22 Aug The Bottom Line for Associate Recruitment: Your Bottom Line
Any group practice with its sites set on growth knows how much competition there is for the top-tier associates. The most recent research on dental school debt from the Education Data Initiative reports that the average dental school graduate owes $293,900 in total student loan debt. So it isn’t surprising that, as far back as 2020, the American Dental Education Association (ADEA) found that upwards of 30% of graduates were already choosing to go with a Dental Service Organization (DSO).
But these graduates are hardly standing at the door with their hats in their over- leveraged hands. The new generation of associate expects the DSO to take care of Human Resources, to be efficient with billing, have practice management under control.
As for their own career management, they want to know why they should work for a particular DSO? What are the advantages for them financially? It’s also equally important for a DSO to be able to articulate its mission.
If these priorities seem like a passing trend, the ADEA recognized another first: less than half of dentists now own a solo private practice.
Financial Stability: the Bedrock That’s Really a Launchpad
Growth Needs Customized, Flexible, and Nimble Solutions
Despite the recent spate of “one-size-fits-all” dental billing solutions in Hawaii, New Hampshire, Maine and other states, large platforms that purport to “do it all,” and charge for it all, the same way for every group, will not maximize the bottom line. Nor can these systems effectively address the continual changes experienced by growing DSOs.
Additionally, systems alone can’t do the very complex processes of Dental Billing and Insurance Payment Management.
Software systems must be combined with a dedicated team of highly-trained dental billing and coding professionals, well-versed in the exacting requirements of Clean Claim generation, Fee Schedule Maintenance, Denial Management, Accounts Receivable (A/R) Follow Up, Accounts Receivable and Accounts Payable, as well upstream services like Insurance Verification that can become significant downstream liabilities.
A Professional-Grade Outsourcing Partnership
for Exceptional Future Partners
Nimble, flexible, customized systems, combined with expert teams of experienced professionals will do far more for a DSO than maximize the bottom line (as if that wasn’t enough). They’re also the key to a DSO’s being able to offer the bright financial future that every future associate wants to know is real right now.
Your recruiting advantage starts with the Medusind advantage.