Today’s dental practice is no longer just an office and a chair. Although the clinical side is clearly a central part of the industry, a successful practice requires significant focus on management — making the business side of every dental practice more critical than in the past. As new and existing practices experience the pressure to increase revenue and stability, more solo practices are turning to Dental Support Organizations (DSOs) for essential business management assistance.
Whether you are new to the industry or have more than a few years under your belt, your dental practice might be feeling the stress of producing sufficient revenue to meet today’s costs, while simultaneously planning for the future. For example, contemporary offices require more technology today. Additionally, educational debt coupled with the expense of building or buying a practice can often be overwhelming.
Regardless of a dental practice’s financial status, managing present and future business needs is no easy task. Doing so typically requires hiring local advisors or longer hours than owners are capable of providing. This is especially important for the younger generation of workers that prioritize work-life balance, or the older generation looking to sell and move into retirement.
Managing Business with a DSO
Contracting a DSO as a business resource allows you to focus on your patients instead of spending time setting up your practice for long-term growth. A DSO will work with you directly to manage revenue, expenses, and other non-clinical operations.
DSOs are particularly helpful when addressing business aspects that may contribute to a higher value when it comes time to sell, including identifying risks, building solid infrastructure, and investing in new technologies. The modern dental practice is expected to invest in more cutting edge technologies to serve patients, from digital radiography and intraoral cameras to more patient-facing needs such as online scheduling. For those practices interested in the upkeep or implementation of new technologies, the DSO model can make the process simple by managing it for you.
By utilizing a DSO, you can rest assured that your business needs are being managed by experienced professionals, so you can prioritize what matters most: your patients.
Contact our team if you are interested in an assessment of how a Dental Support Organization could help your practice manage growth, control expenses and increase value.