Dental Field Trending
The dental field of graduating dentist millennials to retiring dentists is experiencing a transformation that will affect the overall future of dentistry.
Here is what we are seeing…
… dental students are graduating with exponentially higher school loan debt than even ten years ago. The average graduating general dentistry student loan is now $250-350k, and graduating dental specialty student loan ranges are $400-750k.
… this high student loan debt has affected many graduating dentists decision to either work for others, or join corporate dentistry groups.
… dentists have the highest business success statistic. Today, the failing dentist is at an all time low with lenders reporting that the national average of failed practices at LESS THAN 1/2 OF ONE PERCENT! There is NO OTHER INDUSTRY with a HIGHER SUCCESS rate in business than DENTISTRY!
…. dentists continue to obtain 100% financing for new start ups even with huge school debt. Lenders have seen how well dentists do and have the history to support such large investments.
…. demographics are also shifting with more women joining dentistry. Over the past few years upwards of 50% of dental school classes are now female.
… female dentists are looking for flexibility more than ever before. Many female dentists are interested in flexible and decreased hours. Thus the attraction to partnerships, associateship, and corporate dentistry.
… we are also seeing more dentists sharing office space and functions. Many general dentists are beginning to bring in specialists for a few days a month and / or sharing space with other dentists / specialists. Nowhere is this change more evident than in the huge increase of pediatrics and orthodontists sharing office space.
… there is also a rise in individual dentists or small groups of dentists building multiple dental offices.
If you’re wondering what’s trending in the dental office, join us next week for the third and last installment of “New Trends in Dentistry“. You may be surprised at what on the horizon.
