Improved economic conditions could lead to more patient traffic in 2024, according to Barry Lyon, DDS.
Dr. Lyon is a chief dental officer for the division of orthodontics and pediatric dentistry at Sarasota, Fla.-based DSO Dental Care Alliance. He recently spoke with Becker's about the trend DSO execs should pay attention to this year.
Editor's note: This Q&A is part of a weekly series featuring Dr. Lyon focused on topics in the dental industry and DSO field. This response was lightly edited for clarity and length.
Question: What should DSO execs keep an eye on in 2024?
Dr. Barry Lyon: DSOs are constantly paying close attention to the economy and how it impacts their ability to serve their patients and grow revenue. Whether the economy has stalled or is flourishing, DSOs need to react positively to economic trends in order to grow.
Now that inflation has slowed, unemployment has decreased, and with the [Federal Reserve] lowering interest rates, DSOs will need to prepare for increased patient traffic by hiring more employees and expanding doctors’ schedules, and will need to consider enlarging facilities. Fortunately, dentistry has timed advances in technology to an improved economy and increased demand. Artificial intelligence has been refined to the point where it can streamline patient care with reliable diagnostics and sound treatment planning. 3D imaging along with artificial intelligence is a huge benefit to patients with better clinical outcomes.