In any medical field, change is inevitable. We refine our approach to each patient’s specific problems, combining technology and precision expertise to create better solutions. And, it goes without saying, we have refined the way we approach the business of medicine, as well.
Dentistry is no exception. In the last decade, dentists have begun a gradual shift in their practices over to better technology. Simultaneously, there’s been a migration over to more effective ways of doing business, the most exciting of which is the emergence of Dental Service Organizations or DSOs.
Let’s take a closer look, shall we?
Dentistry and DSOs
It’s a sad truth that the international economy isn’t what it once was. Where business was once a case of simply investing and pursuing lucrative work, that approach is much less feasible now. Dentists today are under pressure to accept dental plans, declining rates of reimbursement, and rising supply costs.
DSO supported practices are increasingly edging out traditional private solo and group dental practices, where dentists struggle to maintain profitability or attract new patients. Dental Service Organizations impact the way dentists run their businesses and have become one of the most popular options for dentists to sell their practices.
For the most part, dentists have similar goals when it comes to their businesses: legacy preservation, competitive valuation, and staff protection. As dentistry transitions away from solo ownership, the limited market supply and increased number of dentists has run up against generally high startup costs for bad effect. There’s the foregone need for university education and the huge med school cost.
New dental practices can run their owners anywhere between $750,000 and $1,000,000, and med school loans are, on average, astronomical. DSOs, meanwhile, are independent support centers for businesses that specifically contract American dental practices. Their goal is to provide various critical business support services, from official to non-clinical operations.
What this means for dentists are the following benefits, among others:
- accounting, legal, purchasing, recruiting, real estate/development and human resource services which are all centralized
- automated compliance
- access to technology
- less dealing with insurance companies
- owning your own practice
The point is, there’s a reason for the shift and that reason, by and large, is that DSOs offer new and established offices the support they need to keep running. And in any business
DSOs: Giving Back To Dentistries Across The Country
Ultimately, in the quest to own and run a business, it doesn’t matter what industry you’re in – everybody wants to know they’ve got someone in their corner, looking out for them. The point of a Dental Service Organization is to provide this support in the specific areas you need it. Additionally, it goes without saying, one of the biggest benefits of using a solution like this is in having the funding available to buy high-quality tech and components for your dentist’s office.
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