If you want to add an associate dentist to your practice, the first thing you need to ask is why you want to do it. Are you adding an associate because it seems like a good idea? Or, are you adding an associate dentist because you really need one and you fully understand the pros and cons of making that decision?
Adding an associate may seem like a good idea since another busy doctor can increase profitability and aid your growth. However, this seemingly good idea may prove otherwise if your practice is not busy enough to support that additional person. If you are considering the addition of an associate, look closely at your schedule and map out what it would look like to have another dentist. If you are not booked out very far, you will quickly see that adding extra days of dentistry will quickly dilute the schedule, leaving you and the associate with unfilled time slots.
Assuming you are busy enough to add an associate, put some thought into your plans for this additional doctor. Would you consider future partnership if it’s the right fit? How long before you want to sell your practice? Depending on your goals, you may need to have a practice valuation completed before you bring on an associate. You usually save yourself a lot of future headaches by clarifying buy-in and purchase details from the start.
It is also important to work with us on the compensation package. You want to make sure you are paying an appropriate wage given your level of overhead. And it’s equally important to assess the best type of personality that will blend well with you and your team.
The additional of an associate dentist requires planning to make sure the move is in the best interests of the practice. Please take the necessary steps to ensure you make the right decision.