5 Stages in the Professional Life cycle of a Dentist
Learn about 5 stages in the professional life cycle of a dentist. We are taught dentistry but no one teaches us the business cycle of Dental Practice. This lack of knowledge regarding the business aspect is hurting the dentists in the long run.
Stage 2 of Dentistry: Growth of Practice
(Practice age: 2-12 Years)
Growth stage lasts for 5 to 10 years and the average group age is 26 to 40 years.
By now, you have crossed the introductory phase and learned many things from it.
You use that and slowly you start showing growth professionally.
Your presence in the market has built a brand value for yourself & your dental practice.you have patients who have established a comfort level with you and in
You have patients who have established a comfort level with you and they feel confident to refer your practice to their friends and families.
It is the best stage of your practice as the patient flow is good and you leap towards financial stability.
Pic Credit: Littlewing
You will observe the rise in your income by 15%-25% every year.
Most dentists get married in the beginning of this stage and plan baby in mid-stage which sometimes adds to your financial burden and so you are still ready to work as per patient’s convenience.
Increasing financial demands (due to growth in the family) makes this phase one of the most laborious and hard working phase of your dental practice career.
There will be days when you will just feel like not going to the clinic the next day.
You are still in that competitive mode, seeing other dentists. In this stage also many times you are somehow managed by the patient because of your sense of necessity.
But you realize the Worth of this phase and keep striving hard. You are slowly going through that self-realization. There is that happiness of being the family man and also the determination to build a better future for your family.
Because the amount of Work you put in this phase, it will lead you to the Maturity phase where you have the chance to Enjoy the maximum premium.
it will lead you to the Maturity phase where you have the chance to Enjoy the maximum premium.
Maturity phase is that phase of dentistry where you are going to be in the position to reap the maximum benefits from the practice which you have built in the last two phases.
