If you’ve considered purchasing a dental practice, now is a good time to make the plunge.
American healthcare norms are changing again. More families and individuals are starting to consider the nature of their insurance and what it means for their health. Good oral health, in particular, can have a serious impact on a person’s life when left alone. With more dental clinics rising to meet the challenge, searching for available dental practices can be a keen way of getting your foot in the door. You can also learn a few things about selling what you have to make way for the future.
What does the dental industry look like today? What is my practice worth? Let’s take a look at some of the most recent statistics so you can get better perspective on what’s to come.
Oral care is essential for everyone to live a long, happy life. The consequences of cavities and missing teeth, according to recent studies, go even further than previously thought. One study found that, the more missing teeth a person has, the lower the probability of them reaching old age. Several easily treatable conditions — such as cavities, gingivitis, and periodontal disease — are also on the rise among several American adult demographics. The function of a well-maintained dental practice only becomes more vital by the day…and it’s something you can tap into with a little research.
There’s been a significant increase in dental applicants these past few years, due in no small part to the failing health of the populace. By the time 2018 arrived there were around 60 working dentist per 100,000 people in the United States. That same year saw that, out of the nearly 200,000 dentists in the industry, nearly 35% were women. Keeping a close eye on industry statistics is how you get the most out of your dental practice sales, as they’ll inform you on who to market to and when. The average age of retirement of dentists back in 2017 was 65 to 70 years old, which is up a little from 2007.
Overall, this growth is only going to keep moving. The United States’ dental industry has grown by nearly 3% these past five years, set to reach a staggering $135 billion in revenue. Not all niches are created the same, either — you have pediatric dental practices, cosmetic dental practices, and general dental services. When you ask, “What is my practice worth?” you also have to consider the demand in your area. You might just be a trailblazer by filling in a gap that’s not being met.
To buy and sell a dental practice you need to keep a few things in mind. The first is several years’ experience in the dental industry, whether you owned a practice yourself or are a dentist still working in your field. The second is industry knowledge to keep track of which way the winds are blowing. With more demand for high-quality dental services increasing you’ll have some competition for your dental practice appraisal. A good rule-of-thumb to keep track of when browsing for buyers is always minding your business goals. What you need now financially — or even location-wise — might not hold up a few years down the line.
What is my practice worth compared to others in similar niches? Should I sell now or wait another year to get the price I deserve? All questions should be redirected to your Chicago dental broker. Dental practice transition consultants have their work cut out for them attempting to navigate American healthcare standards — according to studies by the ADA, the supply of full-time benefits is going to steadily increase for the foreseeable future. Now is the perfect time to know the value of your practice and make sure it’s picked up by the best buyer.
What is my practice worth? Should I sell my dental practice this year or hold out? Reach out to your dental appraisal and find out as soon as possible.