As a result of high student debt and rising costs, practicing dentistry independently is becoming a thing of the past for many dentists.
Four dentists recently connected with Becker's to answer, "What is the future of independent dental practices?"
Note: Responses have been lightly edited for length and clarity.
Louis Cooper, DDS. Greenwich (Conn.) Hospital: I sold my second privately owned pediatric dental group more than a year ago to a DSO. The future, I believe, of independently owned practices is not bright. Private equity corporations are finding healthcare in general a very lucrative business. Their ability to cut costs and negotiate with insurance companies makes their model extremely appealing and very difficult for private practices to compete with. The new generation of dentists with their accompanying debt find that being an associate in corporate dentistry with the benefits normally offered, a distinct advantage. This eliminates the financial burdens and other pressures of ownership. On the owner's side, corporate dentistry provides an exit strategy. The company that bought my practice was in turn bought out by a larger equity firm for an amount that was significantly greater I'm sure than what I was paid. That's good business.
Troy Gombert, DDS. Parkside Dental Health (Chandler, Ariz.): I believe the days of the independent/private practice are dwindling. DSOs are purchasing private practices at an alarming rate, and they are beginning their takeover of dentistry. Dentists, such as myself, are nearing retirement and generally speaking, DSOs are enticing sellers to sell their practice to them. In addition, dental education has become so expensive that new graduates have gone from looking for a practice to buy, to looking for a place to work. I believe there will always be a place for private care in the future, but the field of dentistry is definitely changing.
William Hunt, DDS. William H Hunt, DDS, PA (Forest City, N.C.): Expenses, especially for new equipment, are difficult to control. New technology is hard to justify with the large expenses involved. It must start producing quickly to show its value. A solo rural provider must plan carefully before making a large purchase.
Charles Rim, DDS. Oregon State Hospital (Salem): The future of independent dental practices operated by a single or small group of dentists will face numerous challenges in the current economy. The cost of delivering dental services rose with the increased cost of materials, lab fees, workforce wages, property leases and additional operational expenses. As the new generation of graduating dentists have multiple career options besides owning a solo dental practice, the times are changing for the independent dental practices. The future sustainability of independent dental practices will be determined by the oral health provider's ability to incorporate new technology, collaboration and innovation of the dental service delivery model.