D4: Preparing for Graduation

Dr. Adam C ShislerUTSD-Houston ‘12

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You Ready for This?

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Big Goal for Today

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• Private Practice • Postgraduate

Residency

Two Roads

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Congrats you’re going to residency!

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Congrats - - More school

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Residency Big Questions

• License• Budget• Benefits• Loan Action / Status• ADA / Org Dentistry Associations

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Residency Big Q1

• License – Active license stays active– Can you afford it? – Does your residency need it?

• Malpractice Coverage– Residency–Moonlighting

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Residency Big Q2

• Budget– Good God you have to budget• Mint, Personal Capital, Quicken

–Moving budget (if a new city)– Stipend, per month? Twice a month? – Taxes?

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Residency Big Q3

• Benefits– Health• Self / Spouse / Family • Med/Dent/Vision• Life/Disability/Short-term Disability

–Malpractice

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Residency Big Q4

• Loan Action / Status–Where and How Much? – Forbearance or Deferral– Repayment

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Residency Big Q5

• ADA Membership– 1st 4yr New Dentist ($0)• One-time use and start

– Postgrad membership ($30)

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Yay, no more school

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Private Practice and Post-Residency• No Brainers– License – Malpractice – Nitrous / Sedation Level PRN

• Thinkers– Contract / Compensation– Calendar / CE – Attire: Professional / Scrubs / WC– Equipment

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No Brainers

• License – Active and displayed

• Malpractice – $1mill / $ 3mill Occurrence – Employee held

• Nitrous / Sedation Level PRN– Training for staff

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How do I know what I’m worth?

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Contracts and Compensation • Employee / Independent Contractor• Full-time / Part-time • Length of Contract (yr+)• Compensation– daily rate– % collections / production– +/- lab bills

• Ownership / Completion of TP• Paid working interview PRN

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Contracts and Compensation • Non-compete• New patients• 90 day walk away • Benefits (short-term disability)• 401(k), IRA, Profit Sharing, Bonuses• Vacation / Sick• Organized Dentistry Dues• CE Budget• Fringe Benefits

– Clothing, Cell, Gas, Tolls

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Student Loans

• Find, organize, and educate – Amt, time, rate, federal, fixed

• Repayment– 6 months post registered graduation date

• Refinance– Fixed or variable, shorter periods– No early payment penalty, fixed rates– No federal protection, or IBR

• Largest expense every month*

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Budget for Ebbs and Flows

Pediatric Dental Office Example• Summer – Busiest Pedo• Sept – Children back in School • December – Holidays• January – New Insurance Benefits• Spring – District/State Testing

How does this affect expenses? Affect Cash flow?

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Organize Your Year

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More questions…

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Just find a way to do what you love…