The California dental marketplace is undergoing profound changes as a result of trends that have been occurring for years. Delta, for instance, is phasing out Premier providers and Dental Service Organizations are carving out a larger slice of the pie in the dental marketplace.
However, a greater number of dentists are graduating with student loan debt exceeding $500,000, which is contributing to cost-of-living dilemmas in desirable urban areas. Additionally, while a greater number of women are joining the dental marketplace, many new dentists don’t see the need or have the desire to go into private practice.
This is a problem for those looking to put up their dental practices for sale.
The Patient-Centric Mindset
The dental profession is unique and it’s built on long-lasting and trusting patient-dentist relationships. Patients’ needs must be fulfilled, and they need to feel connected to their dentist. This is also a cause of concern because staffing is beginning to become a problem in the dental industry. Dental clients not only need to know their dentist is clinically competent but also that their dentist cares about their oral health. Unlike in other industries, patients are willing to travel considerable distances to see a dentist they trust.
In Dental Service Organization offices, this patient-centric mindset doesn’t score as well.
Dentists who have taken their practices out-of-network witness some patients drift away. However, these dentists later experience many of their patients asking to be readmitted after discovering that “other” practices don’t serve their needs. The cost drove them away but the trust and customer service brought them back.
Private Practice Is the Better Choice
California is full of discerning consumers who understand they are making long-term investments in their oral health and are willing to pay for quality and long-lasting procedures. But they demand the right patient-centric dental practice. Couple this with dentists who want to own their practices as they have absolutely no interest in being someone’s hired hands.
The future of Private Practice in California is extremely exciting. Realizing that there shall be fewer private practices in the marketplace with each passing year, there are tremendous opportunities for the Next Generation of Private Practitioners.
Those who choose to open their own private practice will realize a far higher level of satisfaction as they will be incentivized to improve their clinical skills compared to colleagues who choose a corporate setting. Those who choose Private Practice will also realize a far greater income after expenses than those who choose to be W-2 employees. Working for oneself does indeed have many rewards. Standing behind something that has your name on it is indeed priceless!
Are you looking for dental practice brokers in your area? Need help finding the right dental practice for you, or need additional help selling your dental practice? We’ve got you covered. Contact the professional and experienced dental brokers of Professional Practice Sales of The Great West today.