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18 ORTHO OPINION Ortho Tribune United Kingdom Edition | 7/2017 Technology, the ageing population, regulation: Pondering the future of orthodontics By Chris Barrow, UK One of my blogging heroes, Seth Godin, once commented “don’t write about what you know, write about what fascinates you”. Yet many of the writing assignments we are given request that we tackle the former and let the readers know how much we know about a given subject. At this year’s British Ortho- dontic Society conference, I will be speaking on marketing for the or- thodontic practice, what works, what does not and how to get the best return on investment from your marketing. It would be simple enough to recreate that content here so that those unable to attend can obtain the knowledge—but I have the devil in me this morning, half way through a week of project work at my desk, and want to do something different. So, I have de- cided to write about what fasci- nates me in the world of orthodon- tics right now, observing from the perspective of helping clients to grow successful businesses and maintain a decent balance between their personal and professional lives. Here are my Top 10 current ponderings. 1. I wonder for how much longer goodwill values will stay at their historically high level. The figures are astonishing and only an institutional in- vestor speculating on a four- year turnaround or an insur- ance company to cross-sell products and ser- vices can really swallow the crazy multiples of earnings now quoted. looking AD 2. I wonder how many principals over the age of 50 are going to stick around for much longer. It is becoming more difficult to run a dental business and it takes more energy every year to stay connected with all that is happening in business and in the profession. The juxtapo- sition of an ageing population of owners and the aforemen- tioned high goodwill values creates an environment in which now is a good time to go. 3. I wonder who is going to buy the practices left to sell. Are the institutions still prepared to speculate given the macro-eco- nomic situation in the UK? Are younger dentists (with or with- out family money) prepared to take part in a gold rush that is beginning to sound like history and not current affairs? It was the late Sir James Goldsmith who said, “if you can see a band- wagon, it’s too late to get on it”. 4. I wonder when the regulatory backlash will hit those general dental practitioners and spe- cialists who have been flogging short-term orthodontics like hot cakes. There are early signs of patients whose expecta- tions have been raised beyond the capacity of a system or a clinician to deliver—patients who are disappointed, savvy and motivated to litigate. Den- tists should be cautioned by this environment or by those who are training them. 5. I wonder how many more sys- tems will appear in the market- place offering either “cheaper” or “quicker” as their unique selling proposition. To cite Godin again, the greatest dan- ger in a race to the bottom is winning it. We have already seen the spectacular demise of some dental businesses offer- ing orthodontics at deep dis- count (and I have been in- volved in belatedly rescuing others who followed the same fool’s gold). 6. I wonder for how much longer orthodontic associates will be able to make a decent living. As the profit margins on dental work erode and the number of dental care professionals in- creases, ever more downward pressure on associate remu- neration is created. Is ortho- dontics still a viable career choice? 7. I wonder how technology will affect the delivery of dentistry in the future, as well as the pa- tient experience and business systems. Digital dentistry has become a buzz phrase in re- cent years. As Apple prepares to launch iOS 11 and introduce ARKit reality built into iPhones and iPads), the worlds of e-commerce and social media are poised to un- dergo an augmented reality revolution that will be as cul- turally influential as the in- dustrial, technology and in- (augmented formation revolutions that heralded the last two centu- ries. Technology must affect the clinical delivery of ortho- dontics, as well as the patient experience. 8. I wonder what skill set will be required of the practice/busi- ness manager in the next five years. With the advent of re- sponsibilities in financial anal- ysis, branding, marketing, user experience, treatment coordi- nation, governance, compli- ance, operations and human resources, will the future man- ager be of MBA standard? 9. I wonder how dental teams will develop in orthodontics. Will you still be able to hire teleph- onists, receptionists, nurses and administrative staff at rel- atively low wages, on the basis that support people are dis- posable and replaceable, or will you have to take a differ- ent view that people are an as- set on your balance sheet and not an overhead on your profit and loss statement? Will the savvy principal realise that customer service is how you positively differentiate your- self from the corporate/retail competition and from price wars and that customer ser- vice requires a significant in- vestment in your people? 10. Finally, I wonder what our pa- tients will look like in five years. We live in an age in which not just augmented re- ality is about to change the landscape. Say hello to weara- ble technology, to fibretronics, to predictive (not preventa- tive) health care. Our patients are already living an average of 25 years longer than their grandparents, a bonus 25 years in which they are exploring the world around them and their inner selves. That bonus period is going to extend. Some predict that there are in- dividuals in our current gener- ation of children who will live good lives until the age of 135. Dental health and appearance are a part of that extended lifespan and the profession will have to adapt and adopt new techniques. Is it not all just fascinating? I cannot wait to see what happens, who the winners will be and what they do to win. Chris Barrow is the founder of Coach Bar- row consultancy practice. An ac- tive con sultant, a trainer and a coach to the UK dental profession, he regularly contributes to the dental press, so- cial media and online. Chris Barrow can be contacted at coachbarrow@ me.com. Dental Tribune International ESSENTIAL DENTAL MEDIA www.dental-tribune.com