Early in their careers, many dentists question whether owning a dental practice is the right choice for their future. After all, today’s healthcare landscape offers a wide variety of opportunities. There are multiple alternatives to being in one practice as its leader. Some of these include working in consulting, manufacturing, military, public policy, accreditation, insurance, teaching, research and development, forensics or online dentistry. But in owning your own dental practice in Georgia, you gain rewards few other dental roles can provide.
Investing in Yourself and Others by Owning a Dental Practice
Few things offer the return on investment like owning property. By owning a dental practice in Georgia, you gain certain control over your future and your everyday life, as a whole. You maintain the right to charge whatever fees you wish, giving you more control over compensation and debt payoff. You also maintain control over your schedule, choosing when your practice sees patients.
In your own dental practice, you get to hire and manage your own staff. For many people, this is more than a responsibility. It is a privilege that enables you to create the precise atmosphere you want for your patients. Besides gaining better control through staff management, you also get to turn away patients who make your work more difficult or troublesome. This means you see fewer patients who create trouble, put your practice at risk or complain.
Control Over the Facilities and Environment
Besides being empowered to manage staff who create a quality atmosphere for your patients, in owning a dental practice you also maintain control over the facilities and clinical environment. You can design and decorate as you wish and according to the image you want to portray. You also decide how much creature comfort to provide your patients, from the initial waiting room experience through to examinations and operations.
Of course, owning a property means you must maintain that property. If something needs replacement or upgrading, that responsibility falls on you. You cannot leave problems unsolved, particularly when it comes to the suitability or functioning of your facilities and equipment. Sometimes this can be quite expensive. But if you choose the right practice to buy, owning a dental practice can prove more beneficial and less of a financial headache.
Community Connection
One of the biggest benefits of owning a dental practice is the connection it provides to your community. In ownership, you become part of a community’s lifeblood and economy. You maintain responsibility for the dental health and wellness of many people through your dental care, just as you take responsibility for your employees’ well-being.
Of course, when you own a property, you gain peace of mind. You are ultimately responsible for what happens to your land and facilities. As long as you maintain your financial responsibilities, you cannot suffer eviction or other termination of rights at a landlord’s whim. This gives your practice stability as one of the important contributors to your community.
Smart Planning for Your Future
One of the biggest benefits of owning a dental practice is controlling how long you stay in business. And also, what happens with that practice when you decide to retire. After investing in building your practice, you sit atop a nice nest egg that should provide financial gain when you decide to sell. Along with your retirement planning and other financial investments, selling your practice can improve your later years’ quality of life.
Take the Right Steps to Owning a Dental Practice in Georgia
When you are considering owning a dental practice in Georgia, the best advice is, take a logical approach to this investment. Work with experts who understand the process and your biggest considerations, as a dentist. Call Encompass IHC at 919-395-0444 for a confidential consultation about available properties, such as in Augusta, Columbus, Atlanta and Huntsville.
