DSOs may need to make some changes to their growth strategies in a more competitive market for specialty services next year, according to Barry Lyon, DDS.
Dr. Lyon is a chief dental officer for the division of orthodontics and pediatric dentistry at Sarasota, Fla.-based DSO Dental Care Alliance. He recently spoke with Becker's about what the DSO field will look like next year.
Editor's note: This Q&A is part of a weekly series featuring Dr. Lyon focused on topics in the dental industry and DSO field. This response was lightly edited for clarity and length.
Question: What will the DSO field look like in 2024?
Dr. Barry Lyon: We face the new year with a mixture of anticipation and trepidation. No matter the plans we make, unforeseen events (remember the pandemic?) can occur and require us to change course. With all things being equal and in a perfect world, DSOs can look forward to 2024.
We expect to see further utilization of digital technology in the form of teledentistry, electronic health records, 3D imaging and computer-aided design. These will improve patient care and enhance administrative tasks.
Customer service and improving the patient experience are also on tap. This will include effective and efficient online scheduling, automated appointment reminders and easier bill paying. Patients have their pick of where they seek care, so everyone benefits when patients feel appreciated and supported.
With inflation apparently now under control, DSOs will see reduced overhead costs, increased profits and improved cash flow.
We can expect to see continued growth of specialty DSOs due to competitive and developing markets. DSOs will need to modify and adapt to new strategies to acquire affiliations, hire doctors, develop equity models and provide support specific to the specialty.
Finally, expect continued forward movement with artificial intelligence-assisted dentistry. Increased case acceptance, improved patient education, more accurate diagnoses and treatment planning and smoother claim submission are all a result of AI.