What Are the Steps to Land the Perfect Orthodontic Career Opportunity?

Step to Find the Perfect Orthodontic Career Opportunity or Orthodontic JobBy: Shannon Patterson, CPR, CMSR
Kolbe Certified™ Consultant
Director of Practice Opportunities

I am very fortunate to have the opportunity to speak with hundreds of orthodontic residents every year who are looking for the right opportunity after their graduation. One of my first questions is, “Why did you want to become an Orthodontist?” I hear various answers every day as a recruiter but many times I hear this one, “Because I had an amazing experience with my Orthodontist.” So, you’re telling me that your experience with your childhood orthodontist was so awesome that it inspired you to travel this long, difficult academic path? Wow, it gets me right in the heart every time. And it’s that connection that as future practitioners you all want and desire to have with future patients whether it is in a private practice, group practice, or corporate model.

My next question is usually, “Where do you want to land and where do you see yourself in five years?” I don’t usually hear as much excitement, and often I hear confusion and concern. The answer to this question often sounds something like this: “I don’t really know I just know I want a good job to start paying off my debt.” I don’t blame you for not knowing the answer. After all, how can you know if you’ll be happy in your future job five years from now?

Well, lucky for you, I absolutely love what I do, and when you love what you do you have a passion for helping others. Most of you have identified your passion, now you are looking for a place to combine your passion and a career. Every day, I counsel candidates on what factors they should consider when seeking an opportunity. Through trial and error and knowledge gained from many candidates through the years, I have found these steps to be helpful as you narrow down your job search.

1) Know Who You Are!
We all want to get paid for doing what we love, but be sure to understand who you are and the must-haves before deciding on a job opportunity. What are your beliefs and values? Does this opportunity and community align with them and will you be able to fit into the practice and community cultures? Identify your practice values, your personal values, your interests, your “must-haves” in a community, your passions, and last- your financial needs. Yes, I said consider money last because, believe it or not, most people do not leave their current job due to money but often due to “it’s just not a good fit for me.”

2) Identify the Right Practice.
As residents, you might often hear “beggars can’t be choosers,” and with the debt load most residents carry, who can blame them? However, be sure to do your homework on a potential employer, as this person will be tied to your career forever. Be sure to spend a day with a potential practice or employer and witness the practice culture, sit in on new patient exams, watch how the reception area greets patients and watch the clinical team working with patients. I can assure you that all of these, and I mean every single one, will have a huge impact on your success. If a potential employer has an issue with you spending a day in the office, this could be considered a red flag, especially if you are being paid on a production incentive.

3) Find a Good Mentor.
First, do not ask a stranger or someone who does not know you well! A great mentor should be someone who inspires you and who already knows you. This person has seen your potential and hard work, they know how you think, how you communicate, how you tackle tasks and how you contribute to those around you. It should be someone who trusts you and believes in you, but, most importantly, it should be someone who is not afraid to give you input and feedback! Identify and join social media groups and blogs with other young orthodontists to hear their perspectives and voices as a resource in your career; Ortho 101 is a great one.

4) Practice Perseverance.
What is the definition of perseverance? Perseverance is commitment, hard work, patience, and endurance. There is an old saying, “do what you love and you’ll never work another a day in your life.” Is that really true? Probably not, but if you do what you love, it will never feel like a job. Success takes hard work, commitment, and persistence. All of you are talented and skilled clinicians, and with connections and a little luck you might find a good opportunity, but persistence will ultimately be what makes you successful in your career and is what will set you apart from others. Identify your vision and know that it will take stamina and endurance to get there!

A job search requires commitment and dedication. Making a career plan requires you to outline clear expectations and objectives. It means going back to the basics, discovering your likes/dislikes, values and beliefs and taking them all into account for a job opportunity. Even if you don’t land your dream job and you have a short-term opportunity, stay committed to your long-term career goals.

It will take time and effort but in the end, it will be worth it. And for those of you who are looking for that new key phrase “work-life balance,” I believe it is important to understand that your job will ultimately take up most of your time; it financially supports your dreams and it is a core part of your identity. If you simply live your life, love what you do and do your very best at it, ultimately you will achieve great success!

Orthodontic Practice For Sale: Knox County, Tennessee

Knox_County_TN_Orthodontic_Practice_For_SaleA private orthodontic practice is for sale in the beautiful state of Tennessee.

The practice is located in Knox County, a broad valley between the Cumberland Mountains and the Great Smoky Mountains. The county is home to the University of Tennessee offering residents an array of educational and cultural opportunities. Knox County is rated one of the best places to live in Tennessee with affordable housing, highly rated public schools, and close proximity to the Great Smoky Mountains. Knox County’s population is fairly young due to the number of college students and young families. A recent study showed almost one-quarter of residents are younger than 20.

Tennessee is a business-friendly state. Corporations, as well as citizens, benefit from the Tennessee tax structure. It is profitable to do business in Tennessee and cost-effective for its residents. Tennessee is one of the few remaining states with no personal income tax. If you are looking to plant roots in a town offering residents a high quality of life, the opportunity to purchase this well-established practice is for you. The ideal candidate is available by Summer 2020 and eligible for Tennessee licensure.

To learn more about this opportunity, please forward your CV and letter of interest to shannon@bentsoncopple.com.

Click here to view additional practice opportunities available from Bentson Copple & Associates.

Orthodontic Associate Opportunity: Prince William County, Virginia

Orthodontic_Associate_Needed_Prince_William_County_VirginiaA busy private orthodontic practice located in the suburbs of Washington, D.C. is seeking a full-time associate to join their practice.

The suburb is located in Prince William County and is one of the best places to live in Virginia. Prince William County is the second-largest county in the Commonwealth of Virginia, with a strong, diverse economic base, where individuals and families choose to live, work and play and businesses choose to locate. The community offers residents an urban-suburban mix feel and most residents own their homes. The residents enjoy over 24,000 acres of parkland with 70 county parks, 33 miles of maintained trails, and two state parks. Prince William County high schools are also among the top 10% in the nation.

To learn more about this opportunity, please forward your CV and letter of interest to shannon@bentsoncopple.com.

Click here to view additional practice opportunities available from Bentson Copple & Associates.

Orthodontic Associate Opportunity: Raleigh, North Carolina

Raleigh_North_Carolina_Orthodontic_Associate_OpportunityRaleigh, North Carolina is the place to be and we have a great opportunity for an orthodontic associate! This opportunity has an exceptional compensation package for an associate orthodontist including;

  • $30,000 sign-on bonus
  • Guaranteed Income for new graduates
  • Potential to make  $255K + in Year 1 and $300K+ in Year 2 and beyond
  • Associate with potential for equity track available
  • Mentorship from Senior Providers & Outside Consultants
  • Health Insurance & Benefits, 401(k)
  • Advanced Technology in both Offices
  • Experienced Clinical Team with excellent TC’s
  • $5,000 CE Course Allowances
  • Relocation will be fully reimbursed
  • 4 weeks of vacation + 6 paid holidays

The streets in the heart of the city are lined with many oak trees making Raleigh known as the “City of Oaks” which helps further the family-friendly atmosphere and welcoming community. The state capitol is also known for its universities, including North Carolina State University and is part of the Research Triangle Park. This region is luring new residents every day with strong job growth and high quality of life. Many of the people who call this metro area home are young, friendly, diverse, and educated. U.S. News ranked Raleigh #10 in Best Places to Live and Money Magazine describes Raleigh as the ‘Best Big City in the Southeast’.

To learn more about this opportunity, please forward your CV and letter of interest to shannon@bentsoncopple.com.

Click here to view additional practice opportunities available from Bentson Copple & Associates.

Orthodontic Practice For Sale: Los Angeles County, California

Bentson_Copple_Orthodontic Practice For Sale - Los Angeles County, CaliforniaA private boutique orthodontic practice located in Los Angeles County, California is for sale.

The community is a suburb of both Los Angeles and San Bernardino counties. The community is ranked one of the best places to live in California known for its elegance as well as its laid-back lifestyle. The area is home to many young professionals and the majority of residents are homeowners. The area offers residents tree-lined streets filled with historic homes, an endless number of hiking and biking trails, community parks and gardens, and a public school system that ranked one of the highest in the state.

If you are looking to purchase a practice in laid-back Southern California this practice is for you!  The ideal candidate is available by spring 2020 and eligible for California Licensure (WREB). To learn more about this practice opportunity, please forward your CV and letter of interest to shannon@bentsoncopple.com.

Click here to view additional practice opportunities available from Bentson Copple & Associates.

Orthodontic Job Opportunity: Tucson, Arizona

Tucson_BlogAn orthodontic practice located in Tucson, Arizona is seeking a full-time associate to join their growing practice!

Southern Arizona is full of natural beauty from the Sonoran Desert to the mountain ranges in all directions. Around Tucson, the area is divided into districts and neighborhoods, some linked by Sun Link Streetcar which connects five entertainment districts, others connected by streets made for bike lanes, autos, and bus routes. Downtown Tucson has been the city’s hub of activity for well over a century, but in recent years it has experienced a rebirth with new shops, breweries, and amazing restaurants. The year-round sunshine and laid-back atmosphere make Tucson a great place to call home!

To learn more about this opportunity, please forward your CV and letter of interest to shannon@bentsoncopple.com.

Click here to view additional practice opportunities available from Bentson Copple & Associates.

Orthodontic Job Opportunity: Clarksville, Tennessee

Clarksville BlogA state-of-the-art orthodontic practice in Clarksville, Tennessee is seeking a motivated orthodontic associate to join their exceptional team!

The practice is located about 50 miles from Nashville and the cost of living in this area is 14.4% lower than the U.S. average making this a great place to reside. The downtown area is historic, attractive, and filled with passionate business owners who love their community giving this city a well-preserved small-town feel. Clarksville is filled with natural beauty and offers a wide range of outdoor recreation.

If providing excellent service and hospitality is your priority, this private practice opportunity is for you. To learn more about this opportunity, please forward your CV and letter of interest to shannon@bentsoncopple.com.

Click here to view additional practice opportunities available from Bentson Copple & Associates.

What Metrics Should You Focus on During Your Initial Review of a Practice Opportunity?

What metrics should you focus on during your initial review of a practice opportunity?By: Anthony Copple, JD
Transition Specialist

Reviewing an opportunity to purchase a practice outright or to buy into a practice as a partner can be an overwhelming task. You may have been presented with a mountain of data about the subject practice: tax returns, profit and loss statements, and operational reports. What does it all mean? What should you focus on? What data is important in determining a fair value for the practice?

Well…the long answer is that all of the data and information surrounding a practice is important in determining its value. After all, an orthodontic practice is a unique asset and no two are exactly alike. However, there are a few things you can focus on that will provide a reasonable snapshot of any practice. Three of the most consequential are explained further below:

Practice Overhead Rate
The overhead rate of a practice is one of the most important factors in determining a practice’s value and the benefits that practice will provide to a buyer. After all, the overhead rate ultimately determines the amount of cash the owner can reap from the business. Generally, the lower the overhead rate, the more valuable the practice. So, a practice at 55% overhead will be more valuable than a practice at 65% overhead, all else being equal. The average practice overhead rate for an orthodontic practice is 58% of collections. If operating expenses are below this level, it can drive the price of a practice up while expenses above this threshold will generally have the opposite effect.

Practice Production
Production acts as a bellwether for practice collections; it tells us where we’re headed. If the practice produces $1,500,000 this year, we can expect that the practice will collect something close to $1,500,000 next year. Knowing this, we can use practice production, practice collections and their relationship to one another to identify trends within the practice. If practice collections have grown over the past two years and production in each particular year exceeds our collections in the same year, we can be fairly confident that the practice will see continued collections growth in the following year. This can be vital to practice value because a growing practice has more potential, and less risk, than a declining practice.

Practice Contracts Receivable
The contracts receivable balance is the total amount remaining to be billed to the active patients of a practice. This can be distinguished from accounts receivable because accounts receivable have already been billed to the patient and are currently due. The contracts receivable balance gives us an indication of the stability of the expected future cash flow of the practice and an idea of the number of active patients that are paid-in-full.  We know that we can expect cash flow from the contracts receivable balance as we treat current patients of the practice regardless of the number of new starts we have. On average, a practice’s contracts receivable balance is approximately 50% of prior year production. Below that level, and the practice likely has more paid-in-full patients than the average orthodontic practice. This would add risk for a buyer expected to continue to treat those paid-in-full patients after the closing without collecting patient fees. This additional risk tends to drive the practice price down. Of course, if the contracts receivable balance is above this threshold, it can add value to the practice.

As I said above, there are dozens of factors that go into determining the value of a practice. No one point of data will tell you everything you need to know about a practice. However, analysis of the three metrics above should give you a pretty solid idea of the type of practice you are looking at and whether it is worth pursuing further.

Orthodontic Job Opportunity: Dallas, Texas

Dallas_BlogA unique new orthodontic model and practice group is expanding nationwide. This fast-growing group is seeking a motivated, entrepreneurial associate to join their team and manage a practice in Dallas, Texas. This practice is passionate about making orthodontic care exceptional and believes in putting the orthodontist at the center of its growth strategy.

Located in North Texas, the city of Dallas is the core of the largest metropolitan area in the Southern United States as well as a commercial and cultural hub of the region. Fun fact: The nation’s largest arts district is located in Dallas which consists of 19 blocks of museums, venues, and galleries. Offering both big-city excitement and quiet suburban living, residents enjoy living in Dallas. New developments have drawn in both families looking for a community with easy access to the city and millennials looking to advance their careers.

If you are looking for a new career with a competitive income package this opportunity is ideal for you. To learn more about this practice opportunity, please forward your CV and letter of interest to shannon@bentsoncopple.com.

Click here to view additional practice opportunities available from Bentson Copple & Associates.

Orthodontic Job Opportunity: Scottsdale, Arizona

Scottsdale_BlogA unique new orthodontic model and practice group is expanding nationwide. This fast-growing group is seeking a motivated, entrepreneurial associate to join their team and manage a practice in Scottsdale, Arizona. This practice is passionate about making orthodontic care exceptional and believes in putting the orthodontist at the center of its growth strategy.

This desert city is located east of Phoenix and is known for its spa resorts and golf courses, but that is not all Scottsdale has to offer! There are endless opportunities for outdoor adventure including hiking McDowell Sonoran Preserve, horseback riding, kayaking Salt River, or capturing breathtaking sunsets from a hot air balloon. Head over to Old Town Scottsdale for the Southwest’s largest shopping destination, the city’s entertainment district, award-winning craft breweries, and it’s very own Wine Trail!

If you are looking for a new career with a competitive income package this opportunity is ideal for you. To learn more about this practice opportunity, please forward your CV and letter of interest to shannon@bentsoncopple.com.

Click here to view additional practice opportunities available from Bentson Copple & Associates.