Barry Lanesman, Dentex Healthcare Group, discusses the benefits of co-ownership and a joint venture partnership as collaboration becomes the key to creating a sustainable business.
Co-ownership versus traditional models
Traditionally, dental business models have been focused on acquiring dental practices and managing their expenses. Dentex is very different; our focus is creating a partnership of dentists who can work, talk and learn from each other, whilst also being free to manage, control and develop the clinical aspects of their practices. It is much more about personal development and the benefits this brings to each practice and subsequently the whole group; rather than just driving financial profits. So, we are much more focused on how we grow a practice clinically, not just manage and increase their financial profit.
The other substantial difference is that the dentists retain ownership in the group, so have an interest to see Dentex grow and thrive – they haven’t sold out, they’ve bought in. We’re not looking for people who want to get out of dentistry, we want people who see their future in dentistry, are engaged and want to evolve their role in dentistry as part of a broader partnership. By Dentex taking away the administrative burden, they can continue to involve themselves in the parts of the practice that they enjoy.
Future proof your dental practice
Dentex is about creating a long-term partnership of dentists, not grouping and selling practices. If you take accounting and legal firms as examples, they have been able to grow nationally but also internationally, and this is because they’ve taken a group of people with different skills and worked in partnership to grow a better business with better information. That has never been done in dentistry.
Creating a true partnership means everyone focuses on what they do best, which means creating a sustainable business. The concept of working together in partnership and not as individual practices is a new idea, which, for us, is where the future of dentistry lies.
Dentists are often forced to work in isolation over many years but when working collaboratively as part of a wider group they can truly thrive.
Collaboration and inspiration
With collaboration, there is much more support and transfer of knowledge and a lot of inspiration and motivation from other dentists. Once you have that connectivity, you can get a more sustainable business. Couple that with the support services that we put in place and the sharing of common knowledge that we’re learning from the practices, and vice versa, we can create a connected and sustainable long-term practice. As long as you can keep growing and adapting to change, you’ll be ahead of the curve.
One of the main things we are developing is a specific training program that supports the sharing of clinical expertise across the Dentex group and enables our dentists to continue to develop themselves and their practices.
This article features on page 52 of Modern Dentist Magazine, issue 02