“There’s plenty of room for your particular dream to have value in the marketplace.” ~Dr. Victoria Peterson
No one likes competition, especially from big business. In fact, it’s probably something you’ve worried about more than once as a dental business owner. But I think we often let ourselves get too concerned about what the big corporations are doing. Let me give you an example. Consider car dealerships. I’m sure you’ve noticed how they’re often grouped together, one right after the other, in “dealership row.” Now, convention would say don’t set up shop right next to your competitor. But the dealerships know they offer a variety of vehicles at a variety of price points. Toyota’s customers and Porche’s customers are looking for different options and have different needs.
The dental industry is the same. There are so many ways for you to distinguish yourself! Last episode, I spoke with Dr. David Porritt about DSOs and I think his perspective was so wise: there are good DSOs, and less good DSOs, but you don’t need to fear them. As you may remember, Dr. Porritt talked about consolidation theory and how we saw in the pharmacy and medical fields the consolidation of fragmented markets. That same consolidation is now happening in dentistry.
But what I want to encourage you with is, there is no need to “bow to the inevitable” and sell now. Here’s why. By the year 2035 they’re estimating consolidation of 45% of the market. What that means for you is there’s still plenty of room for solo practitioners and non-equity backed dentistry to play! There’s space for you to build your Investment Grade PracticeTM where you can provide the clinical care you desire and build the practice that will be an asset in your future.
You’re listening to this podcast because you’re a savvy business owner who wants to serve your patients in the way you believe is best, but also craft a practice that grows its value. So join me today to break down the Investment Grade PracticeTM thought process by looking at these topics:
- Options for independent practice in the current dental market
- Where to seek support so you can be competitive in the job market
- Opportunities to stand out in the industry
Do you know how long you need to work to maintain your lifestyle when you retire? Use this completely free calculator to see where you stand: What’s my IgP Freedom Number?
Want to have a conversation about your Investment Grade PracticeTM? Contact Brent at brent@productivedentist.com.
Never miss an episode! Subscribe to Investment Grade PracticesTM Podcast on iTunes & Spotify.
https://productivedentist.com/podcasts/investment-grade-practices-podcast/episode-22-deeper-dive-how-independent-dentists-can-stand-out-in-a-dso-market/
Standing Out in a DSO Market