Bankers Healthcare Group provides innovative, hassle-free financial solutions to healthcare professionals. Since 2001, BHG has provided more than $3.5 billion in financial solutions to satisfied customers nationwide and worked with over 110,000 practitioners. BHG is proud to maintain partnerships with leading healthcare industry associations and is continually recognized for innovation, growth and being a best place to work. BHG is partially owned by Pinnacle Financial Partners. To learn more, visit www.bankershealthcaregroup.com.

Bankers Healthcare Group

	A national research study from Bankers Healthcare Group, a leading provider of financial solutions for healthcare professionals, examines how dentists manage their business finances and investments. BHG surveyed more than 400 dental professionals (both practice owners and associates) to better understand their financial decision making and how they’re investing to maintain and grow their practices/services.

	Three out of four dentists (76 percent) play an active role in making financial decisions for their practice, regardless of their title within the office. These decisions include budgeting, investments and borrowing.

Read more: Survey shows dentists concerned about declining reimbursement rates

	Among practice owners only, 60 percent make financial decisions on their own, while 27 percent make them jointly with others. The remaining 13 percent are hands-off in financial decision making, relying on others such as practice partners, office managers or a financial adviser. Those aged 35 and older skewed higher on sole decision making, while younger practice owners were more likely to tap other experts to make financial decisions.
	 
	Among associates (nonpractice owners), those aged 35-49 and who practice with only two or fewer other dentists are more likely to be involved in their practice’s financial decisions.

Practice owners surveyed say payroll and benefits are their highest expenses, with nearly half (47 percent) estimating an average annual spend $100,000-$299,999, while about a quarter (22 percent) estimate spending $300,000-$499,999.
	 
	Hiring office staff is the most frequently incurred significant financial investment for dentists. One-quarter said their practice hires office staff every two to three years, while another 22 percent hire annually. Upgrading or purchasing new equipment is also a frequent larger financial move, with 20 percent indicating they’re likely to do this every year.

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	BHG asked respondents to estimate how much they spend on average for other annual practice costs. Top expenses include:

		Dental supplies: 32 percent report spending more than more than $30,000

		Office rent/mortgage: 39 percent spend more than $30,000

		Lab fees: 29 percent of owners estimate they spend over $30,000

		Marketing: 43 percent report spending less than $3,000

		Continuing education: 41 percent of owners spend less than $3,000

	Almost half of all dentists (44 percent) surveyed said they’ve taken out a commercial loan and 40 percent have taken out a personal loan. The most common uses of a business loan include:

		Start/open practice/healthcare business: 50 percent

		To finance expansion/equipment: 32 percent

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Three out of four dentists play an active role in making financial decisions for their practice.

Survey examines dental practice investments

	About one-third (35 percent) of independent dental professionals surveyed said they want to own a practice, according to a national research study from Bankers Healthcare Group, a leading provider of financial solutions for healthcare professionals.

	Ownership can be a natural transition for a young dentist working as an associate in a practice, and two-third of dentists under age 35 said they’re involved in an ownership transition model in order to one day obtain the practice at which they work.

	Among those who desire to own a practice, more than half of those surveyed (53 percent) expect to take on ownership within the next five years, while roughly one-third (28 percent) forecast ownership within six to eight years. As they move toward ownership, here’s what they said they’re thinking about:

		52 percent concerns about running a business

“It’s exciting to see the desire for dental practice ownership. Certainly, it’s a big investment of both time and money, but an important step in one’s career that can reap great rewards,” said Al Crawford, co-founder, chairman and CEO of BHG. “Clearly preparation is required, and by having a timeline to achieve the goal of ownership, dentists can use that time to secure the right financing, tackle other outstanding debt, and learn about what’s required to run their own practice.”

	The dentists who indicated they wanted to remain independent cited the following reasons:

		35 percent I’m happy at my current employer

		19 percent current industry environment

		19 percent previously owned a practice and sold it

	BHG’s National Survey of Dentists examines financial concerns, business outlook and social media use across dental specialties in the United States. BHG surveyed 413 dental professionals (practice owners and independent providers) to gain understanding of their concerns and goals within their profession. To learn more about how BHG works with dentists, please visit 

Among those who desire to own a practice, more than half expect to take on ownership within the next five years.

Survey shows one-third of independent dentists aspire to own a practice

	Declining reimbursement rates is the top industry concern among dentists, according to a 2018 national survey from Bankers Healthcare Group, a leading provider of financial solutions for healthcare professionals. Nearly three-quarters (72 percent) of 413 licensed dentists (both practice owners and independent practitioners) surveyed by BHG indicated high levels of concern about this trend’s impact on the industry.

	“Lower reimbursement rates mean dentists take in less income, so it’s not surprising that this was the most cited concern among the audience,” says Al Crawford, original founder, chairman and CEO of BHG.

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When asked to rate other concerns in the industry, dentists cited:

		Impact of DSOs/corporate dentistry: 61 percent highly concerned. This issue was less likely to be a concern among younger dentists (42 percent) and more likely to be a concern among those practicing in a suburban office (71 percent).

		Increasing competition saturating the industry: 49 percent highly concerned. This was more frequently cited by those practicing in an urban (53 percent) or suburban (51 percent) location and those aged 35-49 years old (54 percent).

		Government healthcare programs: 43 percent highly concerned. This was more likely to be cited by younger dentists (51 percent) and those working in an urban office (48 percent).

	One-quarter of those surveyed listed “Other” additional industry concerns, including the cost of equipment, availability of equipment, patients’ access to care, cost of education and insurance.

	BHG’s National Survey of Dentists examines financial concerns, business outlook and social media use across dental specialties in the United States. To learn more about how BHG works with dentists, visit 

Other top concerns included the impact of DSOs and increasing competition in the industry. 