Skip to main content

How the New Breed of Dentists Is Changing How Dental Practices Operate in Syracuse, New York

How Dental Practices Operate
We all hear the moans and groans of older generations talking about Millennials. Millennials are simply younger adults who were born between 1980 and 2005, as the generation after Gen X, which followed Baby Boomers. People debate the attributes of this generation just as much as Boomers grumbled about Gen Xers and others throughout time have always questioned the quality of subsequent generations. But, as with any new group of adults categorized as a generation, Millennials do have their differences in how they function as dentists. Which of course in turn also impacts how dental practices operate, both Millennial owned as well as Gen Xer practices. In fact, one of the biggest factors in selling a dental practice in Syracuse is whether a younger dentist wants to take the financial risk to own it. Can this new group of practitioners coming into New York even afford to buy a dental practice or start their own?

Tuition Costs Affect How Younger Dentists Conduct Business

One of the biggest issues in how dental practices operate today is student loan debt. State funding for dental schools has dramatically dropped. At the same time, tuitions have risen by nearly 100 percent in the past generation. In the late 1980s, state funding covered 52.2 percent of dental school educational costs. In 2012, this percentage dropped to an all-time low of 12.5 percent.

As states reduce funding, the natural response of schools is to raise tuition to cover the gap. This means tuition costs have risen by many times more than the inflation curve. Sadly, today’s and tomorrow’s dentists feel the crunch. They must shift how dental practices operate, to compensate for these changes.

What High Student Debt Means for How Dental Practices Operate

With the average dental student graduating with $247,000 in debt, what does this mean for how dental practices operate? What changes is the career path for these new dental professionals. They are not like predecessors of the past 20 years. Instead, many must choose directions other than practice ownership.

Millennial dentists do not necessarily want to become part of a giant corporation or a large network. But corporate dentistry is the only option for a large percentage. About half of recent graduates turn to these conglomerates to begin their career and start paying down some of their overwhelming tuition debt. More significantly, this means that fewer than half of new dentists even consider going into private practice.

Other Factors that Affect How Dental Practices Operate

Other factors coming into play in dental practice ownership include the past decades’ economic downturn. Millennials faced the pre-2010 recession as young adults. They felt scarred by the country’s financial state and, as a result, suffer much lower credit scores and higher debt than generations before them. With this poor credit and high debt-to-income ratio, many just do not qualify to buy a dental practice.

Millennials also fear the job market’s instability. As a result, many did not work while pursuing their education. They live with their parents longer. At the same time, this fear drives them to stick with their first employer for more years than prior generations. They do not seem to carry the early career urge for ownership as their elder counterparts did.

Young women coming out of dental school make up about half of graduates. This shift has changed how dental practices operate, in that many women prefer to balance their work and home lives. Many seek to have children in their 20s or 30s, as a priority over owning a practice. By working as an associate or employee, they maintain more control over their personal life balance while also advancing their careers.

What does all of this mean, when you seek to sell your dental practice?

When you are selling your dental practice, you must consider how these generational shifts affect your transition. Your practice may even sell to one of the corporations of dental care, as opposed to an eager young upstart ready to take on what you have built. Or it may take longer for you to find an interested party, who may not fit the profile of whom you expected to be your “ideal buyer.” This is why so many dentists selling their practices turn to dental practice brokers or transition consultants for help.

Almost half of today’s dentists are age 55 or older. With more retiring dentists, this means that the market is about to saturate with practices for sale. Selling will only grow more difficult as the next decade plays out.

With so much affecting how dental practices operate and who sits at the helm, you need experienced help in selling yours. Schedule a free consultation with dental transition experts of Encompass IHC who understand the changing Syracuse, New York market. Call 919-395-0444 today.

Compare Listings

Title Price Status Type Area Purpose Bedrooms Bathrooms
xxx kannda videos sleeping mom xvideo
desi nude videos tumblr sex image hd new
sex video odia tamil mms xnxx
www nxxxx sarath asha sarath
indian sex vidieo com sex movie nepali
chapter 2 khaadi saeed books
indian defloration indian pitbull dog indian hindifreesex
sexy girl nepali free perfect girl
porzo sexy porn clip
hindi me xxx video kalyan panel chart
sex hema malini hotsexindia
telugu movies xvideos adhey kangal
phonerotica sex naughty
hindi bur ki chudai video shahpur patori