As an MDO owner, you can provide high-level care while enjoying the financial benefits of a growing business. Associates and affiliated physicians play a critical role in the success of your MDO. Recruiting, training and communicating with your MDO team becomes your main feature. Unlike a private practice, the practice of clinical dentistry will not be your primary concern as your business evolves. Unlike the DSO model, you don`t have individual investors to accommodate. It seems like a simple process. However, every business owner knows that hiring, marketing, legal, accounting, systems implementation, and team training are best led by professionals from each of these specialized departments. We`ve rounded up the best advisors with experience in all ownership structures to guide you through this process. By working with MDO`s consulting team, you won`t find any questions unanswered and you`ll get tips on how to avoid costly mistakes made by these less fortunate dental contractors.
MDO is a practice model owned by multiple dentists or physicians. This key element of the MDO model is that it leverages the benefits of private practices and dental service organizations (DSO). An MDO usually consists of multiple physicians and multiple locations. However, the distinguishing feature of an MDO is that it is 100% owned and funded by dentists, who retain 100% control over business decision-making and the philosophy of patient care. The Multi-Doctor Owned (MDO) Dental business model enables business-oriented dentists to provide high-quality care while adapting to multiple locations or hosting multiple providers. Operating a private dental practice while maintaining primary care can limit growth potential and make the dentist feel overworked, undervalued and counting until retirement. Conversely, the creation or membership of an Developmental Services Ontario may limit the dentist`s ability to retain full ownership of the practice and all decisions regarding patient care. The MDO model is an ideal new option that appeals to many private practice owners and employees. In short, it enables patient-centered care and unlimited growth potential – the best of both worlds.
Because DSO is typically funded and operated by investors who are not doctors or dentists, the goals of their organizations can sometimes deviate from the community-centric vision that small businesses aspire to. However, an MDO works with a core set of values, goals, and responsibilities that enable your team to ensure your patients receive the care they need with their well-being in mind. However, co-branding is not without its drawbacks. By adopting a consistent brand across locations and suppliers, you also lose the individual feeling for each of them. This may be a valid trade-off, but it depends on your unique goals and interests as a company. If you`re already practicing and looking to expand, your first step is to look at an employee who has strong leadership skills and a desire for ownership. This employee receives a schedule for the property. The right candidate is offered the opportunity to invest in the company to obtain equity within a certain timeframe. Learning how to attract the right partner, structure agreements, and create the growth needed to facilitate a painless transition is often simplified when working with the MDO consulting team. Once you`ve found the right doctor, you can work together to buy or open your next location. If you work together to create demand for your services and business, you can get a third-party partner who will buy the business over time and allow you to grow again. While every MDO has the same respect for ethical growth and a patient-centric approach, every business is different.
Your unique brand image is incredibly important to set you apart and elevate you as an MDO. As you approach retirement, forming an MDO can be a powerful and rewarding decision. By taking on a management or leadership role in your business, you can afford to be more selective about when and where you practice dentistry. This can provide you with a cost-effective and flexible way to retire and leave an impressive legacy. If you`re ready to improve your patient care while growing your business with pride in your ethics, then the MDO model is for you. In addition, new mid-career physicians and physicians nearing retirement will all see the value of the MDO model. MDO was developed with scalability in mind and is different from private practices. As the founder of an MDO, you have the freedom to pursue desired business growth while maintaining your commitment to patient care at the center.
