Should I Own a Second Dental Practice?

More and more dentists want to own and operate their own dental practices. With the vast expansion of dentistry, it is easy to get caught up in the high potential you can achieve. There are many dentists who opt for a second dental practice to boost their earning potential, only to be frustrated by the additional time and effort it takes.

If you really want to open up another practice, you need to ponder over the reasons you decided to go into dentistry in the first place. Those who are passionate about dentistry and want to help people should consider if their second practice is worth their time and effort.

Consider the Financial Risk

You must ensure that you take notice of all the possible financial risks that come with owning an additional practice. You may need to acquire a loan or cash in on investments. Because of this, the financial risks are higher.  

Consider Your Time

You need to consider the amount of time it will take to acquire and run another practice. Do you have that extra amount of time in your daily schedule? There will be times when both the practices may be running at a fast pace. You need to make sure that you know how to manage that. Do you plan on hiring an additional doctor to help when both practices are busy? Do you have the means to continue to pay an associate when both practices may have slowed down?

Takeaway

If you are ready to bid farewell to any extra time for yourself, and if you think that you hold the capability to run a second practice, then go for it. Just be sure to be very vigilant during each step you take.