Dentaltown August 2016 - (Page 70)
practice management
feature
With these trends likely to continue, a large number of the already
limited supply of young dentists may not have the financial means
to purchase a practice of their own for many years after graduation.
Dental School Graduates (U.S.)
7,000
6,000
5,000
Facing an uncertain future
Concerns regarding young dentists aren't the only factors
contributing to the limitations in practice transition options.
Tenured dentists themselves are also playing a role. For multiple
reasons, many professionals of the baby-boomer generation-across
all industries-are working beyond the standard retirement age.
One of the main causes of this trend is today's uncertain
economic landscape, which has many doctors feeling the need
to continue practicing in order to maintain financial stability. As
recently as 2006, doctors 45 years and older composed about 65
percent of active dentists.
This number is likely to continue growing as more dentists
practice longer into their careers. That bubble will eventually
burst when a large portion of the dental workforce suddenly looks
to retire. This could result in a mass selloff, rapidly shifting the
current seller's market into a buyer's market.
A decline in dental patients
Adding to this building problem is the trend of decreasing
dental care utilization among adults-even those with dental
6,300
4,700
4,000
3,979
3,000
2,000
1,000
0
1977
1989
2008
Source: American Dental Education Association, "Current demographics and future trends of the dentist workforce," 2009
insurance. Changes in the health insurance landscape, paired
with lean economic times, have changed consumer behavior
about seeking dental services.
Adults are pickier about their health care spending today and
because dental care often falls lower on a health care consumer's
priority list, more people are limiting their dental visits and only
going in if they encounter a significant problem.
According to the ADA, adult dental care utilization decreased
by 10 percent between 2003 and 2010 and that decrease is likely
to continue for some time, resulting in lower production numbers
for many dentists.
Average Total Resident Cost for All Four Years (U.S.)
$180,000
$171,023
$170,000
Total Education Costs
$160,000
$158,119
$150,000
$147,409
$140,000
$138,781
$130,000
$130,236
$122,683
$120,000
$110,000
$111,807
$100,000
$90,000
$103,645
$94,311
$88,534
$80,000
2001-02 2002-03 2003-04
Source: American Dental Education Association, "Current demographics and
future trends of the dentist workforce," 2009
68
AUGUST 2016 // dentaltown.com
2004-05
2005-06
2006-07 2007-08
Academic Year
2009-10
2010-11
http://www.dentaltown.com
Table of Contents for the Digital Edition of Dentaltown August 2016
On Dentaltown.com
Howard Speaks: You Don't Know COGS
Professional Courtesy: The Promise of Technology
Continuing Education Update
Industry News
Dealing with Parents Who Refuse GA Whose Children Obviously Need It
Class II Composite Technique
Best Alginate, Hands Down!
The Pillars of Attraction
Out-of-Pocket Collections: Mending the Holes
Dentists Playing Bankers: A new perspective on accounts receivable
Character Studies: Your financial tendencies likely depend on which of these nine archetypes fits you best
Quality Control: Five reasons you should purchase quality hygiene instruments
Practice Solutions: 3M
Opting Into—Or Out of—Typical Transitions
Treatment of Intraoral Infections
Service Profile: Gilleard Dental Marketing
Product Profile: Ivoclar Vivadent
Immediate Implants: Tips for improving the outcome in the aesthetic zone
New Products
You Should Know: Call Sumo
10 Strategic Insights for Patient-Producing Postcards
Monthly Poll: Pediatric Dentistry
CE: Oral Diseases Associated with Men
Dentally Incorrect
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