It has been 18 years since I graduated from dental school. One thing nobody told me was that I was about to embark on a lifetime of contracts: residency, associate contracts, bank agreements, purchase and sale agreements, rental contracts, service provider agreements, employee contracts, insurance—the list seemingly never ends!
Last month, many new dentists graduated from dental school and are looking for their first associate position. While this is truly an exciting and pivotal time in a young dentist’s career, it can be stressful. After all, everyone hopes that their first associate position turns into a long-term dental home, but unfortunately that is not a reality for most. While many first associate positions end, it is essential that young dentists seek a position that will ideally provide mentorship as well as clinical and practice management experience. In an ideal world, associates will gain valuable experience that will prepare them for practice ownership.
For practice owners, this is an exceptional time of the year to find a quality associate. Many recent grads are joining private practices, and later this month many dentists will complete residency programs. This is a significant opportunity for practices that are ready for an associate. It is vital for a practice owner to be sure that the practice can successfully support an associate. The practice must have the available space, patient flow, and staff to accommodate an associate dentist.
Last month: Making your practice blossom
Associate agreements can lead to a long-term, rewarding professional relationship, or they can end in frustration, miscommunication, resentment, and sometimes litigation. Effective preparation, communication, and understanding on the part of the owner dentist and new associate are essential for a successful partnership. While associate contracts are one type of agreement, this month’s issue explores a variety of issues surrounding different types of contracts—contracts for associates, identifying if your practice is ready for an associate, avoiding disputes, ending a partnership peacefully, and marriage and insurance contracts. We hope this information gives you some food for thought to prevent some serious headaches in the future.
Practices thrive when effective systems are in place. This promotes standard practices, successful communication, and a source of consistency for each member of the dental team. In my practice, I have found that my systems are constantly evolving; we are always looking for ways to improve our practices, efficiency, and productivity. This evolution is occasionally due to trial and error; other times it is due to exposure to new services and systems. If you have great systems or if yours need tweaking, Dental Economics is here for you. We offer dynamic, engaging online events on an ongoing basis that directly address challenges for private practices.
If you are ready for an in-person event, Dental Economics’ Principles of Practice Management Conference will take place August 26–27 in Nashville, Tennessee. This year’s theme: Rock Your Practice! You will have two days, up close and personal with some of our top contributors and most well-respected practice management experts to help you hone your systems and encourage you to be an effective leader. You will learn practical lessons from the industry’s best and go home exhilarated and empowered to take your practice to the next level.
Follow @dentaleconomicsofficial for updates about DE Solutions Lab, Principles of Practice Management, and practice tips.
We are halfway through 2022, and I hope this is your best year yet!
Pamela Maragliano-Muniz, DMD
[email protected]
Instagram: @dentaleconomicsofficial
Editor's note: This article appeared in the June 2022 print edition of Dental Economics magazine. Dentists in North America are eligible for a complimentary print subscription. Sign up here.
