While DSOs face many obstacles with same-store growth, innovative technologies can help organizations overcome these challenges and achieve sustainable growth.
Same-store growth refers to increased productivity and profitability within the same organization compared to the previous year. In other words, it’s the expansion and success of existing practices, often by improving existing systems or processes and/or by adding new, innovative technology. Same-store growth presents a dynamic opportunity in an ever-evolving landscape for DSOs to realize their full potential in a competitive market.
However, achieving and sustaining this growth trajectory comes with unique challenges, from operational bottlenecks to patient retention to staff engagement. By addressing challenges head-on through data- driven insights, patient care and retention, staff empowerment, and strategic technology adoption, your DSO can overcome obstacles and chart a path to sustainable growth.
Leverage Data-Driven Insights
Your DSO can unlock actionable insights from your existing practice data using a data analytics platform. An effective platform can provide insight into your key performance indicators (KPIs) to help you assess your organization’s health, identify growth opportunities, and optimize operational efficiency.
Enhance Patient Care and Retention
Patient retention is a linchpin of same-store growth. It costs less to retain your existing patients than to recruit new ones. In fact, increasing patient retention rates by five percent can boost your profits from 25 percent to 95 percent. Your organization can foster lasting patient relationships (and boost same-store growth) by leveraging technology.
Patients use technology every day to simplify their lives, and they want that to extend to their dental care too. In fact, providers can greatly benefit from adopting technology into their practice to enrich the patient journey and provide individualized care — making patients, providers and team members more satisfied overall.
Overcome Staff Shortages
The ongoing staff shortages that DSOs are facing create serious obstacles to same-store growth. Fortunately, various technologies can help attract, cultivate, train, and empower a motivated and skilled workforce – so you don’t have to skimp on your growth goals.
Technology like AI can help cultivate a team that is able to treat patients effectively and efficiently. What’s more, innovative technology can empower your team to champion same-store growth. In fact, with integrated technology like online scheduling and online bill pay, technology may be saving you money without your team even trying.
Improve Operational Strategies
Leading DSOs have adopted forward-thinking operational strategies to enhance their same-store growth. From eliminating hardware to reimaging critical processes, DSOs across the country have used technology strategies that can offer a blueprint for overcoming operational challenges.
With a cloud-based PMS, providers can access needed information and patient data across all their locations, eliminating much of the hardware they may need for a locally hosted system. The cloud-based operational strategy also enables scalability and eliminates other obstacles to growth.
Achieve Same-Store Growth
To sustain same-store growth, DSOs need to leverage current dental technologies to deploy data driven-insights, patient care and retention, and staff empowerment. The information these technologies provide can lead to powerful operational efficiencies when adopted and deployed correctly.
Learn more about navigating the challenges of same-store growth.
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About the Author
Brian Colao has been serving the dental industry for 25 years and is widely regarded as one of the foremost authorities in the United States on DSO formation, DSO business structures, DSO-related mergers and acquisitions, and the full array of regulatory compliance requirements for DSOs. Brian was named a 2019 DSO Influencer by Group Dentistry Now and won the 2023 DSO Influencer Award at the 2023 Dental Socials Awards.