Health care is changing dramatically, and dentistry is at the center of these changes… but don’t think you can just educate yourself on the latest clinical techniques or buy the latest technology and equipment to keep up. No, this is a major shift in what consumers value; they now look to spend their health-care money on what will give them the greatest return on their investment. In fact, studies by Pricewaterhouse Coopers “predict a $1 trillion shift away from traditional payers and providers to new ecosystems that expand beyond product partnerships to include closer connections with technology hyperscalers, AI disruptors, value-chain solution providers and patient-focused innovators.”1
Today, it’s about consumers leading the way … not insurance companies. This means that the days of focusing your practice on volume-driven, insurance-dependent and transactional patients are over, and if you don’t shift accordingly, you risk losing the practice you’ve worked so hard to create.
So, how do you make positive changes happen and leave old ways behind?
Prepare for the new era of consumer-driven dentistry
In the past, doctors, hospitals and insurance companies set the processes, delivery methods, costs, and how patients accessed this information. But consumers are now in the driver’s seat.
What’s driving this consumer transformation?
According to studies by the McKinsey Health Institute, “having purpose, managing stress, physical activity, lifelong learning and interacting with others matter most to overall health.”2
This leads to three key factors at play as consumers take over:
- They aren’t waiting around. Instead of reacting to a medical situation, patients are seeking preventative care. They now invest in their health via gym memberships, personalized fitness and wellness plans, full-body scans, IV therapy, and other activities to live longer and healthier lives … and cost isn’t necessarily an issue.
- Their future health is a priority. Consumers care more about their quality and length of life now and in the future. They know they can live longer with more vitality and abilities to live their best lives long into old age.
- They want good health care fast. Convenience and customization are the fastest-growing sectors in health care. Things like telemedicine, concierge medicine, med spas, and membership-based services that provide easy accessibility and personalization are gaining in popularity. In fact, “the U.S. health and wellness spa market was valued at USD 21.29 billion in 2023 and is projected to reach USD 24.77 billion by 2029, growing at a CAGR of 2.56% during the forecast period,” according to consumer insights from arizton.3
Consumers are done fitting into a medical system or process. Now, they want medical care that centers around them, their schedules and their lives.
So, how does your practice fit into this new revolution in health care?
Your big opportunity
It’s the perfect time to take advantage of opportunity and consumer demand. Your potential patients are actively looking for providers who align with their priorities which include quality care, complete health, and an approach based on their future health.
If you stick to traditional ways of running your practice based on volume, transactional visits, or insurance-driven care, you have no competitive edge. You just chase the quantity of patients … not the quality of care.
Instead, elevate your practice and take advantage of a huge opportunity. Start by aligning with what patients want most right now and:
- Be a leader in preventive dentistry. Provide services based on long-term health. Offer comprehensive diagnoses and preventative care plans that reflect the patient’s future health goals for longevity and activity.
- Focus on holistic care. Stop working on isolated treatments and procedures and look at the patient’s overall health. This way, you’ll improve patient outcomes while creating loyalty and trust.
- Offer memberships. It’s time to provide concierge and membership models. What kind of personalized care packages or offers can you provide on a subscription basis that fit seamlessly into patients’ lives? This provides ongoing health care for patients along with steady income streams.
Yes, change can be difficult. The key is to shift the way you think about your practice. Change your mindset from selling procedures to delivering life-changing value. Once you see all of the benefits, changes will be much easier to accomplish. Just …
Don’t stay stuck
The market is changing, and you must change with it in order to have a thriving practice.
Just like health care in general, dentistry is becoming more polarized. Soon, the middle ground will disappear, and you’ll either be at the top (receiving premium fees while delivering exceptional care and enjoying ultimate profitability), or you’ll be stuck in the outdated traditional model relying on volume and insurance companies. Here, patients will see you as just another provider offering the same basic services that you’ve provided for years. You’ll have to compete on price just to differentiate yourself.
You’ll be commoditized and marginalized because value-based care practices that don’t shift towards premium services the market wants will lose patients and profit. Worst of all, this whole process is exhausting!
Who wants to chase volume, battle over fees and lose any kind of meaningful interactions with patients? This just leads to more anxiety, less sleep and complete burnout.
Instead, align with consumer priorities.
Meet the demands of the new consumer market
- Focus on quality over quantity. Shift from seeing as many patients as possible to providing exceptional experiences to fewer patients who are willing to pay for premium care. Then, you can spend more time with each patient, offer comprehensive treatment plans, and build lasting relationships.
- Provide procedures that patients want. Offer more than just routine procedures. Give patients the preventative care, cosmetic enhancements, and holistic approaches to long-term oral health goals that they want – and experience significant growth.
- Upgrade the patient experience. Review every patient touchpoint in your practice from the first phone call to the final follow-up. Create an experience that reflects your commitment to quality and personalization so that patients remember it and tell their friends and family members about it.
- Take advantage of membership models. Subscription-based services and membership plans are a growing trend in health care and no longer reserved for gyms and spas. These models offer consistent patient care, predictable revenue and stronger patient loyalty.
Change your mindset, reap the benefits
With the new consumer focus in health care, it’s imperative to change how you view your role as a provider and the value you deliver to your patients in order to thrive … and survive. It’s time to think big and shift with market demands.
- Create a bigger vision. Think about all of the positive benefits your practice will produce if you fully embrace the trends driving health care today. What can you offer and how will you position yourself?
- Take bold action. Don’t wait to react to the market. Take proactive steps to align your practice with what patients want right now.
- Be decisive. As the leader of your practice, it’s up to you to set the course. Make decisions that will elevate your practice and differentiate you from the competition.
Elevate your practice now, or be left in the dust
As the health-care market evolves rapidly, dentistry is no exception. Patients demand more value, personalization, focus on long-term health and quality of life. Instead of becoming a commodity and falling behind, align with what they truly want. Deliver value that goes beyond the transactional, build relationships that last, and position yourself as a leader in the new era of health care. You’ll enjoy the satisfaction of helping more patients and seeing your practice thrive.
This is the greatest opportunity our industry has ever seen. But it requires bold action, big thinking, and a commitment to staying ahead of the curve.
Don’t settle for the status quo. Take the leap and lead the way.
Editor's note: This article originally appeared in DE Weekend, the newsletter that will elevate your Sunday mornings with practical and innovative practice management and clinical content from experts across the field. Subscribe here.
References
- Next in health services 2025: Secure your future with resilience and reinvention. PwC. https://www.pwc.com/us/en/industries/health-industries/library/healthcare-trends.html
- Age is just a number: How older adults view healthy aging. McKinsey Health Institute. May 22, 2023. https://www.mckinsey.com/mhi/our-insights/age-is-just-a-number-how-older-adults-view-healthy-aging
- US Health & Wellness Spa Market-Focused Insights 2024-2029. Arizton. September 2024. https://www.arizton.com/market-reports/united-states-health-and-wellness-spa-market
