Thinking about becoming a dentist? Gauging the right time to sell your dental practice The dental industry as a whole is stable, but markets change, technology evolves, and laws regarding insurance are up in the air. Here are a few trends to consider in planning your future.
Like many professions, demand for dentists ebbs and flows. The economy affects this, specialists retire leaving openings, and large numbers of graduating specialists can flood a market. These are natural cycles that will probably happen several times during your career. And often they are very region specific. The market for cosmetic dentists in Orlando may be booming while it's over saturated in Houston. A specialty that is over saturated when you start medical school may clear itself out before you graduate, or vice versa.
You can navigate these changes by being flexible. You may not be able to find a practice in your first choice of city. You can choose a broad specialty like general dentistry and narrow it later. As you build your credentials and markets change in your favor you can always relocate or adjust your services.
The more you can diversify your practice the better. This may mean continuing training throughout your career. You may do the best bridges in Philadelphia. But dental implants are being used more than ever. The more options you can give your patients the better. So add to your repertoire the best dental implants in Philadelphia.
Another way to diversify is to partner with a dentist who has complimentary skills. If you're a periodontist, partner with an endodontist. This has several benefits. If you're a younger dentist it allows you to join an already established practice where it should be easier to build your clientele and learn the business aspects of the dental industry. If you're an older dentist preparing to retire, it could make selling your practice much easier because continuity is attractive to potential buyers. For all dentists, it means not needing to try to be all things to all patients.
Whatever your specialty, if you can stay flexible and become versatile you'll be prepared for the changes in your dental career -- beginning, middle, and end.
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