Financing Your Dentistry Practice: Is It Time For A Checkup?
February 21, 2018
By: Adam Lervik, Commercial Banking Officer, Peoples Bank | Puget Sound Business Journal
Adam Lervik - Commercial Banking Officer
The dental industry is experiencing a “generation gap.” Due in large part to baby boomers reaching retirement age over the past few several years, the Health Resources and Services Administration estimates a current shortage of 7,300 dentists in the United States.
But there’s also been a resurgence of interest in dentistry amongst millennials. As new dental schools are opening to address this shortage, younger people are being drawn toward newer technologies and specialization. According to the Bureau of Labor Statistics, overall employment of dentists is projected to grow 19 percent from 2016 to 2026, well above the average for other occupations. Part of this is due to increased demand for dental services, thanks to a relatively good economy, an aging population, improved technology – from digital X-rays to electronic health records – and generally more consumer awareness about dental health.
Whether you’re looking to start or expand your existing practice, here are some do’s and don’ts to keep in mind.
Do build a relationship with your banker. When meeting with a potential banker, sit down and get to know them. Tell them your concerns and questions. Dentists, I’ve found, are typically very relationship-focused. When you’re dealing with someone’s finances, there’s a level of trust that goes both ways, and establishing a relationship early on goes a long way toward building that trust. Read more...