What the Future of Group Dental Practices Means for YouMarch 12, 2015 | Category Practice Analysis
The dental industry has changed significantly over the last 10 years. Consumer dental spending, which has traditionally grown at 4% a year, was flat 2005 – 2008, and declined 2008 – 2011. The ADA forecasts it will remain flat for the next decade to come. Dental graduates have record levels of debt and are often unwilling or unable to purchase a practice. PPOs (preferred provider organizations) dominate the dental insurance marketplace, placing more pressure on practice profitability. In this environment, it is no surprise that 17% of dentists today now work in a group practice. That number is expected to rise exponentially.
What does the rise of group practices and corporate dentistry mean for you?
Group practices capitalize on economies of scale to create efficient, effective business models. If you want to retain your independence as a practitioner, you need to acquire the business skills that will allow you to compete and expand. Most dentists do not receive the training needed to run a small business in dental school. They certainly didn’t receive information on adding multiple practice locations, hiring an executive team, or presenting to potential investors. Now is the time to start planning for the future of your practice.
For business skills that will help you maximize practice profitability and potential, register for the Dental Business Institute. Attendees of the year-long Dental Business Institute program will be empowered to have confidence that with 1 or 100 practices, they can compete in the new environment as highly effective leaders capable of developing a high-performance culture, an achievable strategic plan, and a team that will fulfill the vision and purpose of the dentist. For a limited time, registration is reduced to only $9,950.