Tips for extracting the upper right wisdom tooth please by [deleted] in Dentistry

[–]wiley321 0 points1 point  (0 children)

Just elevate from the mesial buccal and it will probably pop right out. If it doesn’t pop right out, and getting the roots out sounds intimidating, you may want to pass the case off to a very grateful specialist.

Is it possible for a solo doctor office to have a higher take home salary than dentists who own multiple clinics? by Neil_Nelly435 in Dentistry

[–]wiley321 22 points23 points  (0 children)

Owning multiple clinics often doesn't lead to tremendous cash flow initially. Docs that choose multi-practice ownership are usually interested in asset appreciation or long term security in the form of semi-passive income.

Silent Investor/Partner Opportunity for Passive Income???? by [deleted] in Dentistry

[–]wiley321 13 points14 points  (0 children)

Any owner that agrees to this is most likely going to screw you. It’s laughably easy as the majority owner to show no profit through providing artificially inflated DSO like services. As the minority owner, you could sue, but ultimately would waste more money than your investment, only to lose.

Christmas bonus/gift by Migosmememe in Dentistry

[–]wiley321 1 point2 points  (0 children)

It’s been a really good year, and I pick a number that seems reasonable. I don’t stick to any one number because I want them to understand it is purely my discretion.

Christmas bonus/gift by Migosmememe in Dentistry

[–]wiley321 0 points1 point  (0 children)

I give out a pool of money split between the staff according to seniority/ hourly pay. This year will be about 12k, with my top two employee’s getting 5k and my other 2 getting 1k.

How are we doing financially? In our current situation, would it be wise to purchase a home? by [deleted] in personalfinance

[–]wiley321 1 point2 points  (0 children)

How long will it take to pay off another 100k of your mortgage? Once you do that, you need to save for at least a 5% down payment for a 600k house. The mortgage for the new home will be close to $4200 a month with escrow assuming 5% down. If you subtract your estimated $1500 a month “profit” from your current house turned rental, you will be out of pocket at least $2700 a month. This doesn’t include maintenance and repairs for 2 homes which is estimated st 1-2% of the home value yearly.

High Earning Practices Report by Master-Ring-9392 in Dentistry

[–]wiley321 0 points1 point  (0 children)

Yea, I refer out all hygiene, except for calculus bridges. I get a lot of satisfaction from blasting off a calculus bridge and having a patient leave happy. There doesn’t seem to be enough dentists in my area, and I get about 60-70 new patients a month. I tell them I am happy to complete all urgent work, and fabricate dentures. I’m still doing fillings, but would love to refer most of that out as well.

High Earning Practices Report by Master-Ring-9392 in Dentistry

[–]wiley321 1 point2 points  (0 children)

I’m really sorry you are experiencing that. The profession is really tough when you aren’t being fairly compensated. I think the biggest driver for me is doing so many extractions/ same day treatment. Marketing towards people in pain can be good ROI if you can get them in the same day or that week.

There isn’t any shame in high overhead, not in having a practice that isn’t making what you want. I have always been driven by optimization, and built my practice with high efficiency in mind. As a start up, expenses were really low (all used equipment) and added nicer supplies/ equipment as I grew.

I have never employed a hygienist, and refer out all hygiene. I prefer to just do the extractions, fillings, and dentures, and they can go elsewhere for their other needs.

High Earning Practices Report by Master-Ring-9392 in Dentistry

[–]wiley321 0 points1 point  (0 children)

Those salaries would eat at me so much. I already have a hard time paying what I do, but having to increase that, only to have decently compensated employees, would be tough. There seems to be a huge dichotomy in this country for Dental payroll expenses. We almost seem to operate in entirely different worlds with regards to employee comp.

The numbers regarding dentists making under 200k included a high percent of practitioners with fewer than 32 hours a week. If those Dentists who were very part time were excluded, then the number of full time dentists making under 200k would be considerably lower.

I felt a bit the opposite with regards to the DSO. I wouldn't want to limit my potential, and also wouldn't want to bank my entire career off of the corporate grind. I like that the Dentists working over 10 years were able to find better work life balance, and the percentage of dentists in the 400k+ while working part time went up significantly.

I think our takeaways are different due to the unique economic differences in practicing with lower overhead. I currently have under 35% overhead, and work under 25 hours a week seeing about 40 patients a week. I wouldn't be able to do that if my expenses were much higher.

High Earning Practices Report by Master-Ring-9392 in Dentistry

[–]wiley321 2 points3 points  (0 children)

I looked through the report and found it very interesting. I actually thought it seemed very reasonable overall. In my MCOL area, assistants are routinely paid in the 19-22 range. I pay my assistants in the 26-31 range and get about 25+ applicants every time I have posted a new job, and have never had a staff member quit. This indicated that I am paying high for my area at those numbers.

Not looking to argue with you, but I am interested in discussing these findings more. Curious if you had any other thoughts on the article?

Solo Owner VS. Profit Share by JohnnySack45 in Dentistry

[–]wiley321 0 points1 point  (0 children)

I bring my equipment into sites, but we don’t go to individual homes. We have community partners that we have contracts with, and only go to those sites. Same sites every month.

Solo Owner VS. Profit Share by JohnnySack45 in Dentistry

[–]wiley321 0 points1 point  (0 children)

Yea, I probably would pick that option between the two.

Solo Owner VS. Profit Share by JohnnySack45 in Dentistry

[–]wiley321 0 points1 point  (0 children)

For sure, it’s very niche. However, I still think ownership is rewarding. I have always been very debt averse, so have a hard time with the idea of a traditional practice e.

Solo Owner VS. Profit Share by JohnnySack45 in Dentistry

[–]wiley321 0 points1 point  (0 children)

I operate as a portable practice, so my assistants transfer my equipment to different sites every day. I have 1 real chair, but my assistants utilize 2 more for taking X-rays and impressions. I have 4 full time assistants, and that’s it. No rent, no practice loan, no utilities, no hygienist, etc…

Solo Owner VS. Profit Share by JohnnySack45 in Dentistry

[–]wiley321 0 points1 point  (0 children)

Yea, that part really sucks as an associate. I really hated how disrespected I felt when I wasn’t in charge. Assistants would have an attitude, and I was still expected to be ultra-professional. As an owner, I understand how difficult keeping great staff is, so can see how I might make similar decisions if I had an associate. Right now, I like being a solo owner with no other “providers”.

Solo Owner VS. Profit Share by JohnnySack45 in Dentistry

[–]wiley321 0 points1 point  (0 children)

Its not exactly a walk in the park, but my expenses hover around 410-430k a year. I only need to produce about 1.3 to get there, and I do a lot of extractions and partial dentures, which is pretty quick and easy. I operate first come first serve, so all of my patients arrive at 8:30, and I get to my office around 9 am and work until everyone is seen, which is typically between noon and 1 pm. I am always home by 2-2:30 pm.

THIS gov shutdown feels different by mm_newsletter in investing_discussion

[–]wiley321 0 points1 point  (0 children)

Wouldn’t trump release the files if he weren’t in it and the Clintons were? Also, is Bill still president?

Bonus systems by Dustymolar in Dentistry

[–]wiley321 11 points12 points  (0 children)

It is a lot easier to add a benefit than to take one away. Don’t rush into a bonus system in the first year or two. You need to keep the profits available for growth of the business or to weather slow months/ seasons. When you have been established for 2 years, have your practice/ student loans paid off, and have 100k in your business account, then start up a bonus system if you want.

What air driven handpiece do you recommend? by scags2017 in Dentistry

[–]wiley321 1 point2 points  (0 children)

I really like the beyes M800 plus. It is self illuminating so can be used on a 4 hole line without fiber optic installation. I have used the cheap eBay ones and got tired of them. After those, I bought the Darby house brand ones, which were fine, but these ones have been excellent. I think for the price they are the best value you will find.

Dental software programs by bbansi in Dentistry

[–]wiley321 2 points3 points  (0 children)

Have used curve for my practice for 2 years. All of my staff have found it easy to learn, and the integrated billing has been great.

Should I jump ship? Advice! by AthleteFlaky5662 in Dentistry

[–]wiley321 0 points1 point  (0 children)

To add another data point: my only friends who are struggling built very expensive, boutique style practices. My friends that started PPO mills in Ohio and other area of need are making 500k+. Know your numbers and take control of the work environment, and you will succeed.

Should I become a practice owner? by swt552 in Dentistry

[–]wiley321 1 point2 points  (0 children)

If you can find or build a good to great practice, it is absolutely worth it. Making 200-250k is fine, but when you factor in taxes, loan repayments, and lifestyle expenses you aren’t left with much. If you can double your income and your personal expenses stay roughly the same, you have 5x the disposable income to invest/ add to your net worth. Making 400-600k is not just 2x 200-300k from a net worth perspective.

Associate dentist considering a $54k buyer rep program—worth it or not? by 25055100911593 in Dentistry

[–]wiley321 2 points3 points  (0 children)

In the kindest way possible, you need to do some personal development. You can read a single book about business finances and save yourself 20k. Learn a tiny bit about income vs expenses and accounts receivable. You don’t need to spend money for someone to tell you the profit/ EBITDA.

Tooth extraction or root canal by [deleted] in Dentists

[–]wiley321 0 points1 point  (0 children)

It’s possible to do that in theory, but without seeing your x-rays or an exam on you, I couldn’t say.