The Path to Practice Ownership
By Dontra Scott, D.D.S.
Finally! It’s your time to enter the world as a practicing endodontist and the idea of practice ownership has crossed your mind. By now you have probably heard stories of and have had thoughts about the future of endodontics. Maybe you have considered if implants, general dentists doing more single file endo, or A.I. will take over your job. Not to mention the surge of DSOs and private equity acquisitions. These all paint a bleak outlook for the field. Believe it or not, these factors will not stop you from being successful.
Although it takes a lot of preparation, hard work, and determination, the possibilities are endless with private practice ownership. No matter your path to ownership, you will be faced with challenges. If you have a solid plan, a strong team, and support your path to ownership will be filled with less stress. You have the potential to be an owner of a private endodontic practice and it is my goal to share with you a few things you should consider to enhance your chances of success.
- Scout your location. Find a place where you want to practice and engage in the community. Consider the things that are important to you. I recommend looking at where you would like to live in relation to the office. It is also important to consider if you are going to lease a space, purchase a building or acquire an existing practice. Take the time to research the amount of general dentists and other specialists in the area. You want to make sure you are entering an environment that will ensure your success.
- Build your foundation. It is very important that you have a solid structure in place that will guide and protect you along the way. Start with building a strong team. You will need the help of a CPA, lawyer, banker, contractor, and equipment specialist. As technology continues to advance you will want to make sure to incorporate all of the modern tech to optimize your work flow. Your I.T. team is a critical member of your support staff that you want to work closely with. Make sure to have contacts who can work with you in a timely manner.
- Express yourself when creating your space. Consider how you want the office to flow. Design a space that best fits the way you operate. Don’t be afraid to start small and grow into your space. However, I do advise you to be decisive and avoid change orders when building out your workplace.
- Nurture your team, your relationships and yourself. The support system you have around you will truly be invaluable. Establish and invest in those relationships that have a positive impact on your daily life. Hire good people that fit with your vision. Train your office team in order to allow you to reach your maximum potential. Don’t forget to set aside time for you. It’s important to take care of yourself!
- Manage your expectations. Treating patients is its own challenge. You have to understand that running a small business is no easy feat. You will have to overcome many different obstacles. Expect and prepare for them. Put systems in place, have standing protocols, proper insurance coverage and trusted repair teams. In the moment the stress may seem overwhelming, but ensuring your team is prepared will help get you through each barrier that stands in your way.
The journey to practice ownership is different for everyone. There is no right or wrong way to achieve the goal. Becoming an owner offers you flexibility, autonomy and the path to financial freedom. You will be faced with a variety of challenges from faulty equipment, computer glitches, employee issues, insurance claims, and troublesome patients. Having a solid foundation, systems in place, an amazing team and a strong support system will help you enjoy the full potential of practice ownership.
Dr. Dontra Scott, of Heights Endodontics in Houston, Texas, is a Diplomate, American Board of Endodontics,