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News Bulletin : ADA News Bulletin July 2011
20 July 2011 Recently, Dr Phillip Palmer authored an article1 on exit planning and retirement funding for dentists. Dr Palmer investigated the different options that dentists are presented with when planning to retire. It seems most dentists have been easing into their retirement through either a part- ownership arrangement or simply reducing the hours they work. This change in retirement options has been influenced heavily by the prominence of corporate ownership in dental practices, the Global Financial Crisis (GFC) and a realisation of increased profitability through passive income, i.e., the ability to receive income on a regular basis, with little effort required to maintain it. There is an emerging trend for dentists to sell their practice and stay on as an employee dentist for the buyer. This assists retiring dentists to continue earning income without the complications of practice ownership. It seems that the allure of continuing to work as a dentist with less ownership stresses is an attractive outcome for retiring dentists. The option to reduce hours incrementally while introducing a buyer to the practice is a trend not exclusive to Australian dentists. TheWealthyDentist found similar a trend in the United States from a survey in March 20092. The survey results showed that “dentists...opt to reduce their hours without quitting entirely...It takes planning and strategy.” The GFC has further impacted the way in which dentists have been planning for retirement. Reduced return on investments and decreasing availability of credit has forced some dentists who retired pre-GFC back into the workforce. Dr Palmer’s analysis indicates that this trend will impact on dentist practitioner numbers. It serves to support the ADA’s current position that the significant increase in dentist graduate numbers means it is no longer necessary to further expand dental school numbers. Rather, what now needs to be focused upon is encouraging dentists to practise in those geographical areas that are currently under serviced. Alex Chapman Manager, Government and Public Affairs REfEREnCES References supplied with this article are available on request from firstname.lastname@example.org the changing trends and options for RetiRing DentiStS
ADA News Bulletin June 2011
ADA News Bulletin August 2011