Corporate Dentistry is starting to make its mark in the dental industry, and whether you are for or against it, it’s here and it isn’t going away anytime soon. The best way for private practices to thrive against these giants is to first become informed. In April of 2016, the Vancouver Sun wrote an article about the takeover of corporations in B.C, in which they state that DCC has “become the biggest corporate player in Canada, and it’s still in expansion mode.” Why? The disadvantages have been mentioned and reiterated again and again, but in this blog post we are going to play devil’s advocate and look at those more appealing aspects of corporate dentistry. Why are some patients and even some dentists drawn to it? The reality is that more are coming and your best defence is knowledge.
What does corporate dentistry offer dentists?
According to howtoopenadentaloffice.com, doctors are provided a lot of stellar opportunities:
- Part-time, high income; the ability to work fewer hours and yet still maintain a high income.
- The opportunity to remove oneself from the difficult and stressful task of hiring and firing
- Options to move.
- Concerns with accounts receivable is no longer an issue as the dentist will not have the responsibility of collections.
- No longer tasked with practice strategy. Dentists can just come in and “do dentistry.”
- No more patient scheduling or staff training responsibilities.
- Administrative and marketing support
The benefits included here are undoubtedly appealing, but I think it’s fair to point out that certain words stood out in this article, words like “some,” and “many,” which are words used to mean that not all dental service organizations provide these same benefits.
What does corporate dentistry offer patients?
Leon Klempner, DDS understands that “the reality of business is that corporate groups, affiliations, and conglomerates often replace small-business owners, and can do so efficiently” but it’s much more than that. He knows that “the dental profession is beginning to suffer from this very issue, and it’s manifesting in lower rates of patient acquisition and retention.” Private practices have to, therefore, be prepared for the inevitable rise and to do this, “we must first understand what draws patients to DSOs.” Again, understanding and knowledge are the keys to rising above these conglomerates and exceeding the expectations of potential patients.
The patients should be the number one priority when it comes to any dental practice, so what do the corporations offer that draws those patients in?
- The promise of low fees
- Flexible financing
- Convenient hours
These benefits are a result of corporations having the money to reduce overhead, bargain with insurance companies for those lower fees, and recruiting investors. As the promise of low fees is number one on this list, it is clear that corporate dentistry focuses on price and convenience rather than the importance of quality. However, here is what you need to know: not all of these dental service organizations run like that. You do have practices that remain patient-centric and emphasize quality over price, but again only some run like that.
What now?
The point of playing devil’s advocate with corporate dentistry is just to give you the information you need to make the best decision possible. Are you interested in selling to a dental service organization or have you thought about it based on the benefits above? If so, just remember that some and not all dental service organizations offer those benefits. Always do as much research as possible before making your decision. However, if you are a private practice surrounded by these dental service organizations, Klempner suggests a new way forward. Knowing what you know about these organizations, what are your options to continue being successful? Communication is your number one tool, but more importantly, “choosing to take ourselves out of the commodity game altogether means deciding not to compete on price or convenience.” Establishing and maintaining trust between you and your patients will undoubtedly give you the edge over the competition without even trying. It is time to target patients who value trust and quality over price and convenience.
Resources
- http://www.dentistryiq.com/articles/2015/06/dental-hygienists-attitudes-toward-corporate-dentistry.html
- http://vancouversun.com/news/local-news/corporations-swallow-up-b-c-dental-practices
- http://howtoopenadentaloffice.com/corporate-dentistry-vs-private-practice/
- “Want to Compete With Big Business? Tap Into Your Relationships.” Dental Town. Jan. 2016: 74-77.
