Using demographics to forecast your future

February 8, 2016
  • (4802) Views

Using demographics to forecast your future

In our blog, “How do I decide where to practice,” we mentioned that you needed to do your research regarding demographics.  Well, we’ve decided to help you. In this blog, we will discuss some particulars about demographics, and exactly what you need to consider when determining where to plant your roots. Here’s some food for thought.

  • There are nearly 196,000 practicing dentists in the United States. As you learned in “How do I decide where to practice,” a favorable ratio is 1:1500, so make sure the odds are in your favor.
  • The greatest concentration of dentists is in California, with more than 30,000. New York has more than 15,000. Texas, Florida and Illinois all have 8500 or more. So is there room for you there?
  • The lowest concentration of dentists is in Wyoming, with less than 293. Vermont, Delaware, and North and South Dakota all have under 450 dentists. Maybe it’s time to relocate!
  • 60% of dentists are solo practitioners. If you’re thinking of starting a group practice, you can look for locations that don’t have many group practices yet. Great opportunities might await you in those locations.
  • The number of corporate dental offices in the location you’re considering might impact your decision. If you would market to the same population, you may not want to compete with a corporate brand.
  • Find out which large employers (i.e Walmart, Target, IKEA) are located in the area, and whether or not they offer a dental plan. If they do, try to become a participating provider for that plan.
  • What is the average income earned in that location for a dental associate? What about a dental hygienist, assistant or front desk personnel? If you’re looking for a job, you can assume you will earn something in that ballpark. If you are a practice owner who will need to hire staff, you can base your payroll projections on this data.

Chew on that.

We’ll get you connected.