Where is the DSO industry headed in the future, and how will women contribute? Women in leadership are coming out and sharing their vision for the future of dental service organizations and the dental industry.
The 2023 Women in DSOs Conference included other professionals in businesses supporting the dental industry.
In the past several years, there are more women in leadership roles in DSOs, becoming dentists, and taking ownership roles in dental practices, groups and DSOs.
As women are stepping into more leadership positions, they are interested in ways to grow personally and professionally. They actively encourage each other to pursue leadership and mentorship positions, too.
As a full-service revenue cycle management company, our goal is to help dental professionals thrive in their roles, and improve the patient experience. The future of the DSO industry looks bright, and women are going to play a big part in defining business strategies.
This article covers 5 powerful insights from women leaders that will shape the success of DSOs in the future.
1. Inflation is rampant, but solutions to defy it are cropping up
Everyone in the dental industry is feeling the effects of inflation. This was a huge topic discussed at Women in DSO because of its far-reaching impact on:
- The cost of running a business
- Employee salaries
- Marketing efforts
- Updating and maintaining your clinical equipment
There seems to be a desperate need for cost-effective solutions for DSO teams. But everyone wants to cut costs without sacrificing quality.
Inflation is out of the hands of your dental team, but there is a solution: RCM services.
By partnering with RCM experts, you can reduce overhead costs and generate a profit.
In January 2023, DCS customers utilizing our patient billing service averaged a 1,477% in return on investment. That’s the power of expert support with automation.
These are the kind of numbers every DSO or practice wants to see during a surge of inflation.
2. Hiring and staffing shortages continue, be proactive instead of reactive
In the dental industry, both private practices and DSOs are struggling to hire and keep the right people to help their businesses thrive. Leaders are focused on:
- Finding the right people with the proper skill set and experience, and retaining those people
- Providing higher compensation to employees
- Facilitating a diverse workforce
- Providing opportunities for employees to grow professionally
The staffing shortage was a key topic discussed at the Women in DSO conference. One speaker shared that they posted a job and received zero applicants.
Because of this ongoing war for talent, DSOs and private practices leaders are increasingly turning to vendors and automation for solutions.
Are you having trouble with staffing at your dental business? Schedule a call with us to learn how we can help.
Leaders at the Women in DSO Conference also discussed how to retain current employees to combat the staffing shortage. Employee retention tips included:
- Prioritize work-life balance
- Find services that support your in-house team’s productivity and patient relationships
- Create processes and systems for every task at your dental business
Being proactive about using resources to support your process and in-house team is the best solution to combat staffing shortages— leading to your professional success.
3. AI and technology are catalyzing growth, but come with their challenges
A common feeling is frustration that there are too many technology vendors, each envisioning alternative solutions. Decision points include what they should automate, and what they should outsource.
There’s also a flood of information when it comes to new technology for dental professionals. And despite the challenges of evaluating competing solutions, it’s important to invest in products and services that will help your DSO or practice make more money.
Related: 3 reasons to automate your patient billing services ASAP
Leaders are looking for resources and organizations to help them make decisions. If sorting through your options is challenging, get help from one of our friendly RCM experts when you book a free consult.
4. There’s power in winning the hearts and smiles of your patients
A constant problem in both DSOs and private practices has been a lack of time for all the administrative tasks that need to be done. Because of this, team members often feel they have to choose between conflicting priorities.
They’re being pulled in too many directions with many labor-intensive tasks, which limits time they would rather spend on the patient experience.
It’s difficult to go from arguing on the phone with an insurance company trying to get payment you’re owed, to smiling at a patient who is arriving into the office. Not to mention being stuck on the phone when a patient is checking in or out, and you can’t hang up because you have been waiting for 45 minutes on hold.
Your top priority is to create a great patient experience. And as a business, you also need to collect what you’re owed.
If you see your team trying to give patients the attention they deserve, while struggling to collect from insurance companies, getting support for revenue cycle management might be your first step to freedom. Let’s get into that next.
5. Revenue cycle management brings clarity, which is a mighty tool for maximizing revenue
Leaders in the dental industry seek to clearly understand what revenue cycle management (RCM) is, and leverage it. RCM manages business processes to deliver maximum revenue by cutting the time and effort between treatment and payment. The goal of RCM is to increase efficiency and revenue collected, for the financial health and continued growth.
Related: Defining end-to-end revenue cycle management for dentists: Deep dive
Having worked in a 9 location DSO for 12 years, it was always in the back of my mind to utilize a revenue cycle management company. It really burned the staff out trying to wear multiple hats and verify insurance in between giving treatment plans. We were always at our max and I felt we could have given more to our patients.
I now work at DCS, which offers end-to-end RCM services. And my previous experience had me reflecting on how useful RCM services would have been. It’s interesting to come full circle and be on the other side to offer this much needed solution to dental offices around the country.
By having experts manage your entire revenue cycle, they’re not just working faster, they’re working more accurately. RCM experts bring the skills and talents that many DSOs and practice have struggled to find by hiring.
RCM services will help both DSOs and dental practices streamline their processes to increase their cash flow, while also providing a better patient experience.
What will you take away and apply to your business from the valuable insights of women in DSO?
I gained some inspiring insight from the Women in DSO Conference. Gaining new perspectives and insights from women in leadership is a valuable way to evolve your dental business.
We learned the contributions, trends, challenges, and goals of women in DSOs and private dental practices:
- Inflation is rampant, but solutions to defy it are cropping up
- Hiring and staffing shortages continues, be proactive instead of reactive
- AI and technology are catalyzing growth, but come with their challenges
- There’s power in winning the hearts and smiles of your patients
- Revenue cycle management brings clarity, which is a mighty tool for maximizing revenue
DCS is an end-to-end RCM provider that partners with DSO and dental teams to streamline processes, collect more revenue, and give you a chance to provide an excellent patient experience.
Every week, I speak with dental business owners who struggle to hire the right people, all while trying to increase their bottom line. Let's talk soon about how DCS can transform your revenue and help your business thrive— schedule a call with me here.
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