The age of the internet has created massive cultural shifts in the last thirty years. Groceries are now delivered to our door, we can catch a ride at the drop of a dime and social media facilitated an experiential economy driven by consumers. Amongst this, change networks like the DEO, Dental Entrepreneur Organization, are taking leadership and filling in some much needed entrepreneurial gaps in group dentistry.
The dental industry currently sits at around $138 billion dollars and is projected to increase at an annualized rate of 2.4% in the next 5 years. Since dental schools don’t teach business classes creating an educational gap between the business and clinical needs of an organization. As the industry grows the business needs of large scale organizations are only going to increase and young DSO owners will lean heavily on their mentors.
“Today, the US healthcare system is a collection of disconnected components (health plans, hospital systems, pharmaceutical companies, medical device manufacturers). By 2040, we expect the consumer will be at the center of the health model. ” Deloitte Research reports.
In this research they used the phrase, “disrupt or be disrupted.” Tech companies like google, apple and microsoft are innovating at rapid rates resulting in a broader economic entrepreneurial culture. However, with entrepreneurialism comes responsibility, especially in dentistry’s emerging markets.
Leaders from the dental industry gathered to mentor, share values, insights and to truly analyze where patients might be falling off the care continuum. We even bumped into a couple of our own DSO clients. The DEO event in November echoed conversations around sustainable rapid growth, long term investing, business education and value driven leadership. “Alignment” is the keyword springing across conversations over here at tab32 this quarter. The synergy of this event invites us to dig deeper as to what technology’s role will be in reshaping the DSO models. Needless to say, we are looking forward to the next DEO event in 2020.