Dentist Survey: How Are Your Retirement Plans? (video)

dentist retirement plans Dentist retirement plans have been thrown off track by the recession economy. Fortunately, may dentists like practicing dentistry so they are not too worried.

“I’m not interested in retiring,” said one 63-year-old dentist. “I do want to change my practice to do more dental implants, dentures, and ortho.”

We conducted a survey that asked dentists if their retirement plans have changed as a result of the recession. Two out of three dentists surveyed acknowledged that the present economy means they plan to work longer than they expected.

Click on play to watch the survey video –

103-Dentist_Retirement_Plans.mp4

“Work is not a bad thing. How many folks do you know who waited to enjoy life until they retired and moved to Florida? Two years later they were dead. I say life is filled with choices. Choose what you enjoy and do it until the day you die!” advised a 71-years-young Texas dentist.

Financial planning for retirement is important — both from a professional and personal point of view, but the real question is choice. Every doctor out there should be planning their financial future so that when the day comes they have the choice to continue working, cut back of their days, or retire to the country club.

If you would like to participate in future dentist surveys, please sign up for The Wealthy Dentist newsletter to cast your own vote.

Dentist Salary: 2 Out of 3 Dentists Say They Are Not Wealthy (video)

Dentist Salary: 2 Out of 3 Dentists Say They Are Not WealthyAccording to the ADA website, the average dentist salary for an independent private dental practitioner who owns all or part of his or her practice in 2009 was $192,680 for a general practitioner and $305,820 for a specialist.

Considering the state of the economy, we wondered if this is still an accurate financial assessment of dental incomes.

The Wealthy Dentist conducted a survey asking dentists if they think that they are wealthy. Two out of three dentists said no, they are not in fact wealthy.

“The idea that all dentists are wealthy is absurd,” wrote a Minnesota dentist. “The public has no idea what it costs to run a dental clinic. Lab bills are $12,000 a month. Salaries are $20,000 a month. Add in equipment, rent, liability insurance, and of course, endless supplies, and now you have some very serious overhead. In reality, dentists must produce so very much revenue before they pay themselves that very few dentists are truly wealthy.”

Click on Play to watch the video and hear what dentists are saying about being wealthy –

Do you feel that most dentists are wealthy? Leave us your thoughts in the comments.

Dentists: Would a Former Associate Steal Your Dental Patients? (video)

Dentists: Would a Former Associate Steal Your Dental Patients? (video)Dentists, do you think an ex-employee or associate would steal your dental patient lists?

In a survey conducted by the research firm Ponemon Institute, 59% of ex-employees admitted to stealing company data when leaving their prior employment.

Dental patients are a dentist’s most valuable resource, but competition can be so tough that some dentists have seen exiting dental employees steal their patient lists.

One dentist complained, “Every GP associate I’ve had has tried to steal patients. It’s like inviting someone into your home, then finding your silverware is missing after they leave.”

Another dentist said, “I’ve had employees try; the patients usually complain to me personally about the situation. Loyalty is rewarded.”

The Wealthy Dentist conducted a survey asking dentists if they have ever had problems with ‘patient stealing‘ by associate dentists or employees leaving their dental practice.

To hear how dentists responded, Click on Play —

What has been your experience with dental pateint stealing at your dental practice?

How Do Dentists REALLY Feel About Dental Management Companies? (Survey Results)

Dentist survey results on dental management companiesIn this dentist survey, we asked about dental management companies:

Do you agree or disagree with this statement? “Only dentists should own dental practices.”

Only 12% of our respondents strongly disagreed. They believe that owning a dental practice does not and should not require clinical training in dentistry.

“From the greed and avarice exhibited, as well as over treatment and the selling/pushing of questionable dental items to individuals seeking treatment, I don’t see any difference in letting dentists vs. non dentists own these businesses.” South Carolina general dentist

Another 12% were in the middle:

  • 8% somewhat agreed, and believe that practice owners should generally be dentists, but there are exceptions;
  • 4% somewhat disagreed. They believe it’s okay for others to own practices, but that it’s good when dentists do.

Dental practice management survey results chartThe overwhelming 76% majority of dentists strongly believe that dentists should be owners, not dental management companies or private investors.

Practice management companies should only be business “consultants” as they do not have any medical/dental training and their objectives are merely economic.” Massachusetts
general dentist

“I have witnessed firsthand the moral and ethical degradation of the profession at the hands of dental management companies who are only focused on production,” said a California orthodontist.

He went on to say, “I have seen 3 of the best dentists fired because they were not “producing” enough. One of them said to me, “I am not willing to compromise my ethics, morals or values and create work that is not there.” Gone. I found out from his office manager that the new dentist who replaced him doubled production in less than a year by following the office manager’s recommendations. How did twice the amount of work get ‘created?'”

What’s your opinion of dental management companies?

Dental Management: The Value of Entrepreneurism

dental management entrepreneural opportunity Dentists are classic entrepreneurs — they seek to better themselves through education, and take economic risks (the cost of education, the cost of opening and managing a dental practice) in pursuit of a better life for themselves and their families.

According to American Enterprise Institute President Arthur Brooks, “Earned success gives people a sense of meaning about their lives.”

Moreover, by succeeding as entrepreneurs, Dentists keep alive the American Dream that others may likewise create a better life for themselves, if they too elect to take advantage of the opportunities that exist.

The recent marriage of Prince William to Catherine Middleton, child of two employees-turned-entrepreneurs, broke tradition in Great Britain and brought attention to the value of entrepreneurism.

“The Middletons symbolize the opportunity that exists in a free-market system for those who take advantage of it. It is worth noting that they founded (their business) during the Thatcher era, when the Conservative government focused on lifting barriers to entrepreneurs through lower taxation, less regulation , and privatization,” writes John Berlau, a director at the Competitive Enterprise Institute in Washington, D.C.

The idea of ordinary people building successful businesses — a concept often called the ‘American Dream’ — is now realized in certain British TV programs.

One study of thousands of British employees revealed that the workers’ perception of happiness actually rose as their demographic group’s average income increases relative to their own. It was the opportunity to advance that mattered.

When William and Kate said ‘I do,’ the royal family of Britain “officially wed the dreams and aspirations of millions of entrepreneurs in the UK, the U.S., and throughout the world” . . . and maybe some dentists too.

For more on this story see: The Entrepreneurs’ Princess

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