When starting a new practice or making a plan for the future, the question of going it alone or forming a group practice comes up a lot, and it is a valid question.
Should you pool your resources? Or keep your professional name distinct?
Most Dentists Fly Solo
According to this DentistryIQ.com article, 86 percent of dentists in the United States are practicing independently. Is it because most dentists are introverts and don’t play well with others?
The truth is, dentistry is recession-proof and growing at a rate of more than 5 percent per year. This is great news for entrepreneurs!
Here Comes the “But”
But…you guessed it. Group practices are on the rise.
There are a few practical reasons, like pooling your resources. Dental school student loan debt is high, and sharing the burden of the practice can help you grow without losing your mind or becoming one of those workaholics.
Dentistry seems to follow medicine—the model is basically the same, and with increased government oversight, third-party PPOs are more powerful than ever. It seems like the smart choice is to work together.
You don’t have to go it alone.