An older, more experienced dentist makes a great mentor for a young, inexperienced dentist who wants to grow, learn management skills, master the administrative part of running a dental practice and develop expertise in the clinical side of the profession. The partnership of two different age groups can be a wonderful growth opportunity when the latest education of a young qualified dentist is backed by the experience of a senior dentist. Let us look at the benefits each age group brings to the table to understand how both can leverage each other’s knowledge and expertise to be more successful:
Benefits for the Young Dentist
- A Mentor is Always Close at Hand
By joining an experienced senior dentist, a young dentist not only saves valuable time that is usually lost in trial and error but also receives first-class training on-the-job. This eliminates the possibility of learning from mistakes and accelerates the learning process.
- The Practice Becomes More Profitable
Joining an established dental practice that is run by an experienced dentist, backed by a developed team and has loyal, lifelong patients, makes the young dentist’s life much easier and dental practice more enjoyable and successful right from the start.
- Eliminates the Start-up Investment Required to Establish a New Practice
The biggest benefit of this mutually beneficial collaboration is the opportunity to run a private practice without having to make a significant investment that goes into setting up a new dental practice.
Benefits for the Senior Dentist
- Reduces Management Responsibilities without Compromising the Value of Practice
Managing a dental practice entails a lot of responsibilities that range from preparing invoices for vendors and handling payroll to coaching new staff and ensuring that vital equipment is regularly maintained and serviced. All this takes up a lot of time and effort when managed single-handedly. Partnering with a junior dentist can dramatically reduce the burden of these responsibilities and decrease the stress on a single doctor to run a dental practice successfully.
- Improves the Flow of Cash Which Can Be Invested in Marketing
A partnership practice has more cash at hand which means there is more money to invest in marketing. If the senior dentist has managed to run the practice at fixed costs which include payroll, lab fees, new equipment, equipment service and supplies, the additional dollars can be used to grow the practice to the next level without losing any income.
- Generates Equity for a Financially Secure Retirement
Once the new dentist is fully integrated into the dental practice and takes charge of management responsibilities, the senior dentist can be confident of enjoying substantial financial returns. The money brought in by the partnership allows the senior dentist to earn equity from an established dental practice which he can invest for a financially secure retirement.
Building a strong dental team is the key to growing professionally and securing Finance. As a senior dentist approaches retirement, partnering with a young dentist enables him to reduce his work hours without compromising the credibility of his practice or the value of patient care. The junior dentist, on the other hand, can the reap the rich rewards of immediate cash flow and acquire existing patients, goodwill, trained staff, latest equipment and an established name in the community. So whether you have been running a dental practice successfully for years or planning to start a dental practice from scratch, a partnership will only aid in the growth of the younger partner and ease the financial stress of the senior partner.
To learn more about how a well-trained and highly porductive team can mean the difference between success and failure, please register for our free educational webinar Dental Practice Excellence: 3 Steps to an All-Star Practice.
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