Bankers Healthcare Group (BHG), a leading dental lender, conducted a survey of independent dentists to gauge their appetite for wanting to own their own practice.
The big takeaway is that 2/3 of dentists under the age of 35 said that they are involved in an ownership transition model so that they can one day purchase the practice that they work for.
“It’s exciting to see the desire for dental practice ownership. Certainly, it’s a big investment of both time and money, but an important step in one’s career that can reap great rewards.”Al Crawford, Co-Founder, Chairman and CEO of BHG
Of those that desire to own a practice, 53% of those surveyed expect to take ownership within the next five years. 28% of those surveyed forecast ownership within six to eight years.
As they move towards ownership, here is what respondents are thinking about:
- 72% are thinking about the cost involved
- 52% have concerns about running a business
- 51% are concerned about their work/life balance
- 35% feel the strain of student loan debt
- 22% are not sure where to start
Of those who stated that they want to remain independent want to do so because:
- 35% are happy with their current employer
- 28% would face financial implications
- 21% fear that it is too much responsibility
- 19% have concerns about the current industry environment
- 19% previously owned a dental practice that they sold
To conduct the survey, BHG took to social media and surveyed 413 dental professionals that included both practice owners and independent providers to gain an understanding of their goals and concerns within their profession.
Stay tuned to DSO News for an upcoming interview with April Brissette, the Chief Credit Officer of BHG. She will be announcing a new lending product available to dentists looking to expand their practice. The interview will go live on Tuesday, February 5th.