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nmdental.org
How can a dentist who is a Blockbuster
model compete with these Netflix-type
models popping up all around? Many
who are in this situation probably do
not feel threatened. They feel secure in
the permanence of their practice. But
for those who are feeling vulnerable,
and feel that a revolution in the dental
world is inevitable, a group practice
may be something to consider. Group
practice is the first step in being able
to compete with dental corporations.
With group practices, the fundamental
difference is simply having multiple
dentists under one roof. These dentists
can be general dentists, specialists, or a
combination of both. Each dentist can
work a specified number of hours per
week, leaving the reliability of sched-
uling intact, while allowing more time
off. This can lead to having the prac-
tice open longer. Nowadays, extended
hours are another societal expectation,
and won’t burden the individual dentist
much since multiple doctors are rotating
these extended shifts. With multiple
doctors and extended hours, a practice
can bring in more patients and do more
dentistry, which increases production
and collections significantly. With the
office overhead fixed monthly, and more
money being brought into the office, the
overhead percentage plummets. With
low overhead and high revenues, the
dentists take home more money each
month without working longer hours.
Another benefit is having partners to
cover shifts for vacations, illnesses,
emergencies, etc., allowing the office
to remain fully functioning, and thus
offering all services and continuing to
collect. With a group practice, a network
of in-house colleagues benefits the indi-
vidual doctor by giving multiple opinions
on different, challenging cases. Multiple
doctors drive down the overhead and
can lower prices for dental services by
allowing a discount plan to be offered.
In conclusion, a group practice has
many of the benefits of the single-doctor
practice, as the doctors are owners and
patients receive the continuit y and
quality of care that is often inaccessible
in this economic climate. In addition,
like the corporate practice, there are
many doctors to absorb and mitigate the
stress of costly overhead, thus leaving the
owner doctors a significant net increase.
Stressors are further eliminated due to
the boosted stability of practice opera-
tions, even when time-off is necessary.
And finally, the all-important aspect of
establishing and maintaining a substan-
tial patient base is taken care of, as lower
cost of services can be offered, thus
making regular dental care accessible to
all people.
Dr. Jonah Foutz owns a group practice in
Albuquerque, NM.