Following the lead of other healthcare providers, dentists and the dental industry as a whole are moving in a clear direction: towards consolidation. Solo practices are linking up to form groups, groups are becoming DSOs, and big DSOs are absorbing smaller competitors.
Is this a good thing? We say yes — with one clear caveat.
First off, dentists joining forces with other dentists brings the power of scale into play. If you’re a practice owner, you’ll be able to deploy your time, energy, and resources more efficiently as part of a dental group, where you’ll benefit from a larger support infrastructure, colleagues to collaborate with, and even the ability to save money by making bulk orders on essential supplies.
So what’s the catch?
Growing pains. Consolidation, like any other form of growth, can lead you through the seas of change faster than you or your team may be prepared to go. Some degree of organizational chaos is to be expected — and don’t be surprised if some on your team struggle emotionally as well.
This can wreak havoc on your business. But it can also be an opportunity for personal and collective development.
The key is to go about consolidation in a deliberate, mindful way. Take the time to develop a vision for where you want to go, a clear plan to get there, and measures to support your team along the way. Then, be adaptable! Your plan can’t possibly cover everything that comes up, so do your best to go with the flow while keeping a close eye on your goals.
You and your team can come through stronger, more resilient, and more successful.