Dentaltown December 2022 - 58
1
" Can I afford it? "
Bringing on an associate doesn't automatically improve
practice finances or bring in a large influx of patients. If a
dental practice doesn't currently have the funds or the patients
to support the hire, the timing isn't right.
At Four Quadrants, we typically don't recommend bringing
on an associate until collections hit at least $1.8 million, income
is around $450,000 and overhead is below 65%. If an owner
can't afford it and brings in an associate anyway, they could
negatively affect their own income as a practice owner.
For example, both parties can become frustrated two or
three years later in this arrangement and decide to part ways,
ultimately wasting valuable transition time.
Another metric to consider is spatial logistics: practice square
footage, the number of operatories, current scheduling dynamics
and how booked the practice is. If you aren't booked out beyond
one to two weeks, or if your practice isn't conducive to having
two dentists in the practice at the same time, it will be an uphill
battle bringing someone in-even if you can afford it.
2 " How will the associate buy in? "
Before adding an associate, triggers should be in place that
activate the associate's transition to a partner, such as the length of
time working in the practice, a production goal or a combination
of the two.
Ideally, the associate should have worked in the practice for
at least 12 to 18 months before transitioning into a partner. It's
recommended you establish an incentive for the associate to buy
in, which can come in the form of a significant raise, benefits like
workplace flexibility, or bonuses. Setting these incentives will help
you understand what will motivate them to become a partner.
The 12-to-18-month time frame gives both sides time to
settle into their roles and move past the initial excitement that
comes from the joint endeavor. Throughout this time frame,
there will be many opportunities to work through any issues
that may pop up, such as staffing changes, patient challenges,
treatment philosophy differences or more CE opportunities.
When a time frame is established before the transition,
it allows both owner and partner to create a harmonious practice,
work through any challenges that arise and see the long-term
benefits for each side.
3
" How does the associate's
pay change after buy-in?
Mapping out the associate's salary increase ahead of buy-in
is crucial for success. The increase must be enough to cover the
loan payment and more because if not, why should they buy in
in the first place?
A big key here is to create an equitable partnership; with
the massive six-figure debt today's dental school graduates incur,
a practice owner will not be able to compete with corporate
dentistry if they are not offering a stable salary from the start.
58 DECEMBER 2022 // dentaltown.com
http://www.dentaltown.com
Dentaltown December 2022
Table of Contents for the Digital Edition of Dentaltown December 2022
Dentaltown December 2022 - Intro
Dentaltown December 2022 - Cover1
Dentaltown December 2022 - Cover2
Dentaltown December 2022 - 1
Dentaltown December 2022 - 2
Dentaltown December 2022 - 3
Dentaltown December 2022 - 4
Dentaltown December 2022 - 5
Dentaltown December 2022 - 6
Dentaltown December 2022 - 7
Dentaltown December 2022 - 8
Dentaltown December 2022 - 9
Dentaltown December 2022 - 10
Dentaltown December 2022 - 11
Dentaltown December 2022 - 12
Dentaltown December 2022 - 13
Dentaltown December 2022 - 14
Dentaltown December 2022 - 15
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Dentaltown December 2022 - 20
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Dentaltown December 2022 - 31
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Dentaltown December 2022 - 33
Dentaltown December 2022 - 34
Dentaltown December 2022 - 35
Dentaltown December 2022 - 36
Dentaltown December 2022 - 37
Dentaltown December 2022 - 38
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Dentaltown December 2022 - 40
Dentaltown December 2022 - 41
Dentaltown December 2022 - 42
Dentaltown December 2022 - 43
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Dentaltown December 2022 - 49
Dentaltown December 2022 - 50
Dentaltown December 2022 - 51
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Dentaltown December 2022 - 53
Dentaltown December 2022 - 54
Dentaltown December 2022 - 55
Dentaltown December 2022 - 56
Dentaltown December 2022 - 57
Dentaltown December 2022 - 58
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Dentaltown December 2022 - 60
Dentaltown December 2022 - 61
Dentaltown December 2022 - 62
Dentaltown December 2022 - 63
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Dentaltown December 2022 - 65
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Dentaltown December 2022 - 67
Dentaltown December 2022 - 68
Dentaltown December 2022 - 69
Dentaltown December 2022 - 70
Dentaltown December 2022 - 71
Dentaltown December 2022 - 72
Dentaltown December 2022 - 73
Dentaltown December 2022 - 74
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Dentaltown December 2022 - 76
Dentaltown December 2022 - 77
Dentaltown December 2022 - 78
Dentaltown December 2022 - 79
Dentaltown December 2022 - 80
Dentaltown December 2022 - Cover3
Dentaltown December 2022 - Cover4
Dentaltown December 2022 - SI_1
Dentaltown December 2022 - SI_2
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