become an associate, followed by purchasing the practice in 1
    to 3 years
  • Become an associate and later be elevated to a co-owner
  • Become an associate and enter into a solo group
    arrangement
  • Become a permanent associate
  • Establish a practice

Purchasing a practice

Purchasing an existing dental practice allows you to practice
immediately and provides you with an immediate patient base, staff,
and practice facility. The economic cost, and associated benefit,
of purchasing a practice would typically be weighed, prior to the
purchase, against other options such as establishing a new
practice.

Associating with a practice

The benefits of associating with an existing practice are that
you are employed and have the opportunity to learn and grow
professionally; however, you do not own the practice. Hopefully,
your association will lead to practice ownership, in whole or in
part, by way of a solo group format, co-ownership arrangement, or
complete acquisition.

Although there are generally no promises of practice ownership
during the associate period, there can and should be a detailed
discussion, prior to employment, of the potential for future
ownership. The potential for ownership discussion should be
memorialized through a nonbinding letter that outlines the general
parameters, terms, and conditions of both the associate arrangement
and future ownership in the practice.

In recent years we have seen an increase in corporate practices
with multiple locations. Key things to keep in mind are:

Unless you are willing to accept the long-term proposition of
working for someone else, make sure that your restrictive covenant
is only for the location where you primarily work.

  • Be very cautious of employment contract clauses that make it
    difficult for you to terminate.
  • Ensure that your employment agreement provides that you will
    continue to be paid any commissions after you leave, with a written
    monthly accounting.

Establishing your own practice

As long as you are able to successfully establish a new
practice, you have no need to consider other options, such as
purchasing an existing practice. However, you may choose to
establish a practice and also work as an associate elsewhere, on a
part time basis, in order to support your family. In such a case,
you would be analyzing two options. Should you chose this
combination, again, be aware of any employment contract clauses
that impact where else you may practice.

When considering your various options, prepare an analysis in
light of your personal goals and financial situation. A little
planning ahead of time can go a long way to mitigating stress and
difficulty in the long term.

The above has been adapted from Joining and Leaving the Dental
Practice (3rd ed.)—a free ebook from the ADA Center for
Professional Success.
Click here to download your free copy.

Interested in this topic? Check out
ADA Practice Transitions — a new ADA pilot program designed
to foster relationships between dentists at key points in their
careers.

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