logo
  • About
  • Blog
  • Contact
  • About
  • Blog
  • Contact

You have Successfully Subscribed!

Resources

  • 5 Tips for Finding Your First Job
  • 20 Emails to Get Started with Student Loans
Featured, New Graduates

Practice Financing

byPractice Pirate January 26, 2019 0 comments

I live in Southern California, and one of the dental practice brokers in the area is Bette Robin. I have not used, nor do I endorse her services; however, she recently released a podcast and this particular episode with Matt Christie of Bank of America is worth listening to.

https://overcast.fm/+P8ASlbHvk

Dr. Paul Goodman and other dentists familiar with the associate market have highlighted that compensation for associates has been stagnant over the last two decades despite an increased cost of living and an increased cost of tuition. This means that most young dentists with large student loans need to pursue ownership sooner rather than later.

If you are not familiar with associate compensation, what I am saying is that if you graduated in 2000, you could have expected to exit school and find a position as an associate with a base pay of $500 per day. If you graduated in 2018, you can expect to find a position as an associate with the same base pay of $500 per day. Never-the-less, the cost of living in 2018 is significantly more than the year 2000, reimbursement for dental procedures from third party payers has not increased, and the amount of debt young dentists have found them saddled with is often beyond 2 or 3 times the class of 2000. This puts a lot of pressure on young dentists to find a job where they can produce enough to service their loans, save for retirement, and provide a reasonable lifestyle for their families.

The discussion between Bette and Matt centers around obtaining financing for an acquisition or startup. Bank of America and Wells Fargo have dental specific departments, and Bank of America is the largest dental lender. As a young dentist, you should be familiar with BofA and the services they provide and this podcast highlights what they are looking for in a borrower.

We will add this podcast and other ones worth listing to to our resources page: https://practicepirate.com/resources

If you have heard a podcast episode that was particularly insightful, please let me know about it by sending me a message via the contact form.

Subscribe To Our Newsletter

You have Successfully Subscribed!

Share:
Likes:
0
Prev
Next

Leave a Reply Cancel reply

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from our team.

You have Successfully Subscribed!

Recent Posts

  • How a 31 Year Old Dentist Saved $750,000
  • What You Should Know Before Applying to a Pediatric Dental Residency Program
  • How to Prepare for Endodontic Residency Applications
  • Should You Become a Dentist?
  • Recommendations for Website Hosting for Dental Practice Websites

Categories

  • Basic Terms and Definitions
  • Best of Dentistry
  • Beyond Dentistry
  • Continuing Education
  • Dental Book Reviews
  • Dental Practice Websites
  • Endodontics
  • Featured
  • Getting Started
  • New Graduates
  • On Dentistry
  • Pediatric Dentistry
  • Personal Finance
  • Practice Management
  • Reader Questions
  • Status of the Blog
  • Student Loans, IDR, and PSLF

Archives

  • January 2022
  • June 2021
  • April 2021
  • January 2021
  • December 2020
  • September 2020
  • July 2020
  • April 2020
  • March 2020
  • January 2020
  • November 2019
  • September 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • October 2018
  • September 2018
  • July 2018
  • April 2018
  • March 2018
  • February 2018