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

Make Your Dental Practice Work For You

dental practice work for youWhether you have owned a dental practice for years, or if you are just starting out, a transition acquisition strategy can work for you.  It’s never too early to start planning for retirement. An article written by Dr. Brady Frank on OsteoReady, explains how you can make your practice work for you.

Dr. Frank talks about preparation progression as your own private insurance program. A working blueprint can work for all levels of dentists with the same starting point. Check out these options and read all about how you can make your dental practice work for you:

Don’t Work for Your Practice, Make it Work for You | OsteoReady.