Corporate Dentistry Taking Over?
One of the most common questions that I get asked by dentists from all over the world is, “How do I compete with corporate dentistry?”
It’s a fair question, and one that we’ve all had to ponder in recent years.
As you know, many corporate chains are held by a collection of owners (usually not dentists), and are often backed by large investors and private equity.
These corporate chains have different philosophies of expansion; some acquire existing offices and others open scratch practices.
They derive their profit by employing tight financial controls while leveraging relationships with labs, supply houses and dental insurance companies. They advertise low introductory offers and accept nearly all insurance plans, including HMO’s.
Their employee dentists typically get compensated with a percentage (less than 30%) of the decreased fee schedules of the insurance plans that the practice accepts.
This high volume model leads to associate dentists that burn out and turn over quickly.
There is also often a revolving door of patients at corporate dental practices due to the “assembly line” atmosphere and lack of continuity of care.
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So back to the original question… “How do I compete with corporate dentistry?”
My answer… be everything they are not.
Provide the highest quality patient care that a corporate practice could never accomplish under their high volume conditions.
Provide a patient experience that highlights personalized attention and consistency that is impossible when there is no continuity of care.
Get to know your patients and recognize the milestones in their lives.
Create a written protocol for every “touch point” during the patient experience.
Get involved in the community to the extent that you become a local celebrity.
Create a culture in your office that stands for empathy, compassion and open communication.
Become the antithesis of the corporate model and your practice will thrive.
Enjoy the video and have a fantastic week!
Committed to your success,
Mark Costes, DDS
Founder, Dental Success Institute
Founder, Horizon Schools of Dental Assisting
Author, Pillars of Dental Success
P. S. If you’d like to talk about strategies for taking your practice to the next level, let’s chat! To schedule a call with me, or email with your name and contact information and someone from our team will get it set up immediately.