Month: June 2024 - Triumphant Partners

Month: June 2024

Dental Industry 2024 Forecast

by EOSTriumphant

Any industry can change on a dime, and the dental space is no exception. 

A slew of new factors are upending the dental industry in 2024, and there looks to be no end in sight. If you own a dental practice, these tailwinds are just facts of life and ones that you can’t ignore. 

Luckily, the team here at Triumphant Transition Advisors has identified the trends they see on the horizon for 2024. What’s more, we’ve also included some options for capitalizing on these phenomena and taking your dental practice to new heights. Read on to learn more! 

Health Tech Software

New and innovative apps are hitting the market and changing the game. These apps could be used for many things, and more and more dental practices are utilizing software to make their practices run more efficiently. 

The use cases for health tech apps in your dental practice are almost endless. Everything from patient reminders to paperwork management to payment processing could be handled via these apps. Patients are obviously thrilled with these new apps, but they also pose a considerable benefit to your practice’s operational efficiency as well. If done right, these apps can make your practice run much smoother. 

Non-Invasive Treatments 

For many, the term “dentist’s office” conjures up feelings of abject terror. No one wants to have someone else’s hands in their mouth, let alone endure surgery or tooth removal. The cool thing is that dentistry has come a long way in recent years, and innovative and inventive treatment procedures are now hitting the market. 

Previously unimaginable treatments now require hardly any downtown or incision. This revolution in non-invasive treatments is leading more and more dentists to look into securing new equipment and offering new treatments for their patients. While this equipment comes at a price, it greatly benefits the practices. If you want a steady flow of patients, put in the upfront investment to ensure you have the most up-to-date equipment, guaranteeing the best patient experience possible. 

Staffing Shortages 

Finding, hiring, training, and retaining the best has always been challenging, but it is getting increasingly demanding in the dental world. Unfortunately, dentists are finding it difficult to find and hire the right people in 2024. Moreover, retaining the right people can often take time, even if you make suitable hires.

These staffing problems can eat away at the efficiency of your practice and stop you from reaching your peak functionality as a practice. Additionally, staffing problems can lead to you working more hours than you’d prefer. After all, you’re a dentist and want to spend your time taking care of patients, not answering phones and dealing with routine paperwork problems. Finding quality help is critical for you, your patients, and your dental practice if you want to reclaim your nights and weekends. 

Rising Overhead

It’s no secret that inflation has been the center of economic news over the course of the last few years. Dental supplies have not been exempt from this, and monthly economic numbers in June of 2022 showed the highest monthly rise in dental services ever recorded. 

These rising costs may result in more time spent on procurement and accounting, a specialty in which you likely are not proficient. For many dentists, the cost of inflation can be too high, and many decide to leave dentistry altogether. 

Partner With Triumphant Partners

Are you a dentist working sun-up to sun-down to run your practice? Are you considering leaving dentistry or, at the very least, changing how you run your practice? Partner with Triumphant Partners today!

Selling your dental practice to a dental support organization or dental partnership organization is a great way to find a viable partner, one with deep pockets and industry expertise. If you’re looking to exit dentistry, selling your practice is a great way to exit the scene, but DSOs and DPOs can also be great options for dentists who want to continue practicing.

 If you love dentistry but need some support with marketing, hiring, and procurement, an additional partner’s processes, resources, and expertise could make all the difference in the world.

However, selling and transitioning a dental practice is a challenging feat. You need qualified and rigorous industry experts in your corner when selling to ensure you don’t end up with the wrong organization. Few things can ruin your working life as much as a bad business partnership.

That’s why you must lean on the Triumphant Transitions team and guarantee that you sell your dental practice on your terms and timeline. Reach out to your friendly Triumphant advisor for a courtesy consultation on:

  • Your Practice Value
  • Our Private Buyer Network
  • Our Process
  • & More!

2024 Med Spa Industry Projections & Tips

by EOSTriumphant

The med spa industry has seen many changes in recent years, including new technology and differing client preferences. These changes will likely continue in the years ahead. 

However, the industry’s history doesn’t always clearly predict where the industry will go. 2024 is likely to include various emerging trends and growth opportunities that savvy owners need to be prepared to capitalize on. 

Read on to learn more about the future of the med spa industry, both in 2024 and the years ahead, and start thinking through what your future looks like. 

Minimally Invasive Treatments

Gone are the days of “going under the knife.” Patients want as minimally invasive treatments as possible to expedite recovery time. The demand for such procedures has existed for a while, but new tech and advancements in the field are making more and more procedures minimally invasive. 

And what’s not to love about this turn of events? Less invasive procedures mean more interest from more people and less intensive effort on the spa’s side to care for said patients. Minimally invasive treatments will continue to grow in popularity, but many of the most cutting-edge procedures and treatments will require the right in-house equipment. Med spas that invest in said equipment will be positioned to serve their clients better and reap the benefits of offering more modern treatments. 

Marketing

Healthcare providers have historically been reluctant to market their practices. While that sentiment is understandable, it can impact your business goals and stop you from adequately educating potential clients about your med spa. More and more med spas recognize that well-crafted marketing campaigns are necessary for best results. The digital world has upended healthcare, and more and more providers are looking at Google Ads, SEO, and email marketing as ways to serve their clients and promote their med spa simultaneously. 

Med spas that invest in their marketing strategy and find new and inventive ways to reach potential and current clients will continue to rise. This is especially true for new procedures and equipment that clients need to be aware of. It can be difficult as a med spa owner to find the time to revamp your spa’s digital presence, but it is incredibly worthwhile.  Invest in your marketing strategy to grow your spa and reach your target demographic. 

Customer Loyalty Incentives

Your past clients are a vital part of your business. Customer loyalty programs have emerged as a great way to drive repeat business. Developing a well-oiled customer loyalty program is a must-have for med spas in 2024. Med spas need to identify which clients are most likely to continue requiring their services. Customer loyalty incentives are a great way to incentivize repeat customers. 

One way that many med spas accomplish this is by establishing membership programs for patients. This might include discounted pricing for members on regularly recurring services such as injectibles, Botox, and fillers. Not only does this provide a reliable revenue stream for your med spa, but it also creates customer loyalty and brand recognition for years to come. 

Enhanced Efficiency Via Software

More and more health tech solutions are entering the market and driving a massive shift in how med spas are managed and how care is delivered. Whether it’s a scheduling app, a reminder app for postcare, payment processors, or marketing tech, new and emerging software is revolutionizing the med spa industry. 

While this is great for patients, it’s also great for spas and clinicians. If you have the resources and bandwidth to roll out these new systems, you can make your spa more efficient and operationally sound.  Spas that don’t look to implement the right tech in 2024 will likely be left behind. 

Plan for the Future With Triumphant Partners

Knowing where the industry is going is only half the battle. You must consider positioning your med spa against these tailwinds to meet your goals. Knowing what you need to do isn’t a problem for many med spa owners. Execution can be difficult when you’re trying to run a business. Often, payroll and procurement are a higher priority than marketing, software implementation, and new equipment.  

What’s more, these can all be cost-prohibitive. If you want to grow your practice, selling your med spa could be helpful. Adding new capital and established processes can be a game-changer for many med spas and could help you take your spa to new heights. 

That’s where Triumphant Partners could be a helpful partner! If you’re looking to sell to a partner organization, Triumphant Partners is your trusted partner and confidant in the sale process.

Join with Triumphant Partners to:

  • Evaluate Your Med Spa’s Value
  • Qualify Your Potential Buyers
  • Draft Letter of Intent
  • Equip Your Attorneys With Useful Information for Negotiation

Curious how much your med spa is worth? Contact your friendly Triumphant Transition Partner advisor for a courtesy consultation to discuss your specific needs and goals. Call now!