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|Articles - February 2013|
|Monday, January 28, 2013|
BY JON BELL
When Stephen Persichetti tells his students at the Oregon Health & Science University School of Dentistry how much student loan debt he had at the end of dental school in 1984, the room fills with groans.
Persichetti, a dentist and an associate professor in OHSU’s Department of Community Dentistry, owed around $18,000. Dental students today can find themselves on the hook for up to $180,000 — or more.
“At graduation,” Persichetti says, “they’re going to be in a situation where the only way they’re ever going to be able to service that debt is to be the owner of a practice.”
New graduates and dentists have something on their side that their counterparts in the early 1980s didn’t: historically low interest rates. Those, along with the gradual return of the overall economy, have spurred some new activity from dentists set on hanging out their own shingles.
“In the last eight to 10 months, we’ve seen a real increase in the number of people asking what their possibilities are,” says Scott Beard, director of health care banking for Pacific Continental Bank. “Dental has always been a pretty active market, but it’s been picking up even more lately.”
According to the Oregon Board of Dentistry, there are just over 2,800 licensed dentists in Oregon, up from almost 2,600 in 2008. Patrick Braatz, executive director of the board, says numbers have been flat recently, and he’s heard that it’s been difficult for new graduates to find full-time employment. The recession also found a few dentists filing for bankruptcy or selling their practices.
But with interest rates below 4% and medical leases hovering above $25 per square foot, Beard says it’s essentially cheaper for a dentist to build new than it is to lease. A dentist could expect to spend between $400,000 and $600,000 to build a startup practice. That more dentists may be setting up their own shops comes as no surprise to Persichetti, who says that about 95% of OHSU dental graduates — 74 graduated in 2012 — have some type of equity interest in a practice within five years of graduation.
“One reason you see these loans is that lenders love dentists,” he says. “We stay in the same location for 30 years, or we assume practices from retiring dentists. Lenders love to see that kind of cash flow.”
Tuesday, February 25, 2014
BY PAIGE PARKER
A money management firm broadens its reach.
Thursday, February 27, 2014
Our 100 Best Companies project turned 21 this year, so pop open the Champagne. Our latest survey gives us plenty to cheer.
Friday, March 21, 2014
TOM COX | OB BLOGGER
During a recent talk to HR Directors, I asked if they saw leaders trying to solve every problem, instead of delegating to and empowering staff. Every head nodded. Every single one.
Tuesday, February 25, 2014
BY LINDA BAKER
An intellectual property attorney by day, 48-year-old Stoll Berne attorney Tim DeJong is a singer and guitarist by night.
Tuesday, April 08, 2014
BY HANNAH WALLACE | OB BLOGGER
It may be obvious, but most farmers don’t make a lot of money. According to preliminary data from the 2012 Agriculture Census, 52% of America’s 2.1 million principal farm-operators don’t call farming their primary occupation. Farm cooperatives may offer a solution.
Tuesday, March 04, 2014
BY DEBRA RINGOLD | GUEST CONTRIBUTOR
How can we strengthen the performance of institutions charged with teaching what Francis Fukuyama calls the social virtues (reciprocity, moral obligation, duty toward community, and trust) necessary for successful markets and democracy itself?
Friday, April 04, 2014
BY ERIC FRUITS
The rapidly rising cost of higher education has left even the smartest researchers and the wonkiest of wonks wondering what’s happening and where’s all that money going. More and more, prospective students—and their families—are asking: Is college worth the cost?
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