4 Dental Industry Trends To Watch
No industry is ever genuinely stagnant. New tech, regulations, consumer preferences, and methodologies are constantly emerging and causing shifts in industry execution and standard operating procedures.
Regardless of your industry, an annual review will almost always reveal sizable changes from the past year. While many sectors change year over year, the dental industry, in particular, is poised for a rapid acceleration in the rate of change as new technologies and patient preferences dominate the field. If you’re monitoring the dental industry, you’re likely aware of just how important the following trends are for those practicing.
The experts at Triumphant Transition Partners leveraged their industry knowledge to put together the below list of dental trends to watch. You are likely already seeing some degree of impact from the phenomenon below, and we expect that to continue in the months and years ahead. Better understanding the below is your first step towards capitalizing on the industry’s direction and planning accordingly. Read on to learn more about the dental trends we think you should be paying attention to!
Teledentistry
Increased access and improved technology have led to a boom in teledentistry. The idea of seeing a dentist virtually for your dentistry needs was the stuff of science fiction a few years ago. Now, the medium is taking off and becoming more and more mainstream. The reasons are myriad, but ease of access, convenience, and the ability to care for mobility-limited or rural patients were top drivers. Teledentistry isn’t perfect for every practice, and the prevalence of technology can be a limiting factor for many dentists, particularly those in smaller practices.
However, if you are a dentist looking to understand where your practice can better serve your patients, researching and implementing a successful teledentistry program is a great option. Most practices that have begun offering teledentistry have only done so post-COVID-19, so the medium is still in its infancy. However, we expect to see this form of patient care being par for the course of most dental practices by the end of the decade if this rate of adoption continues.
Increased Demand for Skilled Positions
Dental practices require so much more than an excellent dentist to stay up and running. Experienced and professional support staff are paramount to your success as a practice. Practice managers, in-house marketers, billers, dental hygienists, and other support staff are essential to delivering good care. The industry is poised to see a growth in demand for these positions.
Complexity of Practice
Practicing as a dentist is more challenging than it used to be. Running a small business always requires wearing multiple hats, and dentistry is no exception. You may have gone to school to learn how to tend to patient needs, but your dental practice likely requires you to fulfill multiple roles. You may find yourself serving as an in-house marketer one minute, a procurement specialist another, and a facilities manager by the end of the day. This shows no signs of abating. New technology, greater competition for skilled support roles, and new changes to the network landscape all put more and more stress on small, independent dental practices. This has, in turn, led to our next trend: dental industry consolidation.
Consolidation
Industry forecasts expect dental consolidation to continue throughout the next few years, and the reasons for this are straightforward. Large and operationally efficient dental support organizations (DSOs) are much better positioned to provide support at scale than small, independent practices. DSOs can more efficiently provide everything from procurement and billing support to technology investment and upskilling. This is a compelling offer for many dentists, especially those working upwards of 70 hours a week to keep the practice afloat. We expect to see more and more dentists look to sell their practice to a DSO in the years ahead to streamline their operations and better tend to their patients.
Call Triumphant Transition Partners
Selling your dental practice can be a rewarding experience, but it can also be one of the most stressful and harrowing of your life. The industry is constantly evolving, and your practice could or could not be in demand. A seasoned transition partner who knows how to value a practice’s worth properly, structure transition deals for your benefit, and find the right DSO or DPO partner is critical.
That’s where Triumphant Transition Partners enters the picture! Your practice is unique, and you should only be conversing with DSOs or DPOs that align well with your long-term goals! A savvy practice transition partner and advisor can help you find the right buyer and sell your practice on your terms and timetable.
Call your friendly Triumphant Transition advisor for a courtesy consultation today!