Volume XI Issue II
397 South Swing Road
Greensboro, NC 27409
1-800-621-4664
www.bentsonclark.com­­­
2nd Quarter 2016
Embracing The Next Generation of Orthodontists
By: Shannon Patterson, CPR, CMSR
s a recruiter, I have the pleasure of working with candidates who are looking for
career opportunities as well as clients who are looking to sell their orthodontic
practice or who are searching for an associate to join their practice. I can tell
you one thing for sure, as more and more Baby Boomers reach retirement and the
first generation of Millennial orthodontists start to look for practice opportunities, it is
clear that the orthodontists of this new generation have different expectations for their
careers than the generations before them.
A
Currently there are four generations practicing orthodontics in today's
workforce. A generation is defined as "a group of individuals, most of whom are the
same approximate age, having similar ideas, problems, attitudes, etc." Each group
views the world through a different lens based on the events that occurred during the
time the group was coming of age. Understanding the diversity of each generation's
viewpoints provides insight that can help strengthen how you run your practice.
However, failing to understand generational differences can create conflict between
colleagues in a practice. When a new generation enters the workforce they bring new
ideas about practice philosophy, communication skills, team collaboration, feedback
and a expected professional behavior. So, what is the current generational workforce in
the orthodontic marketplace?
In This Issue:
Embracing The
Next Generation of
Orthodontists
page 1
The Associate Income
Divide
page 4
The Millennial Mom:
Her Native Tongue is
Technology
page 5
Silent Generation: Born 1925-1945, (Current Age 71-91)
Millennial Moms: What
To Know About This
Tech-Savvy Generation
Yes, there are still orthodontists who are practicing from this generation.
Raised by parents who survived the Great Depression they also witnessed a wartime
America. They tend to be hard workers who struggled to succeed; they often keep quiet,
respect authority and are very patriotic. 2016 AAO membership data shows that 6.4%
of practicing orthodontists fall into this category (see graph on page 2).
Percentage of Adult
Patients Impacts
Practice Management
Baby Boomers: Born 1946-1964, (Current Age 52-70)
page 7
This generation witnessed the civil rights movement and the Vietnam War.
This was the first generation that was influenced by television and music. They were
promised the "American Dream" as children and as a result, they can be seen as greedy
and materialistic. They tend to be hard workers who are fulfillment-seeking, direct
communicators and also loyal to both employers and employees, and competitive.
2016 AAO membership data shows that 37.9% of practicing orthodontists are Baby
Boomers.
Sterilization Process:
What You Need to Know
for 2016
Generation X: Born 1965-1981, (Current Age 35-51)
Many in this generation grew up in dual income families who witnessed the
end of the Cold War. They are said to be the first generation that will not do as well
financially as their parents did. They often display individualism and skepticism. They
are result driven and are willing to put in extra time to get a job done well. 2016 AAO
membership data shows that 41.9% of practicing orthodontists are Gen-Xers.
Millennials (Gen Y): Born 1982-2001, (Current Age 15-34)
Many in this generation grew up in a child-focused world, where parents strived
to protect them from all of the evils in the world. They witnessed school shootings, the
page 6
page 9
The Bentson Clark reSource (ISSN 1559-1360) is published
quarterly by Bentson Clark & Copple, LLC, 397 South Swing
Road, Greensboro, North Carolina 27409. Periodicals postage
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Bentson Clark reSource
2nd Quarter 2016
Embracing The Next Generation of Orthodontists
AIDS epidemic and the 9/11 terrorist attack. This generation's
hope is to be the next 'great generation' and turn around all the
wrong they see in the world today. They are optimistic, techsavvy, confident, team-oriented, sheltered and achievement
focused. They desire flexibility and respect in the workplace.
2016 AAO membership data shows that 11.8% of practicing
orthodontists are Millennials.
Breakdown of AAO Membership By Generation
Source: American Association of Orthodontists, 2016.
In the USA, there are 84 million Baby Boomers, 68
million Gen-Xers and 79 million Millennials!
Many Baby Boomer orthodontists have spent their
entire careers building up solo practices, and as they reach the
age of retirement they are looking to hand the reins over to
a buyer so they can ride off into the sunset. But will the new
generation of orthodontists rush to buy a practice, or do they
prefer associate opportunities that will allow them to buy-in
over time?
Let's first identify what factors are impacting today's
orthodontic residents' career choices and their preferences
on purchasing a practice versus working as an employee.
Our 2015 Orthodontic Resident Survey showed that 54% of
today's residents plan to enter the marketplace as an employee
with only 29% planning to purchase a practice. In our 2014
survey those numbers were reversed with 56% planning
to purchase an existing practice with only 28% planning to
work as an employee. Has the dream of owning an orthodontic
practice disappeared? The answer is no, but a variety of
factors, including staggering student debt, the rise of Dental
Service Organizations (DSOs) and changing lifestyles, have
impacted young orthodontists career decisions as they enter
today's job market. We have noticed a decline in the desire
to purchase a solo practice out of residency and an increase
in the desire to be an associate or join a partnership. What
do you need to know about this generation if you want to
recruit one as an associate or as a buyer in the future?
Debt is the most influential decision in a young
doctor's career choice. I often hear previous generations
mention that today's young doctors have made bad financial
decisions and it's their fault they have so much debt. I am
happy to report that is not the case. The American Dental
Education Association (ADEA) estimated the average
educational debt for 2016 dental school seniors was $255,567,
more than twice the average
"They are
in 2002. In addition, many
committed
orthodontic residents will
accrue an additional $200,000 team members
in student debt by the end
who place a
of their residencies, which
totals to over $400,000 in high value on
student debt. Not only will teamwork and
this debt load prevent many
are loyal."
young doctors from obtaining
additional lending to purchase an orthodontic practice, it also
discourages them from assuming additional debt to purchase
a practice.
Workforce data currently shows that 28.9% of dentists
are female up from only 16% in 2015. American Association
of Orthodontists data shows that 24.5% of today's AAO
members are female; however, that number is increasing at a
rapid rate. Females make up almost half of the AAO student
members at 48.4%. Why is this number so important? Because
research indicates that this demographic is more likely to work
in partnerships or group practices for schedule flexibility. A
2014 ADA study showed that dentists in large group practices
were most likely to be women and doctors younger than 40
years of age.
The population shift will also factor into a doctor's
career choice. Studies show the overall population is
continuing to shift from the northern states to the Sun Belt
areas of Florida, the Southwest and West; and from rural areas
to more urban and suburban areas. From 2000 to 2010, regional
growth was much faster for the South and West (14%) than
for the Midwest (4%) and Northeast (3%). Population growth
of at least twice the national rate occurred in many metro
and micro areas, such as some areas in parts of California,
Nevada, Arizona, Texas, Florida and the Carolinas. This shift
will have implications for the regional distribution of dentists/
orthodontists and more importantly the DSO markets.
So, now that you understand the factors in their
career decisions, how do you market an orthodontic practice
opportunity to this new generation? The Millennials do have
different needs, expectations and working styles than previous
generations, and it is important to understand and identify
11
Bentson Clark reSource
2nd Quarter 2016
Embracing The Next Generation of Orthodontists
what they are looking for, as you market an opportunity to
this generation. They desire diversity, collaboration and most
importantly, mentorship.
the bad about your practice opportunity and the community
when courting a young doctor.
Teamwork
A recent study found that nearly 80% of Millennials
said they desire to be in an opportunity where their employer
is more of a coach or mentor as opposed to a boss. This
generation is looking to grow, and they want to be part of a
team who will be committed to helping them achieve that goal.
Contrary to popular belief, Millennials work well
with others, and they have a strong desire for feedback on
how they are doing at work. This generation values input from
everyone involved in the practice. They have grown up in an
era with team sports and group activities. They are committed
team members who place a high value on teamwork and
are loyal. Millennials are very good at taking feedback and
implementing changes to make them practice better.
Work-life Balance
Millennials also desire a healthy work-life balance.
There is a generational shift in which young people are
placing more value in balancing their work lives with the rest
of their lives. While this does not mean they do not have a
strong work ethic, it does mean that they value their time and
work efficiently through technology.
Technology
Many orthodontic residents have finished residency
with the latest technology, and they want these technologies
in their orthodontic practice. They grew up with personal
computers, smartphones, tablets and social media, so they
are often looking for practices with the best technology. That
doesn't make them entitled; it is simply what they are used
to, and they feel it helps them provide better patient care.
The Millennials are the first generation to be referred to as
"technical natives." The rest of us are technical immigrants.
This doesn't mean you need to have all of the latest technology
in your practice, but you should expect questions regarding
the state of technology in your practice. So be prepared and
don't get frustrated if this is something they desire and feel
strongly about as you engage with them.
Transparency
This generation is used to having 24-7 access to
all kinds of information, and they will not appreciate when
important news and developments that affect them in their job
or transition is withheld. Be mindful of sharing the good and
Mentorship
Communicating
Texting is to Millennials as talking is to Baby
Boomers. When you are courting someone to join your
practice, don't be afraid to text them instead of calling them or
leaving them a voicemail. Studies show that texting is a vital
tool to reach Millennials, as 98% of text messages are opened
compared to just 23% of emails opened. Smartphones are
how most Millennial residents are accessing their job search
resources.
Despite being labeled as self-centered and entitled,
this generation does not rank salary as the highest factor
when seeking employment. In fact, studies show they desire a
team environment with mentorship, good benefits, a healthy
work-life balance and a practice they can make a difference
in. By appreciating and understanding their mindset, skills
and background, you can better engage with them to make a
difference in your practice and community. If you are looking
to transition ownership of your practice or find an associate to
join your practice, it is important to understand and embrace
these differences and feel confident the future is in good
hands.
Shannon Patterson, CPR, CMSR is the Director of Practice
Opportunities and an Orthodontic Placement Specialist at Bentson
Clark & Copple. She is a recruitment leader in the orthodontic industry
specializing in placement and retention by engaging a proactive
recruitment strategy, helping to place candidates where they will
be a successful fit not only for the practice opportunity but also the
community.
She is also a Kolbe Certified™ Consultant and expert in the Kolbe
suite of assessments for selection of the ideal candidate match,
specializing in strength-based relationships for both doctors. She
believes great clients deserve great candidates and great candidates
deserve great opportunities. Shannon Patterson can be contacted at
1-800-621-4664 or via email at [email protected].
Begin your one-year subscription for only $95 by calling 1-800-621-4664 or visiting www.bentsonclark.com.
The Bentson Clark reSource is an all-in-one informational publication that provides and analyzes real data from real practices to present the most accurate
information available within the orthodontic industry. The reSource has featured over 220 timely articles and interviews contributed by Bentson Clark & Copple’s
partners and team members, as well as the industry’s top leaders and consultants. The quarterly publication is written for orthodontists of all career stages, focused
solely on the business aspects of running a successful practice. The newsletter can assist all orthodontists in making strategic decisions in managing their practice.
Many doctors use the newsletter as a planning tool for the future – from opening an office, to practice growth, to planning for retirement.
Bentson Clark reSource
397 South Swing Road, Greensboro, NC 27409
1-800-621-4664 | www.bentsonclark.com­­