Spring has sprung! It is one of my favorite times of the year—not because it means the long Boston winter is over, but because this time of year is like a new beginning. Taxes are filed, longer days are filled with sunshine, and so many new dentists will graduate from dental school. I remember that feeling like it was yesterday; I was so excited to achieve this life-changing accomplishment after accruing an unimaginable amount of student debt. Dental school tuition has never been higher, and interest rates are on the rise. Significant education debt can create profound stress on a new grad: some overlook pursuing residency programs for financial reasons, and others accept associateships that require lofty production goals. The concept of saving for retirement may seem laughable to a new graduate, but it’s never too early to create a financial plan and start saving.
We are taught as dentists to imagine the final restorative result when treatment planning. Once the end point is visualized, it’s essential to figure out what steps are required to get there. A financial road map is no different; we create goals, and then we take action to achieve them.
Related reading: Passing the baton: The young/old dentist dilemma
This month’s issue is dedicated to this very topic—seeking a rewarding associateship, offering/accepting signing bonuses, and taking a disciplined approach to debt reduction. Practicing efficient, predictable dentistry with superior dental products will facilitate profitability. Effective business systems will promote financial success for the practice and for associate dentists.
Whether you are a new grad seeking some guidance as you enter the workforce or a practice owner gearing up to search for a new associate, this month’s Dental Economics will not disappoint! If you are a practice owner and would like to join a great community of business-oriented practice owners and learn from some of our top contributors and advisory board members, join us on August 26 and 27 in Nashville, Tennessee, for DE’s Principles of Practice Management Conference. This year’s theme: Rock Your Practice.
We have and continue to endure a very challenging and volatile economic climate. Establishing strong leadership skills and practice and marketing systems, while creating an atmosphere that is attractive to top candidates, will help your practice not only get through but thrive and grow during these difficult times. We have exceptional group rates, so bring some friends to the conference, and let’s create prosperous and resilient practices in a fun, inspiring environment.
In addition, Dental Economics hosts one-hour online events, DE Solutions Lab, where we address the current challenges we are facing in our practices and discuss practical solutions. Follow us on Instagram
@dentaleconomicsofficial for the lineup.
Here’s to a practice that is blossoming like the spring flowers!
Pamela Maragliano-Muniz, DMD