Corporate dentistry has some advantages which include but are not limited to the following:
- Recruitment of talent through provision of incentives.
- Training and continuing education.
- Economies of scale (compete on price).
- Marketing directors.
- Centralized services to ensure cash flow and operations are optimized
- They understand the fundamentals of business development
I agree well-run corporate practices have the ability to out-compete you, but it is not a certainty.
You can compete with them if you are willing to create a great business….
Focus on the right things….
Doing good dentistry is a must and the first priority…..but its not the only factor…in fact most patients would be ok with mediocre dentistry as long as it doesn’t hurt, break the bank, and it stands the test of time……they don’t know how great your crown margins are…..
Patients will remember you because you make them feel special……
Provide great customer service and wow patients with the dental experience….
Exhibit effective leadership and create a positive office culture…..happy team members have positive interactions with the patients and in turn they come back for more….
You see, one thing a lot of dentists neglect is patient perceptions of quality…..patients look at stuff you may not have thought of. One factor is the team turnover rate…if they see a new face every time they won’t stay for long
The number 1 issue corporate offices have are dentist and team turn over….you can win here because you are here to stay….stability is important for people….
In addition to this you must set up systems that allow you to create consistent experiences, train your team, manage cash flow, and all the other systems required for the creation of a recession and competitor resistant business….
So What Is The Biggest Threat To The Dental Industry?
The dentists inability to build a great business. Its not your fault but it’s a reality. The goods news is if your willing to look there are multiple people that can help!