What does it mean to be employee owned?
October marks Employee Ownership Month, a time to spread awareness about the benefits of employee ownership. As an employee-owned DSO, Mortenson Dental Partners provides its team members with stock ownership options and embraces an ownership philosophy in its culture. Such a structure rewards team members by allowing them to share in the company’s success, motivating them to act as “owners” in the work they do. Being employee owned gives MDP team members a number of benefits, including:
1. An Employee Stock Ownership Plan
MDP’s Employee Stock Ownership Plan (ESOP) is a key component of its ownership philosophy and core value of sharing abundantly. Through the ESOP, shares of the company stock are invested into a retirement account for each team member. Enrollment is automatic and does not require any action from the team member. Eligible doctors also have the option to purchase additional stock ownership in the company.
2. The option to invest in additional retirement options
In addition to providing an ESOP, MDP offers team members the option to invest in a 401K plan. Because team members do not have to contribute any of their funds to the ESOP, they have the freedom to invest more money in their 401K if they choose to do so.
3. The freedom to act as owners
As part of its ownership philosophy, team members are encouraged to act as owners. This includes identifying areas of improvement that can result in better outcomes, such as more efficient processes, lowered costs, happier team members and, of course, satisfied patients. Moreover, doctors have the clinical autonomy to make the decisions that are in the best interest of their patients and their practice. In the end, each team member has the same goal of serving patients and contributing to MDP’s success — success that everyone will share through the ESOP.
4. Career development and continuing education opportunities
Knowing how important team members are to its overall success, MDP makes it a priority to invest in their growth and development. Through a robust learning and development portal, all team members can take advantage of continuing education opportunities for free. Providers also have access to a customized development path that supports them from recruitment to retirement with ongoing learning and career growth.
Not Your Typical DSO
Being employee owned is one of the most important ways that MDP is different from other DSOs. If you’re interested in joining one of the largest groups of employee-owned dental practices in the country, we’d love to hear from you! Please view our Doctor Opportunities or contact our Development team.