Have you had a lifelong vision to establish your own orthodontic practice, only to find obstacles such as financial constraints, roadblocks, and a scarcity of available practices hindering your pursuit? In 2020, Dr. Maggie Law embarked on her entrepreneurial journey, and she is eager to divulge insights into her experience. Maggie will candidly discuss the advantages of managing your own practice, shedding light on the positive aspects and the hurdles she encountered along the way. Tune in to this conversation, and you'll find inspiration and see Maggie's apparent joy for seeing her dream come true. Remember, there has never been a better time to be an orthodontist.
IN THIS EPISODE:
- [0:00] Dr. Leon introduces today’s topic: Starting a Practice from the Ground Up with Dr. Maggie Law
- [3:03] Maggie is introduced and shares her educational background and how she started her practice in 2020
- [9:25] Maggie shares the reasons she wanted to have her own practice
- [12:58] Maggie discusses how she controls her overhead costs and the financial decisions in opening a practice
- [19:00] Maggie answers a caller's questions regarding the benefits of having your own practice, and Dr. Leon shares some advice
- [24:10] Maggie shares the challenges she has faced, and she leaves the listeners with advice
KEY TAKEAWAYS:
- [8:29] The first step in opening a practice is to find a location. It’s important to research other nearby practices and, sometimes, decide how far you want to be from your home.
- [9:24] There are many orthodontic practice startups now, and many reasons contribute to orthodontists taking that road. One is that in the long term, the orthodontist wants to be able to make their own decisions about their career and their business.
- [11:36] Doctors are not selling their practices to recent graduates like they did in the past. They are selling to large OSOs because they can sell for more money. Consequently, as a recent graduate, you must open your own practice.
RESOURCE LINKS
Orthodontics Startups - Facebook
QUOTES:
“I think one of the main reasons orthodontists want to have their practice is that we are hard workers, high achievers, goal-oriented and ultimately, working for somebody else long term is not what makes us happy.” Dr. Maggie Law
“I always say that being an associate is great until one day it's not. And then when you get to that day where you're like, wow, I could be working hard for myself, or I can be working hard for somebody else, it's like this flip, and I think most people don't choose to do startups because it is the harder path.” Dr. Maggie Law
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