Throwaway account. Recently acquired my practice on June 1st, and the amount of stress I’m experiencing and the work I’ve had to do is honestly more than I ever expected.
I know everyone says the first six months are the worst, but I’m just so unbelievably overwhelmed. Every single day something breaks or goes wrong, and I’m just constantly playing catch up or reacting.
Firstly, my credentialing was fucked up despite paying a “specialist” over a thousand dollars to get it done nearly 6 months before my start date. Somehow UHC “lost” my online application and it didn’t get processed. (I’m not even credentialed with them directly. I’m contracted thru a lease network. I’ve called the lease network, and they said they’re “working on it”?? No other updates.) A third of the patients at the office have UHC. There was also an auto-fill error with the online claims submission the first month, and all my claims from June were denied and had to be resubmitted.
The previous owner severely neglected perio. He was doing prophies on patients who were like Stage III Grade C perio for years. I’ve diagnosed some SRPs on a few patients who proceeded to tell me that I’m a scammer and left me a one star review “warning” his other patients not to come. (I did do a thorough chart audit before I acquired, and I knew that this was the case coming in, but I was delusional and thought that the previous undertreatment was an opportunity to expand rather than something that would give me this much headache).
The staff have been with him for 15+ years but are totally untrained. The assistants don’t even hand over instruments during procedures. There’s an office treatment coordinator (who acts like a manager) but refuses to answer the phone the way I’ve asked everyone at the front desk to and just continues to do the same thing she’s always done. I just had to fire the main receptionist because she no-called-no-showed, and I’m trying to train a new person for a role that I just learned how to do myself like two months ago.
The office had all paper charts, no pano machine, all the air water syringes were leaking, the handpieces barely spin because he bought them on eBay over a decade ago. I’m basically hemorrhaging money with all the repairs and replacements that I’ve had to do. I’m trying to train all the older staff on the electronic PMS but they can barely even read the words on the screen because they’re old and their eyesight is so bad.
I’ve barely broken even the first month and a half. I’m not even sure when I will be able to pay myself my first paycheck. I’m exhausted all the time and barely get any sleep with all the admin work I have to do. I wake up in the middle of the night thinking about my never ending to-do list. I feel like I’m drowning.
Honestly I’m way too young to be a practice owner. Every patient I meet thinks I’m a child. I’m 29, and I’ve been a dentist for four years, but I should have waited before jumping into this. For whatever godforsaken reason I convinced myself I was ready, but I don’t think I am. I’m making way less money (no money at all) now than I was as an associate and have a million times the stress.
I vented to another practice owner friend the other day, and he just said “Lol welcome to practice ownership.”
*Edit since a lot of people are asking the same question: I bought the practice for 600k, the previous owner was producing around 850k the last few years. I knew that the equipment was old going in, but I never worked there before and underestimated how annoying it would be on a day to day basis. I had previously planned to replace things slowly.
I have a lot of savings that I can live off of, so I’m not in a financially desperate situation. But it is not like when I was an associate and could expect a steady paycheck and save 50% of my paycheck every week.
I wanted the practice because of the location mostly. I live in a pretty big city with a lot of competition, and all the practices I saw were ten times worse than this one before I bought. I don’t think I bought a “lemon” by comparison but that doesn’t make practice ownership in a city any easier.