Dentists Struggle To Retire

dentists struggle to retireAccording to the ADA, about 96% of dentists struggle to retire and maintain their lifestyle. In an article from Will Parrish on Dentistry IQ he explains that this is because dentists are stretched too thin.

Most dentists are the ones in charge of the whole practice, seeing virtually every patient and spending a great deal of time in the chair.  But too many dentists tend to take on too many other roles of their practice as well.  Many do their own payroll, accounting and HR.  This is the reason dentists are stretched too thin. These are duties that they could be hiring someone else to do.

So how does this impact a dentist’s ability to retire? Because dentists who feel the need to be in control of all these areas lose revenue. But what is the answer? Simply having more staff is not the answer.  It is important that the dental staff is placed into areas of strength and accountability. Another reason that it is difficult for dentists to retire comfortably is the fact that dentists work hard. Hard work is an honor.  This makes it difficult to give it all up.

Parrish offers some practical steps that dentists can take to address the issues:

  • Invest in your staff
  • Offer performance and production based bonuses
  • Be proactive in building your team of advisors
  • Make some time for you and your family

Why 96% Of Dentists Struggle To Retire: Stretched Too Thin|Dentistry IQ