An Intro to Dental Partnership Organizations
If you’ve been in the dental community for any amount of time, you’ve likely heard about dental partnership organizations. There’s no shortage of visibility of DPOs within the dental industry.
You’ve likely seen them at dental conferences, received collateral from these organizations, or heard about colleagues partnering with a DPO. These organizations are a key part of the dental industry – however, you may have never done a deep dive into the concept of a DPO. If you want to learn about dental partnership organizations, you’re in the right place! These are essential questions to ask yourself when selling your dental practice. Read on to learn more about dental partnership organizations.
Benefits
A DPO or Dental Partnership Organization is merely an organization that partners with dentists to create more efficient and impactful dental practices. The how of each DPO will vary, but all DPOs work by partnering small dental practices with a broader network for more support and operational efficiency. DPOs provide a plethora of benefits for many dentists. The list below isn’t exhaustive, but it is a good overview of why many dentists partner with dental partnership organizations.
Time-Savings
By some estimates, dentists are one of, if not the most overworked professions. Small dental practice owners might be the most overworked. That’s one of the principal reasons many dentists are interested in partnering with a dental partnership organization. The opportunity to get their nights and weekends back is incredibly tantalizing to many dentists. All the administrative tasks involved in running a dental practice can be subsumed by the Dental Partnership Organization, allowing the dentist in question to focus on patient care.
Financial Gain
Working with a DPO can also help you grow your practice. The balancing act between being a healthcare provider and a business owner is one that many dentists struggle with. By bringing on an experienced DPO, you’re better poised to invest in marketing, find ways to increase profit margin, retain customers, and provide better service. Plus, you’ll likely keep a seat at the table regarding business operations. As a partner within your practice, you’ll be supported by the DPO’s expertise but will also retain some degree of ownership in the direction and profits of the practice. That’s an excellent place for many dentists to be.
Upskilling
If you’re a dentist looking to further your education and career, a dental partnership organization can help better connect you with your peers and the industry. Access to these conferences provides many dentists with continuing education and a network of colleagues. Depending on the organization, you might have access to funding for certain continuing education pursuits.
Economies of Scale & Access to Resources
Running a dental practice as a solo practitioner has its perks, but it also comes with drawbacks. One of those drawbacks is the cost-prohibitiveness of being a small business owner. On the other hand, dental partnership organizations have extensive experience supporting practices nationwide. This expertise proves invaluable when looking to support your dental practice better. By partnering with a DPO, you can access more capital to better staff and equip your practice and efficient economies of scale for procurement.
Process
Do you love dentistry but find yourself spending most of your time tending to the non-dentistry elements of running a dental practice? Do procurement, marketing, HR, and general administrative tasks take up countless hours of your day? If so, a dental partnership organization might be an excellent fit for you! If you’re considering partnering with a DPO, they likely have extensive experience templating and coordinating all the humdrum elements of business ownership you don’t enjoy. The amount of process a DPO brings to your practice is quite freeing for dentists trying to wear multiple hats independently.
Call Your Triumphant Transition Partner Advisor Today!
Are you considering selling your dental practice? Do you need help understanding your practice’s value, potential options, and closing the deal? If so, call your friendly Triumphant Transition advisor for a courtesy consultation!