How much money do dentists ACTUALLY make?
Summary
TLDRIn this video, Joel, a recently graduated dentist, breaks down the earning potential for dentists at various stages of their careers, from new graduates to practice owners. He discusses the wide range of incomes, emphasizing that earnings can significantly increase depending on factors like work hours, location, and practice ownership. Joel highlights the potential for high earnings as a dental associate or practice owner, while also noting the challenges and complexities involved in running multiple practices. Ultimately, he encourages viewers to consider financial aspects when choosing a dental career.
Takeaways
- 🤑 Dentists' earnings can vary significantly based on their stage of career, from new graduate to established associate or practice owner.
- 💰 New dentists typically earn between $125,000 to $200,000, but some may earn more by working harder or in more remote areas.
- 📊 The American Dental Association (ADA) reports a median income of $130,000 for recent graduates, with a range of $120,000 to $180,000 for 45% of them.
- 🏆 Exceptional new graduates can earn more than the average by taking on more work or moving to areas with higher demand and fewer dentists.
- 🔝 As dentists become more established, they can earn more due to increased skill and efficiency, with the potential to earn between $150,000 to over $400,000.
- 🌟 The 'super GP' concept highlights general practitioners who have mastered advanced procedures and can earn at the high end of the scale for associates.
- 💼 Practice ownership is considered the 'holy grail' for earning potential, allowing dentists to earn income even when not actively working in the chair.
- 📈 Overhead costs for a dental practice can range from 50% to 70%, with an average of around 60%, affecting the net income of practice owners.
- 🏆 The average billings for a dental practice owner reported by the ADA is $742,000, with potential net earnings of around $300,000 after overhead.
- 🌱 Owning multiple practices can exponentially increase earnings, with some owners taking home nearly half of total practice billings.
- 🚀 Dentists have the opportunity to diversify their income through alternative investments and the potential to sell their practice as an appreciating asset.
Q & A
Why is it considered taboo to discuss income in the healthcare field?
-It's considered taboo because there is a lot of virtue signaling that occurs when people discuss careers, especially in healthcare, where the narrative often emphasizes noble reasons for the profession over financial incentives.
What is the general range of income for a new graduate dentist?
-The income for a new graduate dentist typically ranges from $125,000 to $200,000, but it can vary widely depending on factors such as location, hours worked, and the dentist's willingness to take on additional responsibilities.
What is the reported median income for new grads according to the American Dental Association (ADA)?
-According to the ADA, the median income for new grads is around $130,000, with 45% of recent grads earning between $120,000 and $180,000.
Why might a new dentist's income be higher than the typical range?
-A new dentist's income might be higher than the typical range if they choose to work more hours, take on additional responsibilities, or work in a location where there is a higher demand for dental services.
What is the potential income for a dentist who moves to a remote area?
-A dentist who moves to a remote area can potentially earn significantly more due to supply and demand, as the speaker in the script was able to earn just over $300,000 in their first year by moving to a remote location.
What is the role of a 'super GP' in dentistry and how does it affect their income?
-A 'super GP' is a general practitioner who has advanced skills and performs a wide range of dental procedures, including complex treatments like root canals, wisdom tooth extractions, and implant placements. This specialization allows them to bill more and earn at the upper extreme of what a dental associate can earn.
What is the typical income range for an established dental associate?
-An established dental associate can expect to earn anywhere from $150,000 to over $400,000, with the potential to earn even more depending on their skills, the number of procedures they perform, and their efficiency.
How does becoming a practice owner affect a dentist's income?
-Becoming a practice owner can significantly increase a dentist's income as they can earn money not only from their own work but also from the work of other dentists and hygienists in their practice. Additionally, they have more control over the practice's operations and billing.
What is the average overhead for a dental practice and how does it impact the dentist's income?
-The average overhead for a dental practice is around 60%, which includes expenses such as wages, materials, and rent. This overhead is subtracted from the practice's billings to determine the dentist's take-home income.
How does owning multiple dental practices affect a dentist's income and lifestyle?
-Owning multiple dental practices can greatly increase a dentist's income, potentially allowing them to earn hundreds of thousands of dollars annually without having to work in the chair. It also requires significant management and organizational skills, which can be challenging but also rewarding.
What is the potential retirement benefit of owning a dental practice?
-Owning a dental practice can act as a retirement fund because it is an income-producing asset that can be sold. If the practice has been successfully run and grown, it can be an appreciating asset with significant value when it comes time to sell.
Outlines
💰 Dental Earnings: From New Grad to Practice Owner
This paragraph discusses the taboo nature of discussing money in healthcare careers, particularly dentistry. The speaker aims to provide clarity on the earnings of dentists at various stages of their careers, from recent graduates to established associates and practice owners. It emphasizes the variability in income based on factors such as work hours, location, and specialization. The speaker shares personal anecdotes, including their own experience of earning over $300,000 in a remote area due to high demand and a busy practice.
📊 Earnings Breakdown for New and Established Dentists
The second paragraph delves into the specifics of dental earnings, starting with new graduates who typically earn between $125,000 to $200,000, although this can vary widely. The American Dental Association's data is referenced, showing a median income of $130,000 for recent graduates. The speaker also introduces the concept of a 'super GP', a general practitioner who has advanced skills and can earn significantly more. The established associate's income is discussed next, with earnings ranging from $150,000 to over $400,000, highlighting the potential for high earnings through increased productivity and skill.
🏆 The Pinnacle of Dental Earnings: Practice Ownership
The final paragraph focuses on the highest level of dental earnings potential: practice ownership. It explains the benefits and challenges of owning a dental practice, including the ability to earn passive income and the increased control over one's work. The speaker provides an overview of practice overhead and how it affects earnings, using the 2019 ADA report to estimate that a typical practice owner could take home around $300,000 after accounting for overhead. The potential for even higher earnings through owning multiple practices is also discussed, illustrating the unlimited earning potential for enterprising dentists.
Mindmap
Keywords
💡Dentist
💡New Grad
💡Established Associate
💡Practice Owner
💡Income Range
💡Super GP
💡Overhead
💡Billings
💡Supply and Demand
💡Burnout
💡Dental Career
Highlights
Dentists' earnings vary significantly from the new graduate stage to established associates and practice owners.
It's a taboo subject to discuss earnings in healthcare, but understanding potential income is important when choosing a career.
The speaker gathered data on dentists' earnings by calling in favors, promising anonymity, to get accurate information.
New graduates in dentistry typically earn between $125,000 to $200,000, but it can vary greatly.
The American Dental Association (ADA) reports a median income of $130,000 for new graduates.
Some new grads can earn more by working harder or choosing to work in underserved areas.
The speaker personally earned over $300,000 in their first year by moving to a remote area and working hard.
Established associates can earn more as they become faster and more efficient with experience.
The concept of a 'super GP' in dentistry refers to those who have mastered advanced procedures and can earn significantly more.
Dental associates can earn anywhere from $150,000 to over $400,000, with some even earning over $700,000.
Practice ownership is considered the 'holy grail' for earning potential in dentistry.
Practice owners can earn a percentage of the overall practice's billings, not just their own work.
Overhead costs for a dental practice can range from 50% to 70%, with 60% being an average.
The ADA reports that the average billings for a dental practice is $742,000, with owners potentially taking home around $300,000.
Owning multiple practices can significantly increase earnings, with some owners taking home nearly $500,000 annually.
Dentistry offers a wide range of earning potential, from part-time associates to those owning multiple practices.
The speaker emphasizes the importance of not only focusing on income but also considering other aspects of the career.
Transcripts
i called in all my favors with my
dentist friends with the promise of
anonymity to find out exactly how much
money
dentists are making at each stage of
their career from newgrad
to established associate so it's not
like double the hours double the pay
it's like
even quadruple to practice owner
including practice owners that have
multiple practices
in this video i'm going to break down
exactly how much money they're making
and what you can expect to earn in your
dental career it's taboo to talk about
money it's an uncomfortable subject
there's a lot of virtue signaling that
goes on when people talk about careers
and how especially in health care that
money isn't important to them that
they're doing it for these other noble
reasons
and that's super important you shouldn't
go into a career in health care
just to make money as i've talked about
in another video i think there are
probably easier ways to make money than
to be a dentist
but a big part of choosing a career is
figuring out how much money you can
expect to make but when i was a
pre-dental student and i would ask this
question people will either tell me it
varies or it depends
or give me some bs reported statistic
which for the most part
under represent what you can actually
make as a dentist because they factor in
all these dentists that are working
part-time
not what i was planning on doing and so
i want to make a video that i think is
going to give that answer to you
i'm going to talk about what a typical
range is at each of these different life
stages
and what you can reasonably expect to
take home as a dentist
hey team if you're new here i'm joel i'm
a recently graduated dentist and i also
work at det boot camp and i make videos
to help you along your dental journey if
that sounds interesting to you consider
subscribing
so let's first talk about the new grad
so the new grad is someone who graduated
recently from dental school within the
last year or two
so tell me a little bit about your
working situation because i know that
you're working hard
i got hired at the start wherever they
offered me work i would take it
i made like a vow that i would never
turn down a job offer
so talking to my friends when we were
recent dental grads or
talking to my fiance danny who just
graduated from dental school and her
friends
most people are in the 125 to 200 000
range but definitely can be more and
definitely can be less now if we look at
the reported data from the american
dental association the ada
you can see that there's a semi-skewed
bell curve with a median of 130 000
and 45 of new grads or recent grads
earning between 120 to 180 000 but with
a bell curve there are some that earn
more and some that earn less
and i was working six sometimes seven
days a week to start
so i'm probably working around 60 hours
so while this new grad friend of mine
is definitely an outlier and he's
hustling hard i want to make the point
that
you can decide to work a lot harder than
what most people do
and so if you have big aspirations for
what you want to make right out of
dental school
there's the possibility of doing what
other people aren't willing to do so i'm
a bit uncomfortable talking about my own
income but i'm gonna do it for the sake
of this video
when i graduated i did what other people
weren't willing to do and i moved up to
the middle of nowhere
and in that year i was able to earn just
over 300 000 which is a lot more than
what the typical
new graduate dentist can do mind you i
was earning a much higher percentage of
my billions because i was in the middle
of nowhere
supply and demand and i had a very busy
practice but
the point i'm making is that whether you
decide to work more hours than the
typical person and
hope that you don't burn out or you're
willing to go somewhere that other
people aren't willing to go to
there are a lot of opportunities to earn
a lot more than the typical new grad
if you're willing to do things
differently dentistry isn't standardized
you can be at a super busy practice or
you can be at a slower one
you might be a new dentist and be a lot
more confident and be a lot quicker
while others might be slower you might
choose to work two days a week or you
might be working 60 hours
but i think overall if you want to as a
new grad make 150
000 or more 100 that is within your
capability
and as you get your speed up you can
then move into that next tier the
established associate
so the established associate has been
working for longer than the new grad
and as you're working longer your skills
are getting faster you're able to do
more
procedures and that means that your
income is going to go up now
interestingly
as you become a more established
associate you paradoxically might find
that your income goes down
for example i am working less hours
today
being a very established associate than
i was three years ago
because for me i've decided that working
every day in the dental chair isn't what
drives me
and i'd rather do other varied things
even if that means sacrificing some of
my dental income
but for the most part if you're working
just as much as you were as a new grad
as an established associate your income
is going to be higher than it was
there's even this type of dentist that's
sometimes referred to as the super gp
the super general practitioner and the
super general practitioner is someone
that has learned it all
they've done continuing education
courses on doing advanced root canals
wisdom tooth extractions they do iv
sedations they do all their own implant
placement
and so the super gp is going to be at
the upper extreme of what you can earn
as a dental associate
because they're going to be billing so
much more and they're gonna be doing so
much more work
per amount of time that they're working
so the typical full-time established
dental associate
can earn anywhere from the median
hundred and thirty thousand dollars that
we saw for
the recent grads and uh there isn't a
lot of great data out there by the ada
about what non-practice owner dentists
are earning
they say that the average general
practitioner earned about 204
000 but that would include practice
owners as well but from my own knowledge
and having talked to a lot of other
dental associates you can expect to earn
anywhere from 150
000 to 400 000 plus as an associate
and one person at my dental practice
group has earned over seven hundred
thousand dollars just as a dental
associate
being a super gp in the united states
it's typical for a dental associate to
be paid 35
of the amount of procedures that they
bill and that is paid for
and so that means that a dental
associate would need to build about 570
000
through the year to make about two
hundred thousand dollars net themselves
and if you do the math working about 250
days in a year that means that you'd
have to be producing about twenty three
hundred dollars a day
as an associate to make two hundred
grand and frankly that actually isn't
that difficult to do
if you're at a relatively busy practice
so what can you expect to earn as an
established associate
i'd say 200 000 plus is a conservative
number that i think you can hit
and the ceiling is much higher than that
and now finally we're gonna get into
practice ownership
if you wanna make money practice
ownership is the holy grail
now practice ownership isn't for
everyone and it comes with a lot of
headaches
but the idea behind practice ownership
is finally you can start making money
when you're not just sitting in the
dental chair
the most obvious way to do this is by
having hygienists who are working for
you
additionally as a practice owner you get
to set all the parameters of what you
want to treat how you want to treat it
you get a lot more latitude in the
day-to-day decisions as a dentist
then sometimes you can have as a dental
associate so let's go through some
numbers
overhead is the amount of expenses that
a dental practice has
so if you subtract out the amount that
you're paying in wages
what you're paying in material the rent
this is all money that's leaving your
pocket as a practice owner
and contributes to the cost to run into
practice that's your overhead
now overhead will vary depending on
where your practice is and how you're
running it
typical numbers anywhere from 50 to 70
but 60
is a relatively good average for what a
dental practice will have is overhead
now in the 2019 ada report they said
that the typical owner dentist billings
was 742 000 now i actually can't tell
from looking at the report
whether that's just the dentist billings
or that's the billing for the entire
practice
but i'm going to go ahead and assume
it's the billings for the entire
practice
not just specifically what the dentist
is billing so if we assume a 60
overhead on the 742 000 of practice
billions
that would mean that the dentist is
taking home about 300 000 themselves
which is already getting into really
good income
now with the 742 thousand dollars that
they're reporting remember this is an
average so you have a dentist who's 86
and is working three days a week
and heads to the golf course at 2 p.m
every day they're not going to be
billing very high
and that's gonna bring the average down
i know firsthand of practices that build
two million dollars plus and many of the
bill over a million dollars
so you can see how as a practice owner
you could be taking home
400 000 plus and this is if you only own
one practice now some of the real magic
comes
when you own multiple practices so for
example i'm a dental associate
the person that owns the practice that i
work at doesn't work there
and he in fact owns 11 practices in
total
a rough estimate for what a dentist can
take home
when they are absent it's an associate
run practice the owner dentist isn't
there
is about 20 of overall billings so if
you own
three practices that produce eight
hundred thousand dollars
then the twenty percent would mean that
you're taking home a little under five
hundred thousand dollars a year
without actually needing to be in the
chair now it is a lot of work to run a
dental practice that's a lot of stress
and headache
so it's not without its effort but you
can see how only multiple practices
whether it be two or three or gain up to
11 it can quickly become
very profitable and that's why dentistry
is so
interesting and ultimately why people do
say the income really varies
because as a dentist you could be a
associate that chooses to work two days
a week
and only for six hours and the rest of
the time
you spend being an artiste or you get
into practice ownership where you own 11
practices or even more
and there essentially is no ceiling in
what you can earn as a dentist
now it's easier said than done to get
into practice ownership especially at
the scale
of 10 plus practices if it was so easy
and a surefire thing
everyone would be doing it there's a lot
of organizational headache
that simply amplifies every time you add
an additional practice
but people who are enterprising and have
the hustle and want to make that type of
money
can do it and talk about the money that
you'll earn as a dentist if you own a
practice
that is an income producing asset which
means at some point you'll be able to
sell it
now if you've been running the practice
successfully and you've grown it
hopefully that's an appreciating asset
that can act as a nice retirement fund
when you're finally ready to sell
now everything that i've just talked
about is of course just dental income
but hopefully if you're really smart
throughout your dental career you'll be
putting money into alternative asset
classes
and have a whole different type of
income to talk about i'm gonna get in
before the haters get to the comments
section
these numbers can and do vary widely
these are just the numbers that i've
seen talking to people that i know and
what the reported data shifts so there
you have it
now you know exactly what you can expect
to earn as a dentist
however once you make all this money you
realize it wasn't actually what you were
after in the first place
but that's a video for another day if
you're curious about how i earned over
300 000
in my first year check out this video i
talked about how i went to a remote
community
and paid off my debt that much quicker
and if you enjoyed this video hit
subscribe and support my channel by
smashing that like button
i make videos to help you along your
dental journey and i'll see you in the
next one
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