Bentson Clark & Copple is honored to participate in the AAO’s The Business of Orthodontics Webinar Series. This 10-part educational webinar series is directed toward today’s orthodontic resident community. The webinars began in September and will continue through April 2013. The series covers topics from starting/purchasing a practice to selling/retiring from practice, and everything in between. The webinars will be presented by a variety of industry insiders and consultants.
Chris Bentson will be presenting his first webinar (out of three that are scheduled) on October 9 at 8:15 PM EST/5:15 PM PST, and will last 75 minutes. There will be allocated time at the end for a question and answer session. The title of his lecture is Path to Ownership, Partnership, or Associateship.
For residents, understanding the options for employment, how to find them, and what to review when you do find them is extremely important. This webinar will be directed primarily with an orientation to the process of how buyers and sellers or employers for orthodontic opportunities happen. A review of the current market conditions and review of the timeline, expense, and materials needed to review an opportunity will be discussed. Current valuation methodology and a high-level overview of the operational and financial metrics that should be reviewed will be covered as well as associate pay, and cash flow pro-formas. Partnership methods of buying in will also be discussed.
This webinar series is free for all residents. It is funded by the AAO with the generous support of the AAO Insurance Company (AAOIC). For more information please contact the AAO.
Each year, Bentson Clark & Copple conducts a nationwide survey of all current orthodontic residents. The survey allows us to gauge orthodontic residents’ future plans and predict how their plans will affect the overall orthodontic industry for years to come. Within today’s orthodontic marketplace, we feel it is important to understand what the future may hold. Doctors nearing retirement age commonly ask us about residents and their anticipated future plans.
The eighteen question survey inquires about the current status of orthodontic residents, their future plans, and their overall orthodontic practice search. The following are a sampling of the survey’s questions:
- What are your plans after completing your orthodontic program?
- What is your expectation of first year annual compensation?
- Approximately how much student debt will be accrued at the end of your residency?
- How would you rate your orthodontic program in preparing you for the business aspects of owning a practice?
The official survey results are also scheduled to be published in the 4th quarter edition of the Bentson Clark reSource newsletter, our company’s fee-based quarterly newsletter. Each issue of the Bentson Clark reSource focuses on providing and analyzing real data from real practices to present the most accurate information available within the industry. The resident survey is part of our commitment to gathering and providing the most current and relevant resident data and presenting it to the orthodontic community.
The data collected from this survey help to create a well-rounded picture of the industry to share with all orthodontists. The data will be included in Bentson Clark & Copple’s upcoming doctor and orthodontic resident program presentations and events.
To learn more, visit our the Bentson Clark & Copple website.
There was an interesting article featured in the April 9, 2012 issue of the ADA News. The cover story, “ADA Explores Growth of Large Group Practices” caught my eye. The article sites a recent study conducted by the Health Policy Resources Center of the American Dental Association (ADA), which concludes that the rate of solo practitioners is falling. In 2010, 69% of dentists were solo practitioners compared to 76% in 2006.
Certain states and areas of the country are experiencing the expansion at a faster rate than others. For example, the Minnesota Dental Association reports more than 12% of dentists in the state are employed in large group practices.
The American Association of Orthodontists (AAO) surveyed new graduates in 2009 and 2011 and found that 16% of respondents are practicing in a non-traditional setting, defined as either an interdisciplinary practice or a practice where they are employees or independent contractors. Chris Vranas, AAO Executive Director says, “Overall our membership is still at 69% in solo practice, 16% in partnerships, 6% in associateships, 4% interdisciplinary practice and 5% in large corporate practice.
We ask the question – what is driving the trend? The ADA article references educational debt of young doctors and the growth of Dental Service Organizations who need employee doctors to grow.
This trend of dentistry going corporate is something Bentson Clark & Copple has been watching for several years and one that you may have noticed in your drawing area. It will take some time to have a major impact, but understanding this trend will help you as you think strategically about your brand and identity as you communicate with new patients and referrals.
To learn more about the trends of today’s orthodontic residents, check out Bentson Clark & Copple’s 2011 Annual Residents Survey Results.