Have You Future-proofed Your Dental Business?
The dental industry is changing fast, with dental service organizations (DSOs) bringing practices together and making it possible to treat patients more efficiently, conveniently, and profitably than ever before. In many ways, the future of our industry is brighter than it’s ever been.
Still, as we look to 2022 and beyond, it’s clear that not all dental businesses are ready for what lies ahead. Some will resist the changes sweeping our industry; others will find they lack the business processes and technologies they need to succeed in the new era. To stay competitive and come out on top, there are 3 key steps your organization needs to take:
- Make Data Work For You
In the new era, dentistry is about more than just people’s teeth. It’s about data — because to care for patients effectively, clinicians need to access, share, and effectively utilize a wide range of patient records, radiographic images, 3D scans, and other clinical data. Administrators, too, are using data to help them figure out which patients are at risk of missing appointments, to keep collections flowing smoothly, and to maximize revenues.
Using data effectively requires a commitment to communication and coordination. It’s important to have the right records, but also to maintain those records in ways that allow them to be used effectively and securely across your entire organization. To succeed, organizations need standardized data infrastructure that makes records easily accessible, and analytics tools — up to and including AI and machine learning capabilities — to ensure data is driving smarter decision making at all levels.
- Perfect Your Paperwork
Revamping your accounting system might not sound like a key priority. Every practice has a bookkeeping system in place, and many dentists take an “if it ain’t broke, don’t fix it” approach. But while your accounting system might work for your current business needs, it’s important to ask whether you’ve got the processes in place to help you grow as you look to the future.
Investors, and especially providers of institutional capital, will want to see your practice using generally accepted accounting principles (GAAP), and especially accrual-based accounting, to keep track of its finances. That might involve some awkward changes to your current methods, but it’s better to be proactive and ensure you aren’t held back by lackluster accounting practices when you need to bring investors on board.
- Turbocharge Your Tech Stack
Most importantly of all, dental businesses need the right tech stack to help them achieve scale in sustainable and efficient ways. The key here is to view tech investments not as something enabled by expansion and new capital, but rather as the driver of growth. Put the right tech in place early on, in other words, and you’ll be far better placed to attract investors and grow your business.
Getting your tech stack in shape early on is crucial because as your organization grows and brings additional practices into the fold, you can easily find yourself juggling multiple different practice management solutions and record-handling systems. That can cause chaos and constrain further growth, and the bigger your business grows the harder it is to put things right — so take action now to standardize your data infrastructure and put a unified operating system in place for your organization.
The Shock of the New
The reality is that staying afloat in a changing industry can be tough. The rise of DSOs, the challenges of the pandemic, and the changing nature of patient care all bring opportunities, but also significant risks. To protect your business, and position yourself for growth, it’s important to build out processes and infrastructure that are resilient and flexible enough to cope with what lies ahead.
Fortunately, tab32 is here to help. We’re pioneering the use of smart, fully integrated software to connect all aspects of your business, from point-of-care to back office administration, and using standardized data processes and sophisticated machine learning to help you make smarter decisions across your organization. The future is going to bring challenges and opportunities for dental businesses — so get in touch today, and find out how tab32 can help your business to succeed.