Recent Dental Industry Trends

Over the past ten years, the dental industry has changed dramatically, and it will continue to evolve over the coming years. These changes present challenges and opportunities for dentists in all stages of their career. Below, our dental transitions attorney outlines the latest trends impacting the industry.

More Dental School Graduates 

In the early 2000s, there was real concern that there would not be enough dental school graduates to replace the older generation of dentists that were going to start retiring in 2020. However, from 2005 to 2017, enrollment in dental school increased by almost 30 percent. This increase ensures that there will be continued demand for dental practice acquisitions. The demand is expected to continue for at least the next few years.

Shifting Demographics 

Over the past ten years there has been a significant shift in demographics. Today, approximately 30 percent of practitioners are women and almost 50 percent of students in dental school are female. Although some female dentists pursue private practice, the majority choose to work as an associate in another practice.

The dental industry is also becoming much more diverse. While many Americans continue to pursue dentistry careers, there have also been a number of foreign nationals immigrating to the United States, bringing their skills as a dentist with them.

Lastly, younger dentists are moving to and practicing in suburban and metropolitan areas after graduating from dental school. This has led to a drop in the value and marketability of rural practices while also creating issues regarding access to care in locations such as small towns.

Changing Mindsets 

The mindset of younger dentists today is different from those of earlier generations. They focus on the short-term and focus on having a work-life balance. This line of thinking combined with the increased costs of dental school, and the rising cost of starting or purchasing a practice, has led many younger dentists to forego practice ownership, opting instead to work for a Dental Service Organization (DSO).

Fewer Practices for Sale 

Whether for emotional or financial reasons, Baby Boomer dentists are staying in the industry longer than expected. This has caused a lack of supply in practice acquisitions in suburban and metropolitan areas, to keep pace with demand from the increased number of younger dentists moving to these locations. Many Baby Boomer dentists are selling their practices to DSO purchasers, allowing them to work in their own office until they retire.

Our Dental Transitions Attorney Keeps Current with the Trends 

It is important to keep up with trends in the dental industry, as it can help you determine the challenges you may face when selling or buying a practice. Being prepared for those complexities can help you overcome them. At AGS Law, our dental transitions attorney can help with your transaction and guide you through the process so it is as smooth as possible for you. Call us now at 801-477-6144 or fill out our online form to schedule consultation with our experienced attorney and to get the legal help you need.

Sources:

adanews.ada.org/ada-news/2021/march/women-make-up-growing-percentage-of-dental-workforce/

researchgate.net/publication/6151537_Baby_boomer_retirement_and_the_future_of_dentistry