In a recent ranking of professions by US News & World Reports, dentistry came in as the second best option, just behind software developers in its 2020 rankings. This is a step up from fourth place in the 2019 rankings. For dentists with Texas dental practices for sale, this is good news, as what is being offered is not just a profitable business, but a solid and rewarding career as well.
While that ranking is for general dentistry, professions throughout the oral healthcare industry fared very well. Orthodontists and oral and maxillofacial surgeons were both in the top ten of overall jobs (at four and nine, respectively) and in the top five of best paying jobs (with oral and maxillofacial surgeons at number three and orthodontists at number five). Dental hygienists came in overall at 24th, prosthodonists at 56th, and dental assistants at 66th. In the more specific category of health care jobs, dentistry came in at number one, orthodontists at number three, and oral and maxillofacial surgeons at number nine.
The criteria US News & World Reports relied on for their rankings started with which jobs would have the largest number and percentage of projected openings between 2018 and 2028, as determined by the US Bureau of Labor Statistics (BLS). Then, the publication ranked the jobs based on other criteria such as median salary, employment rate, ten-year growth, future job prospects, stress level, and work-life balance.
The Tangibles and the Intangibles
According to the BLS, dentistry has an expected 10,4000 job openings with a 7.6% employment growth. It also reported that dentists have a median salary of $151,850, up slightly from 2019 when the median salary was $151,440 (although this is down from 2016 when the median salary was $153,900)
Here in Texas, we have two cities where dentists’ median salary is the highest. Topping the list is Amarillo, where the median salary for a dentist is $279,920. This is followed by Longview, where the median salary is $275,530. This indicates it may be a good time to put Texas dental practices for sale as potential buyers may be looking to build their careers where the fields are fertile.
The top five is rounded out by Fond du Lac, WI ($268,920, Reno, NV ($267,410), and Sebring, FL ($259,660). If you look at the mean salary, the highest amounts are in Delaware ($264,440), Alaska ($259,350), Rhode Island ($254,190), Minnesota ($227,280), and New Hampshire ($226,300).
And, of course, the specialists can earn even more. Orthodontists and oral and maxillofacial surgeons earn a median salary of $208,000, while prosthodontists have a median of $176,540.
It’s not all about the money, though. Measurements of dentists’ flexibility in schedules and work-life balance were both found to be above average from all of the professions reviewed. Also, the upward mobility and stress levels were found to be in the average range. Meaning, you can have an average to above-average experience in the profession while earning a well above average salary.
How Well Does This Reflect the Reality of Being a Dentist
The answer to this question, of course, is that it depends. The US News & World Report ranking is encouraging for the future of the profession of dentistry. It is, however, based largely on statistics and does not really give a full picture of what it means to be a dentist.
As your experience has probably shown, while you can earn a high salary, what isn’t always apparent is the cost of getting that salary. After all, in 2018 the average dental student graduated with a student loan debt load of $285,184. When coupled with a dental practice loan to start or buy a practice, debt payments can take a big chunk of your potential earnings. However, when viewed as an investment and properly organized, a smart doctor can service their debt and still enjoy a high income.
There are also many aspects to practicing dentistry that can provide satisfaction beyond just meeting career milestone goals or earning potential. A successful practice keeps the doctor busy all day, every day, providing a sense of satisfaction in the work accomplished. Also, the work being done is a kind that genuinely has a positive impact on your patients. It’s possible to look back at the end of each day, week, month, year, or career, and see how you’ve made peoples’ lives better.
At the end of the day, the real value of Texas dental practices for sale is the goodwill that the practices have built in the community. This goodwill doesn’t come from how efficiently you’ve organized your practice in order to maximize production out of each of your chairs. It comes from the care you provide to patients and the relationships you form with your community through that quality of care.
DDSmatch Southwest Has Texas Dental Practices for Sale
DDSmatch Southwest are dental practice transition specialists with an expertise in finding the right match for New Mexico and Texas dental practices for sale. We help visualize your future, set achievable goals, and devise strategies to start you in the direction of your post-transition dreams, well in advance of your intended transition time frame. If you are considering transitioning your dental practice in the next five years, we offer a free, no-obligation Practice Transition Assessment. Contact us today and find out how we can help you achieve your practice transition goals.