Owning a practice while specialty residency

[toothdoctor1520]

Hello,

I’m exploring possibility of continued ownership of a practice and specializing in endo. It’s a solo private office.

Has anyone/ does anyone know of someone that has traveled down this path?

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[Allthebags]

How exactly do you plan on finding the time for 2 full time jobs while studying for school?

 

[Ivy.ch]

Most, if not all, Endo residencies have clauses in that contract that prohibit residents from working.

 

[Molar Whisperer]

Most, if not all, Endo residencies have clauses in that contract that prohibit residents from working.

Is that a recent thing? I knew a few that moonlight during the weekends.

 

[Ivy.ch]

Is that a recent thing? I knew a few that moonlight during the weekends.

According to my buddy in Endo. Can’t confirm myself.

 

[PerioDont]

Most, if not all, Endo residencies have clauses in that contract that prohibit residents from working.

yeah that depends on the program. ours allow for endo to moonlight.

but yeah OP I don't think this is a realistic proposition.

One thing is doing saturday exos, RCT, crowns etc another is owning a practice and dealing with all of that stuff involved. unless you are on autopilot and have associates and good management while you are gone

 

[PerioDont]

How exactly do you plan on finding the time for 2 full time jobs while studying for school?

OP will use Hermione Granger's time turner

 

[Ivy.ch]

One thing is doing saturday exos, RCT, crowns etc another is owning a practice and dealing with all of that stuff involved. unless you are on autopilot and have associates and good management while you are gone

Even for procedures, the guy would need someone to cover his ass for complications and post-op concerns during the week.

 

[Lemillion]

Hello,

I’m exploring possibility of continued ownership of a practice and specializing in endo. It’s a solo private office.

Has anyone/ does anyone know of someone that has traveled down this path?

I knew of a guy that had his own private office while going back for ortho. If I recall correctly, he saw patients on Saturdays and Sundays and M-F was residency time. This was also like 1991 and certain rules were different during that era. I remember the endo residents during dental school were there from 8 AM-5 PM either in classes, conference/lit review and clinic full time.

 

[Thehighwind87]

Cash out the practice. Do you really wanna juggle going back to school and "owning" a practice? When the boss away- the employees play. What that means is that the front starts to slack, the hygienists slack, the associates slack...and slowly the profits go down, margins go down, overhead goes up, and you are stuck with a sinking ship.

Noone will take care of your practice- like the boss. So if you ain't there, understand that revenue, production, quality of employees might drop, and that will be harder to sell if you wanna cash out. People don't buy a dwindling practice but rather a steady and or growing practice.

 

[DustFreeEraser]

Probably more feasible if you were one of the partners but not sure if manageable if you're the sole owner. I know of one guy who did it with perio but he was in group practice so I assume he talked about it with his partners prior to starting perio.

 

[customx]

yeah that depends on the program. ours allow for endo to moonlight.

but yeah OP I don't think this is a realistic proposition.

One thing is doing saturday exos, RCT, crowns etc another is owning a practice and dealing with all of that stuff involved. unless you are on autopilot and have associates and good management while you are gone

Does your perio residency allow you to moonlight? Do residents perform perio procedures in private practice or stick with direct resto, ext, Prosth, and endo?

 

[toothdoctor1520]

Thank you all for your input. Just trying to figure out a way to support a non working spouse and kids while in residency. It does seem that I will have to choose one.

 

[Thehighwind87]

Thank you all for your input. Just trying to figure out a way to support a non working spouse and kids while in residency. It does seem that I will have to choose one.

If you have an average practice you can sell prob easy for 80% collections depending on the area. A 300-500-700-900k lump sum would def support your family for quite a long time.

 

[PerioDont]

Does your perio residency allow you to moonlight? Do residents perform perio procedures in private practice or stick with direct resto, ext, Prosth, and endo?

two residents moonlight.

they perform implants, extractions and grafting both hard and soft tissue. but they had been doing all of that well before residency and are older dentists in their 40s. so not really stuff we learned in residency

 

[Boat on the Chesapeake]

Most programs don’t allow moonlighting, a few (Chicago and Boston come to mind) encourage it. Even at other programs a lot of residents moonlight 1 weekend day or an evening and just keep it under wraps.

Running a practice remotely and having an associate do all the work I think *could* be doable but you need a reallllllly dependable associate. Selling it might be the most flexible option.

 

[gryffindor]

You would need a really strong associate to handle the patients and a super office manager to handle the staff. I know a doc who did it (ortho). He was also more of a business person than a clinical dentist. Is that you? Only you can answer that.

 

[toothdoctor1520]

Really appreciate the answers. Definitely food for thought.