Sole and independently owned dental practices face many challenges in building and growing a successful practice. Creating a practice management system that ensures operational excellence and supports superior patient care requires considerable effort and careful planning. Staying focused on dental practice challenges can lead to a thriving practice. Finding this balance can be challenging for new graduates and experienced dentists due to limited, if any, practice management training.
Dental Practice Challenges
- Technological Integration: With rapid advancements in dental technology, incorporating new tools and software into existing workflows can be challenging. It requires investment in training staff and ensuring seamless integration without disrupting patient care.
- Patient Expectations: Patients today expect convenient scheduling options, efficient communication channels, and personalized care experiences. Meeting these expectations while maintaining high-quality dental services can be demanding.
- Regulatory Compliance: Dental offices must adhere to stringent regulatory requirements for patient privacy (HIPAA), infection control, billing practices, and more. Staying compliant with evolving regulations necessitates ongoing training and protocol updates.
- Staff Recruitment and Retention: Finding skilled dental professionals, including dentists, hygienists, and administrative staff, remains a persistent challenge. Retaining talent requires competitive compensation, opportunities for professional development, and fostering a positive work environment.
- Financial Pressures: Rising operational costs, reimbursement challenges from insurance companies, and economic fluctuations can strain dental practices’ financial health. Implementing effective revenue management strategies and cost-saving measures is essential for sustainability.
- Patient Education and Awareness: Educating patients about oral health, preventive care, and treatment options is crucial for promoting overall well-being and reducing the burden of dental diseases. However, communicating complex dental concepts in an accessible manner can be challenging.
- Emerging Oral Health Issues: Changes in dietary habits, lifestyle factors, and environmental influences contribute to new oral health concerns, such as dental erosion from acidic beverages or oral manifestations of systemic diseases. Addressing these issues requires ongoing research and adaptation of treatment approaches.
- Digital Marketing and Competition: As more dental practices embrace digital marketing strategies to attract patients, competition intensifies. Standing out in a crowded market and effectively reaching target demographics necessitate innovative marketing tactics and a robust online presence.
Keeping up-to-date on trends and best practices takes time, which means less time is spent providing patient care. Utilizing dental support organizations (DSOs) becomes attractive because they manage all nonclinical functions so the dentist does not have to worry.
DSOs Advantages
- Business Support: DSOs provide administrative and business support, including HR, marketing, billing, and compliance. This allows dentists to focus more on patient care.
- Economies of Scale: DSOs often benefit from bulk purchasing of supplies and equipment, which can reduce costs. They also have established relationships with suppliers and service providers.
- Career Development: DSOs often offer structured career paths, continuing education, and professional development opportunities, making it easier for dentists to advance their careers.
- Work-Life Balance: With administrative burdens reduced, dentists in DSOs may enjoy better work-life balance, as they have less responsibility for the business side of the practice.
- Access to Technology: DSOs are usually well-capitalized and can invest in the latest dental technology, enhancing the quality of care and attracting patients.
DSOs Disadvantages
- Autonomy: Dentists may have less control over clinical* decisions, office policies, and practice management, as the DSO often dictates these.
- Partial or Complete Ownership: The dental support organization obtains complete or partial ownership (equity loss) of the dental practice.
- Profit Sharing: Earnings are typically shared with the DSO, which can limit the dentist’s income potential compared to owning a sole practice.
- Corporate Culture: The corporate environment may not suit all dentists, particularly those who prefer a more personalized, independent approach to patient care.
Dental Support Organizations – Why?
One of the main reasons for joining a DSO is the ability to focus on providing quality patient care. Others choose to enter a DSO because they don’t enjoy the business duties of the practice – particularly human resources – and are relieved to have the management responsibilities off their shoulders.
Other reasons to join a DSO include support for insurance reimbursement and access to the latest dental technology (without the overhead). Obtaining support in managing your dental practice provides a healthier work/life balance.
Support without Loss of Ownership
We provide practice management support through consulting and “done-for-you” services. You retain your autonomy and practice ownership. Learn how we can help.
