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11/13/2017 |
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What To Consider Before Joining A Corporate Dental Practice |
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What To Consider Before Joining A Corporate Dental Practice by David S. Lionberger, Esq. Each situation is different and should be evaluated based on what type of practice offers the best fit for the individual. Dental School graduates and practicing dentists are facing more choices as they consider the kind of practice in which they want to work. Many consider joining or opening dental practices operated by one to a few practitioners. Others consider joining a branch office of a corporate dental practice employing a larger roster of practitioners. Each situation is different and should be evaluated based on what type of practice offers the best fit for the individual. However, many corporate dental practices have common advantages and disadvantages. Advantages of joining a corporate dental practice - Help with administrative tasks: A management company handles administrative tasks such as compliance, accounting, billing, payroll, HR, recruiting, marketing, and patient scheduling, allowing the dentist to focus on the practice of dentistry. The administrative tasks in a solo practice can account for a third or more of a dentist’s time each day.
- Consistent pay and benefits: Typically, corporate practices provide a consistent paycheck, along with a higher initial salary, benefits, and a bonus package.
- Consistent work schedule: Regular business hours of corporate practices can allow for a healthy work-life balance.
- Less risk: There is limited risk of loss if the practice fails. The dentist does not sign loan guarantees.
- Managing overhead: A management company provides support for the purchase of supplies, equipment, and technology. The company also handles property management and maintenance, insurance, and the negotiation and payment of laboratory services.
- More technology and marketing: Corporate practices have larger technology and marketing budgets and can be willing to spend more on upgrading technology and on marketing to attract more patients.
- Advantages of scale: Larger corporate entities have more leverage to negotiate lower costs for supplies, insurance and services, and higher reimbursement rates from insurance providers and third-party payers.
- More insurance coverage: Corporate practices may qualify for more types of insurers and covered services than smaller practices, increasing the pool of potential patients.
- Access to peer network: Corporate practices have an established collection of similarly situated professionals for education and case discussion.
- Benefit of a recognized brand: Practitioners may benefit from brand recognition and the goodwill of the corporate entity.
Read full article on Dentistry iQ.
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