Though this time is unprecedented, seasoned business leaders have been through economic downturns before. DSO/ dental group leaders should take a look at the “recession playbook” of those that have been down this road before and to see how they sustained their businesses.
Most Important Rule of the “Recession Playbook” — Stay Above the Problem
Many DSO/ dental group leaders are already following the playbook — cutting expenses, preserving capital, assessing their team and making tough HR decisions, but the most important rule of the playbook is to “keep your head on right, stay above the problem, and think clearly,” says Jacob Puhl, Partner/CEO of The Dentist Entrepreneur Organization.
Also, DSO/ dental group leaders would be wise to take heed of this lesson from the playbook: recessions flush out inefficient businesses. But those that adapt to the new climate will move forward. Now is the time to pivot, and change to handle what’s in front of you and prepare for the future.
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To learn more about how The DEO can help you sustain your dental group through adversity and thrive going forward, click here.
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Teledentistry: A Positive Pivot Forward To Sustain Your DSO
The good news is that innovation is a positive outcome of recessions. DSO/dental group leaders are already pioneers. One such change that is already taking a giant leap forward is the use of teledentistry by DSOs/ dental groups.
“Innovation comes from
the middle market
in industries like you
— dentist-entrepreneurs
who advanced group dentistry.”
— Jacob Puhl, Partner/CEO,
The Dentist Entrepreneur Organization
Dr. Ryan Hungate, DDS, MS, CEO and Founder of Simplifeye, agrees with Jacob that a lot of dentist-entrepreneurs are prepared to take on the challenge as many are already “growth hackers” and are putting together new solutions now.
Adapt To the Now — Be Part of the Solution To Fighting COVID-19
Ryan notes every DSO/dental group is trying to figure out how to exist right now. But it’s possible in this tough time to be part of the solution while also helping your DSO’s bottom line. In fact, it’s imperative. Dr. Hungate reminds DSO/dental group leaders even with “shelter in place” orders, they can still see emergency patients.
“We have to do our part, especially as DSOs. Our communities rely on us as part of that triage system. We have to see emergency patients to limit the people who go to hospitals,” emphasizes Dr. Hungate.
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To learn more about how The DEO can help you sustain your dental group through adversity and thrive going forward, click here.
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Teledentistry Can Help You Keep Patients Now and for the Future
Dr. Hungate emphasizes that teledentistry is legal in many states and you can also bill for it now, which you could not do a few weeks ago. He notes that many major insurers are now allowing reimbursement for teledentistry, including Delta Dental, Aetna, Liberty, Cigna, and others. The American Dental Association is working to procure more.
Teledentistry is a way to see patients and keep some revenue coming in. Dr. Hungate encourages DSOs/ dental groups to take advantage of and adapt to the current situation by leveraging the patient relationships you already have.
“Send an email
to your patient list,
letting them know
you are available for
them via teledentistry.
It’s a giant
patient-relationship
building engine.”
— Dr. Ryan Hungate DDS, MS, CEO, and Founder, Simplifeye
Taking this action now and seeing patients through teledental appointments will set your DSO/ dental group up for success when the mandated closures are lifted. Since preventative appointments can be missed and some care has been put off due to this challenging time, adding teledentistry to your practice helps ensure that when those patients can seek care again, they will turn back to you.
Teledentistry may seem daunting, especially if your DSO/dental group has not used it before, but it doesn’t have to be complicated. There are many resources and updates available: just search the term or check out the American Dental Association. Plus, there are many platforms to use if you choose to go that route: again search for “teledentistry platform” or “teledentistry software” to see the options.
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To learn more about how The DEO can help you sustain your dental group through adversity and thrive going forward, click here.
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