It’s becoming no secret that dentistry is increasingly moving toward consolidation. Last year, the American Dental Association reported that 13% of dentists across the country are affiliated with a dental support organization (DSO), up from 10.4% in 2019 and 8.8% in 2017. For those who graduated from dental school less than 10 years ago, the percentage is even higher.
If you’re a dentist who is considering affiliating with a DSO, there are a lot of things to consider. Here are a few tips to help you make the best decision for yourself and your practice:
1. Consider Your Five-Year Plan
Your goals will likely vary depending on where you are in your career. For example, if you’re a seasoned dental practice owner who is looking to retire soon, you may want to make sure your dental practice is in good hands. Alternatively, you may be a recent graduate who is looking to pay off student loans while growing your career and expanding your clinical skills. Wherever you are in your career now, thinking about where you want to be in five years will help you determine which DSO will help you reach your ultimate goals.
2. Consider How Your Time Is Spent
How much time do you currently spend doing administrative work like accounting and submitting insurance claims? How do you want to spend your time? Many private practice owners find themselves managing the business side of running a practice during the evenings and weekends, time they’d much rather spend with their families. DSOs provide administrative support to help you prioritize patient care during business hours and enjoy quality time with your family outside of work. If you’re struggling to achieve a healthy work-life balance, a DSO could be an opportunity to get back to what you love the most.
3. Consider the DSO’s Mission and Values
There are a lot of DSO options out there. What do they stand for? And, importantly, do those values align with your own? When considering whether to affiliate with a DSO, it’s important to make sure the company has a mission you can support. This means thinking about whether you have similar beliefs, principles and objectives. For example, the mission of Mortenson Dental Partners is to improve the lives of others by living our values every day. Those values are caring for everyone, sharing abundantly, expressing gratitude and building relationships. Our mission and values guide us through all decision-making processes.
4. Consider the DSO’s Benefits
Does the DSO offer benefits for your team members that you wouldn’t have otherwise? For example, among Mortenson Dental Partners’ many benefits is inclusion in our employee stock ownership plan, which gives all team members an ownership stake in the company at no cost to them. Eligible dentists can also purchase additional stock in the company if they choose. You might also explore whether the DSO offers opportunities for wealth-building, career growth, continuing education and more.
5. Understand the Expectations on Both Sides
Being transparent about what you expect from the DSO and understanding what they expect of you will help foster a smooth transition. Asking questions about what your day-to-day will be like, how treatment planning and claim processing work, how vendors are selected, what career growth opportunities exist, and more will help you feel more prepared and decrease the likelihood of unexpected surprises later. Keeping the lines of communication open is vital for selecting a DSO that aligns with your needs.
There is a lot to consider when weighing whether a DSO is right for you. If you have questions you’d like to discuss with our team, don’t hesitate to reach out.
