Dental Industry 2024 Forecast
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 Transition 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 Transition 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!