April is Financial Literacy Month, which was created to raise awareness about the importance of financial wellness and understanding money management. Certainly, with the American Dental Education Association estimating that the average debt of a graduating dental student is $304,824, financial wellness is likely on the minds of many dentists, both newly graduated as well as those practicing many years. Navigating financial challenges can often add unnecessary stress to an already-full day of running a successful practice and serving patients. For that reason, Mortenson Dental Partners has developed several benefits to help dentists overcome the burden of student loan debt, plan their financial future and build wealth as they grow their careers.
Loan Consolidation and Repayment Options
Dentists working to pay off student loans can take advantage of Mortenson Dental Partners’ partnership with SoFi and CommonBond for refinancing and repayment options. SoFi also offers no-fee student loan options for dentists in the midst of continuing their education. In addition to offering student loan resources, these partners can also help you pay down credit card debt or invest in a major purchase.
Financial Planning Assistance
Dentists with Mortenson Dental Partners receive an annual comprehensive financial planning benefit through ARGI at no cost. Whether you’re early, mid or late in your career, experienced advisors will help guide you through financial decisions, prioritizing your goals and building a customized financial plan to maximize wealth and help you retire with confidence. You’ll have the support you need as you navigate many important financial questions, including:
- What is the best strategy to pay down my debt?
- How do my qualified retirement investments align with my overall financial plan and am I on track for retirement?
- Do I have appropriate life and disability insurance coverage to protect my family should I no longer be able to practice?
- How can I utilize tax savings to improve my overall financial plan?
- How can owning equity in Mortenson Dental Partners impact my other investments and financial picture for retirement?
Short-Term Financial Support
Our dentists know they have financial support in the short term as they build wealth for the long term. For example, as a new dentist with Mortenson Dental Partners, you would receive an initial period of guaranteed income to help you settle into the practice as the credentialing process takes place. Upon completion of the guaranteed compensation period, you’ll receive a healthy percentage of net collections. Another way we support our dentists in the short term is by taking care of costs for professional liability coverage, state license renewals and DEA registrations.
Long-Term Wealth Building
Dentists hoping to build their long-term wealth can benefit from being part of a dental support organization that is completely owned by its doctors and team members — with absolutely no private equity. As a Mortenson Dental Partners team member, you would be automatically enrolled at no cost in our Employee Stock Ownership Plan (ESOP), which invests in company stock on your behalf for retirement. As a new dentist, you would also receive a bonus contribution into your ESOP account during your first year. In addition to the ESOP, you are automatically enrolled in our 401(k) plan. And, because team members do not have to contribute any of their own funds to the ESOP, they have the freedom to invest more money in their 401(k) if they choose.
Interested in increasing your share of ownership and building even more wealth? You will also have the opportunity to directly invest in the company by purchasing additional stock outside the ESOP.
Free Clinical Education
Continuing education is an important part of building the necessary skills to grow your career and build wealth. For that reason, we provide a robust internal learning and development program at absolutely no cost. For example, our Top Docs course is a live learning experience that provides 72 CE hours over six engaging sessions, covering topics like endodontics, implants, clear aligners, oral surgery, cosmetics, sleep apnea and more. In addition to our many internal education opportunities, our dentists receive funds annually to put toward external clinical education.
The benefits above are just a few of the many ways Mortenson Dental Partners supports the growth and financial wellness of our providers. This Financial Literacy Month, consider how a career with Mortenson Dental Partners can help you achieve your financial wellness goals. To learn more about all of our amazing benefits, please reach out to our doctor recruiter, Jacqueline Guinn, at firstname.lastname@example.org.