Dental Finance Exectutive Virtual Roundtable KEY TAKEAWAYS
In a recent virtual roundtable discussion , leaders from dental organizations came together to discuss the topics that are impacting the dental space today .
Recruiting and Retaining Top Talent
The dental job market is a competitive space , attracting and keeping the best doctors and employees was top of mind for executives .
Mentorship Participants found one commonality , that most young doctors are looking for a mentorship opportunity . It is important for practices to create an atmosphere where junior dentists feel supported and can grow through learning and development . One executive shared that they strategically place young doctors in an office with a senior dentist , while another employs a Chief Development Officer to support young colleagues across all practices virtually or in-person . Another point shared was creating a partnership with a local university and sponsoring residency programs has lead to a higher percentage of Residents signing and staying with the organization .
Culture is King The participants agreed that company and office culture is one of the main contributors in retaining talent . Dental practices want their employees to feel like they ’ re part of a community , rather than a cog in a wheel . To do so , DSO ’ s are finding unique ways to build team unity . Our participants have hosted team dinners , gone to sports outings , and organized random acts of kindness for employees . One even rented a yacht for the entire company for their Christmas party .
In 2020 due to the impacts of the pandemic , many organizations were forced to pause or slow-down planned acquisitions . Instead , they took the time to focus on improving existing operations and growing business organically through existing markets .
Trainings and Business Procedures Taking care of the basic processes in the office has been a top priority . Organizations are focused on providing training to make sure everyone in the office understands the policies and treatment options that they have in place . From there , practices have been able to focus on providing the best patient experience . Asking for and earning patient referrals is important to improve profitability at each location , so executives are making sure that everyone who is front of a patient is thinking about that .
Expanding Services Dental organizations are making sure that they have the right mix of products and services in place . Management companies have considered additional treatment hours , offering teledentistry appointments , bringing specialists in-house , or adding teeth straightening or whitening services .
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