Future of dentistry

[manifesto]

What are some avenues of dentistry that you foresee being hot in the future? What are some avenues of dentistry that make an disproportionate amount of money compared to the labor, time, and cost needed?

Also given how insurance companies are regulating compensation more tightly, are cash-focused clinics possible even in middle and lower middle class demographics?

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[jeffk805dent]

Right now the hottest markets for dentistry are in the Mountain West (except Utah), Bible Belt, and rural Texas areas. Indian reservations are also in need of dentists.

 

[manifesto]

Right now the hottest markets for dentistry are in the Mountain West (except Utah), Bible Belt, and rural Texas areas. Indian reservations are also in need of dentists.

Any explanation?

 

[jeffk805dent]

Any explanation?

Sorry if it was a brief post. Unlike careers in finance, healthcare careers are more successful in semi-rural areas than in large cities. In theory, the further you go out from a major city the better the job prospects and salary. With the oil boom in South Dakota, many dental practices are making good money there (I've heard $250k if I'm not mistaken).

You can find jobs on the West Coast and East Coast but the pay and competition from other dentists will be tough. I've always wanted to live in Los Angeles but I decided to work in Arizona instead since I'm an hour's flight away and my new job makes much more than I would in Los Angeles (plus I would get taxed a little more)

 

[manifesto]

Sorry if it was a brief post. Unlike careers in finance, healthcare careers are more successful in semi-rural areas than in large cities. In theory, the further you go out from a major city the better the job prospects and salary. With the oil boom in South Dakota, many dental practices are making good money there (I've heard $250k if I'm not mistaken).

You can find jobs on the West Coast and East Coast but the pay and competition from other dentists will be tough. I've always wanted to live in Los Angeles but I decided to work in Arizona instead since I'm an hour's flight away and my new job makes much more than I would in Los Angeles (plus I would get taxed a little more)

Interesting. Thanks. But I plan on inheriting a clinic so this does not really apply to me but good info.

 

[DrJeff]

Will there be a need, and a "good" career in the dental field in the coming years - yes

Will it be "easier" in some areas than others to be more "successful" - yes

Has the world of the "Affordable Care Act" affected the practice of dentistry (and often not in a good way IMHO) - yes in many instances

Do we currently know what the full effect of the ACA will be on the profession of dentistry and how we practice and bill for our services we provide - no

 

[bjpenn]

Future of Dentistry? More corporate offices with tons of new grads working there to pay off loans. A good amount of these offices are funded by private equity funds who have tons of money to blow, so it costs nothing for them to build a startup and advertise heavily. Their rates are lower, and quality might not be great, but many people don't want to pay alot dentistry. As a result, the solo practioner can only compete by offering competitive rates and quality service.

 

[THS]

Definitely more corporate or private partner/group practices.
More CEREC/same day crowns.
Less endo retreats on hopeless teeth, more ext and implants.
Less people put off by dentures (in that it won't just be an "old people" thing). With implant-assisted dentures and the technology used to make them, there can be some great looking comfortable dentures.
More contract/floating specialists to work at one or more partner practices one day a week (or something like that).
Possibly the average income (according to ADA, BLS, etc) coming down as a result of so many associates staying associates for 5+ years to pay their loans off instead of buying practices sooner, and more women entering the field that want to stay associates.

 

[Jasmine zazi]

Future of Dentistry? More corporate offices with tons of new grads working there to pay off loans. A good amount of these offices are funded by private equity funds who have tons of money to blow, so it costs nothing for them to build a startup and advertise heavily. Their rates are lower, and quality might not be great, but many people don't want to pay alot dentistry. As a result, the solo practioner can only compete by offering competitive rates and quality service.

so truee

 

[Cold Front]

What are some avenues of dentistry that you foresee being hot in the future? What are some avenues of dentistry that make an disproportionate amount of money compared to the labor, time, and cost needed?

Also given how insurance companies are regulating compensation more tightly, are cash-focused clinics possible even in middle and lower middle class demographics?

This is a great question.

Here is the reality we have today and probably more of it in the future. The middle class in this country is eroding very fast, and the dental insurances they usually carry (PPO and such) will also follow.

Now, in the future, in terms of lower income and high income demographics, dentistry as a market will cater to those groups more. Obamacare expansion in my state alone added close to 800k people, and counting. Since Obamacare is going no where anytime soon (no matter how most dentists feel about it), there are a large management Medicaid groups entering and competing for the Medicaid contracts to cater such patients, and slowly more dentists will be moving away from PPO style insurances to Medicaid style insurances. How does this benefit these dentists? For start, there will be greater demand Medicaid style dentists, and in some states, Medicaid fees are 70-80% of some private insurance fees.

Medicaid had a lot of problems 10 years or so ago, from limited coverage in procedures, to longest reimbursement periods for doctors (30-60 days), which discouraged a lot of dentists to not accept it. Now, you have large Medicaid management groups changing the game, some are reimbursing doctors within 24-48 hours, prior authorizations approved within hours, and far less challenges than PPO insurances when it comes to large cases (dentures, crowns, etc).

On the other end of the spectrum, the wealthier segment of society will grow and focus more on implants and cosmetic services as fee for service patients, because those procedures are rarely covered by private insurances now and even less likely in the future. So you will see the dentists who cater to the wealthy having boutique style dental offices (I have seen one here in my town), who basically offer general dentistry services or specialist services at a uber fancy offices (with latest digital technologies and such).

The exception will be corporate dentistry, or chop shops/dental mills, who will push dentistry to a conveyor belt style system. It will be a place where people who don't see dentists or bargain hunters end up going to, because they found out about those offices through a 30 second commercial on TV or on their Facebook feed. It's where the potentially most unethical services meet the least informed segment of society in my opinion, if they are not already enrolled in Obamacare.

America is heading towards further economic segregation, and dentistry will follow that path as well.

 

[Kurk]

This is a great question.

Here is the reality we have today and probably more of it in the future. The middle class in this country is eroding very fast, and the dental insurances they usually carry (PPO and such) will also follow.

Now, in the future, in terms of lower income and high income demographics, dentistry as a market will cater to those groups more. Obamacare expansion in my state alone added close to 800k people, and counting. Since Obamacare is going no where anytime soon (no matter how most dentists feel about it), there are a large management Medicaid groups entering and competing for the Medicaid contracts to cater such patients, and slowly more dentists will be moving away from PPO style insurances to Medicaid style insurances. How does this benefit these dentists? For start, there will be greater demand Medicaid style dentists, and in some states, Medicaid fees are 70-80% of some private insurance fees.

Medicaid had a lot of problems 10 years or so ago, from limited coverage in procedures, to longest reimbursement periods for doctors (30-60 days), which discouraged a lot of dentists to not accept it. Now, you have large Medicaid management groups changing the game, some are reimbursing doctors within 24-48 hours, prior authorizations approved within hours, and far less challenges than PPO insurances when it comes to large cases (dentures, crowns, etc).

On the other end of the spectrum, the wealthier segment of society will grow and focus more on implants and cosmetic services as fee for service patients, because those procedures are rarely covered by private insurances now and even less likely in the future. So you will see the dentists who cater to the wealthy having boutique style dental offices (I have seen one here in my town), who basically offer general dentistry services or specialist services at a uber fancy offices (with latest digital technologies and such).

The exception will be corporate dentistry, or chop shops/dental mills, who will push dentistry to a conveyor belt style system. It will be a place where people who don't see dentists or bargain hunters end up going to, because they found out about those offices through a 30 second commercial on TV or on their Facebook feed. It's where the potentially most unethical services meet the least informed segment of society in my opinion, if they are not already enrolled in Obamacare.

America is heading towards further economic segregation, and dentistry will follow that path as well.

As a fellow Ohioan pre-dent can I look towards a future where setting up a private practice in the state is no longer feasible when competing with corporate chains unless it's tailored to the wealthy as you said?

 

[Cold Front]

As a fellow Ohioan pre-dent can I look towards a future where setting up a private practice in the state is no longer feasible when competing with corporate chains unless it's tailored to the wealthy as you said?

Well, I think OH is still a good state for private practice, as long as you stay away from the 3 big C's (Columbus, Cincinnati, and Cleveland). 2 of them have dental schools and are relatively saturated with dentists. The rest of the state is perfect for a private practice. You will be fine.