As the dental industry continues to grapple with the COVID-19 climate, it’s becoming clear that the effects of the pandemic will stay with us for some time. A recent report from the ADA’s Health Policy Institute predicted a reduction in national dental spending of 37.4% in 2020 and 20% in 2021. As well, with new data indicating the dental care rebound is beginning to slow down and coronavirus cases beginning to surge again, many may be concerned that the industry is not quite out of the woods yet.
Some information suggests that DSOs may be better positioned to weather the COVID-19 storm. But if you’re an owner of a single dental practice, what does that mean for you? Many single-practice owners fear that merging with a DSO means giving up their ownership and autonomy in favor of “corporate” dentistry. At the same time, they are overwhelmed by things like accounts payable and PPE supply orders. After all, most dentists got into dentistry to do just that: practice dentistry. Thankfully, there is a way to have both: the ownership and autonomy of private practice without ever needing to worry about the administrative side. Mortenson Dental Partners (MDP) strives to provide their doctors with a wealth of support without infringing on their clinical expertise. Here are a few things that make MDP different from your typical DSO.
We are employee owned.
We are one of the largest groups of employee-owned dental practices in the country, with over 140 practices in nine states. Through our Employee Stock Ownership Plan (ESOP), shares of the company’s profits are put into a retirement account for each team member.
We believe in our doctors.
Not only do our doctors have unmatched clinical autonomy, but we also offer opportunities for career growth and continuing education at no cost. In addition, eligible doctors can purchase more ownership stock in the company.
We know how to work with insurance companies.
We have a dedicated Payer Optimization team that negotiates more favorable insurance contracts than those available to individual practitioners.
We’ve got experts in all areas of business.
Our National Support Center offers expertise in a variety of business areas — from marketing and IT to doctor credentialing, human resources and accounting — so our doctors can focus on doing what they do best.
We set our doctors up for success.
We work to update our practices regularly so they are visually appealing and equipped with the latest dental technology.
Our size gives us many advantages.
Because of our size, we can take advantage of quicker insurance processing and lower costs on labs and personal protective equipment.
We truly have a unique culture.
We have a strong, family-oriented culture that is grounded in our mission and values. Team members feel a strong sense of ownership for achieving our goals and delivering the highest standard of care.
Looking for guidance?
The COVID-19 pandemic has presented many challenges for the dental industry. If you’re looking for guidance to help move past this crisis and are considering your options, please view our Doctor Opportunities or contact our Development team. We can help you get back to doing what you love most.