ADSO DENTAL PANEL ’ s “ Boldly SERIES Evolving Dentistry ”
ADSO ’ s recent virtual conference , “ Boldly Evolving Dentistry ,” covered several topics weighing on the minds — and pocketbooks — of those in the industry , including new staffing models emerging from the pandemic and a calculated shift toward dentistry as part of an integrated healthcare model . Here are
PARTNERSHIPS & AFFLIATIONS
three of our favorite takeaways .
Recently , First American Equipment Finance hosted a panel discussion on partnerships and affiliations in the Dental industry . Leading the discussion were Ray Caruso , CEO of Colorado ’ s Lone Peak Dental Group ; David Pegg , Chief Development Officer of Dental Care Alliance ; and George Radigan , VP of Business Development for North American Dental Group . Discussion topics included how to “ hit ” 2021 targets ; valuation trends ; maximizing multiples ; and selecting new markets . Below are key takeaways from these topics .
How to reach 2021 goals
After COVID sidelined many growth plans as well as kept patients away from practices last year , participants were eager to learn strategies for reaching 2021 goals , many of which already are scaled back due to the industry ’ s slow reopening pace . However , in the past month , as more Americans become vaccinated and businesses open , practices are seeing increased patient volumes , which in turn is spurring revenue to begin trending above expectations . Below are some of the strategies to help make 2021 a winning year :
• Offer “ value-add ” services that private practices don ’ t think about or view as too much work .
• Use marketing smarts to bolster a practice ’ s digital presence , which often translates to higher patient numbers .
• Streamline procurement spend through supply formularies and labs , equipment deals , deals with healthcare providers , and other group discount items .
• Build playbooks to improve implementation .
• Set realistic , obtainable budgets .
• Spend time listening to doctors , hygienists , etc . from the practice . They know better than anyone at the table where future opportunities lie .
• Be ready to pay market rate salaries but beware if they seem out of alignment .
• Make sure everyone is aligned on “ big picture ” topics such as mission , values , and culture .
• When adding a practice , try not to “ reinvent the wheel ” in terms of budgets or procedures . The reason you were interested in the practice in the first place is that it already seems successful .
• Finally , always remember that your customers are doctors and their customers are patients . When DSOs do right by their doctors , their doctors in turn will do right by their patients .
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