Starting your own orthodontist firm can be a daunting task. Assuming you’ve made it through and graduated orthodontic school, most graduates do not start up their orthodontic practice right out of school. Many decide to get a few more years of experience working for somebody before striking on their own. With the experience you will have a better understanding if you have the mental and financial capability to run an orthodontic firm.
According to Medsalaryguide, an average orthodontist or dentist earns about 204K a year. This will depend of course on the location and your experience. You will significantly earn more running an orthodontic firm. Salary range can go up to 500K. This of course requires more skills and responsibility being a business owner. This is not for everyone as some just do not have what it takes to run a full fledge company.
Creating An Orthodontist Business Vs Practice
Do you want to run a business or a practice? There is a big difference. Creating an orthodontist business instead of a practice has several advantages. As an orthodontist or dentist as general, you have to decide if you want to run a business or a practice.
Practice is the more traditional model where everything revolves around you. When you leave nothing happens. That is what we call a practice and a lot of ways it is very similar to owning a job. It does have some advantages in that you feel total control and things do not go out of hand. The disadvantage however is that you can’t leave your practice for a long period of time and come back and everything is going as it was or better. When you take a leave and come back, you have a mountain slide of things to handle and deal with because everything needs to go through you. It makes it tough when you go away.
Consider the business model that the famous author and investor Kiyosaki talks about. His definition of a business is something that you could own and leave and come back a year later and the business is better off than it was. When you are building an orthodontist business, you are the business owner and managing the firm. You have orthodontist working for you. This is applicable to any type of health care profession. It is fine to have either model. You can have practice or the business model. Try very hard not to get caught in between.
Deciding which model you are going to follow will depend on your skill set and experience. Starting a business in any industry is challenging. It is no different in the orthodontic industry. The pressure is even higher in the orthodontic industry given its expensive nature. It will require a great deal of effort, time, and of course money.