Associateships can play a very important role in dentistry. Being a dental associate allows you the opportunity to practice clinical dentistry and earn income without the pressures of ownership, practice management, and debt service. This can be attractive for several reasons, but before you commit to an agreement, make sure you’ve done your due diligence on the opportunity. Legacy Practice Transitions has over 30 years of practice transition services, including dental associateships to help doctors align with opportunities that meet their needs.
Our history of successful dental practice transitions allows us to recommend the most comprehensive and fair business arrangements between all parties. Using creativity and ingenuity, Legacy Practice Transitions guides doctors through the financial and professional realities of an associateship agreement. Our knowledgeable experts provide sound advice for the next phase of your career. Legacy Practice Transitions works to define the terms of an associateship and protect all parties involved. Associateships can be a great option for dentists during various stages of their careers. The flexibility and the opportunity to expand or maintain your clinical skills while earning an attractive income are just some of the benefits of an associateship. View current associate opportunities or contact us for a consultation today!
Considerations for the Associate Doctor
As an associate doctor, you have the basic needs of income and clinical experience. Beyond the two basic needs, there are several more complex considerations for an associateship that need to be addressed before signing any agreement.
Here are a few considerations for an associateship:
- Geography (immediate and future concerns) – be careful of restrictive covenants
- Present Financial Needs – guaranteed income vs. production-related income
- Future Financial Desires
- Opportunity for Ownership – establish parameters prior to entering an associate agreement
- Duration of the Opportunity
- W-2 Employee vs. Independent Contractor
- Benefits During Employment
- Lab and Supplies – are you financially responsible for either?
Understanding how each consideration could affect your future is important. Legacy consultants understand the intricacies of associateships agreements and we can work with both parties to achieve the best possible outcome. We strive to align doctors through a determination of their needs, and not just out of simple convenience.
The Benefits of Dental Associateships
- Flexibility: In formal agreements, associates, and owners have the flexibility to optimize workflow, expand office hours and grow the dental practice.
- Mentorship: Associates can gain valuable working experience; the senior doctor can assist with clinical and business development.
- Potential for Income Growth: Associates may be able to increase their income over time as they build their skillset and become more efficient with procedures.
An associateship can have a multitude of benefits, but with any business venture, there can be risks involved. You can greatly reduce any risks by engaging a professional who has expertise in associate agreement structure and provider contracts. Legacy Practice Transitions has the experience and knowledge to assist you through the process.
Why Do Dentists Bring In New Associates?
Associates help to reduce workload while maintaining or growing the production levels in your practice. Bringing in a new associate can also allow the owner dentist to gradually transition out of their dental practice and ease into retirement. In fact, many associates work for several years with a senior doctor to prepare for succession. One of the best reasons for seasoned dentists to bring in a new associate may be to mentor and pass on their knowledge and experience to the next generation of dentists.
It is important for owner dentists to carefully consider their motivations for bringing in a new associate and to have clear communication with the associate about the terms and expectations of the arrangement. It is imperative for both parties to seek guidance from a dental transitions group, legal, and financial professionals to ensure a smooth and successful transition.
While associateship arrangements may seem to be a good choice for many doctors, you should also consider the many benefits of a Deferred Pre-Sale Transition. This is a clear and definite pathway for equity and or ownership, allowing for early commitment by both doctors, greatly enhancing the chances of success. Ask your Legacy consultant about this option.
Are You an Associate Looking for an Opportunity or Are You a Practice Looking for an Associate to Join?
Contact Legacy Practice Transitions for Consultation
Whether you own your dental practice and are looking to hire an associate or are considering an associate position, Legacy Practice Transitions specializes in clear communication with all potential associates about the terms and expectations of the arrangement. When you seek guidance from our team, we reduce risk and improve associateship. When you contact Legacy Practice Transitions, our professional transitions services for associateships provide a wealth of resources and guidance. Before you enter into any agreement, contact our team for a full consultation.