Although more dentists are delaying retirement, you don't have to be part of the trend. In this month's "Data Bite," Dr. Levin looks at the latest dentist retirement data and offers analysis.
More dentists believe it will take longer to reach retirement, according to the 2016 Dental Economics–Levin Group Annual Practice Survey. Nearly half (46%) of survey participants said changes in the economy are forcing them to continue practicing past their expected retirement date. That response represents a 4% increase over the previous year’s survey.
Even though the Great Recession officially ended in 2009, many dentists are still grappling with the lingering effects of a sluggish economy. In addition, dentist retirement data can be linked to seismic changes occurring within dentistry, including:
- The opening of nine new dental schools since 2008
- More new dentists entering the profession
- The growth of corporate dentistry
- Declining insurance reimbursements
- Fewer patients with dental insurance
All these factors have put downward pressure on practice production and doctor income for many owners of solo practices. Yet, in spite of the current challenges, there are many practices doing extremely well. In fact, the majority of dentists still say the economy hasn’t affected their retirement plans.
If you’re concerned about your ability to retire when you want to, my advice to you is simply this:
- Learn everything you can about the business of dentistry
- Implement high-performance systems and train your team on those systems
- Market your services year-round
- Get business help from experts if you need it
Do those four things, and practice success will take care of itself.
Author's note: Need CE for 2017?Attend one of Dr. Levin’s upcoming “Building the Ultimate Practice” seminars in Tampa, Chicago, Austin, or Columbia (Maryland). Visit levingroup.com/gpseminars for more information.
Roger P. Levin, DDS, is the founder and CEO of Levin Group, a leading dental consulting firm. A nationally recognized speaker, Dr. Levin presents practice management seminars throughout the country.
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"Data Bites" is a monthly column in the Apex360 e-newsletter. The column presents findings from the Levin Data Center and analysis by Roger P. Levin, DDS.
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Editor's note: This article first appeared in the Apex360 e-newsletter. Apex360 is a DentistryIQ partner publication for dental practitioners and members of the dental industry. Its goal is to provide timely dental information and present it in meaningful context, empowering those in the dental space to make better business decisions. Subscribe to the Apex360 e-newsletter here.
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