According to the American Dental Association, solo practices represented 68% of all dental practices in the U.S. in 2014, down from 76% in 2008. These figures bring up an interesting question—is dental following medical by consolidating into multi-location groups? In 2014, only 35% of physicians described themselves as independent practice owners.
The answer seems to be yes. More and more dentists are choosing to practice in a group setting rather than go it alone. This trend appears to be pronounced among recent dental school graduates who don’t want to deal with the business aspects of running a practice and would prefer to focus exclusively on patient care.
Such a trend might be worrisome to dentists who are looking to sell their practice and retire. With more and more dentists choosing to go the group route, who will be left to buy those solo practices for sale, and at what price? How can solo dentists protect the value of the asset they’ve built over a long career?
One approach is quite simple: take steps to ensure that the practice is the best solo practice in the local market. Even with a trend towards consolidation, there will always be entrepreneurial dentists who prefer to own their independent practice.
Easier said than done, of course. But one simple, obvious place to start is with good practice management software, with a system that allows for efficient operations and helps provide a superior patient experience. Modern software, built in the cloud to be flexible, with anytime, anywhere access to practice information. Software like Denticon.