Centaur Insites Issue # 9 - November/December 2022

INSITES

WELCOME TO THE NOVEMBER ISSUE OF INSITES

Welcome to the last issue of Insites for the year! Before we all wing down and get into the festive season, it is important to reflect on the past 12 months to see where the future is heading. The last 12 months in Dental saw a dive during the pandemic.

To adapt to decreased spending and shifting patient needs, the dental industry continues to see rapid adoption of new technologies and trends.

This issue will dive into some of these trends and their impact on the industry.

IN THIS ISSUE

BECOME VISIBLE TO NEARLY

MILLION PEOPLE: THE VALUE OF PATIENT DISCOVERY

ARTICLE 1: CENTAUR SOLUTIONS ENTERS THE WORLD OF ANALYTICS WITH A BANG!

INTERNATIONAL TRENDS IN DENTISTRY TODAY

INDUSTRY TRENDS & INSIGHTS

FIve International trends in Dentistry today

Dentistry: The Next Frontier For Artificial Intelligence

Healthcare is in the midst of a digital revolution Patients have become familiar with electronic recordkeeping and with digital CT and MRI scans; some have come face to face with the use of computer vision and artificial intelligence (AI) to diagnose pulmonary and other cancers

The global cosmetic dentistry market size is expected to reach USD 89 0 billion by 2030, according to this report It is expected to expand at a CAGR of 13 0% from 2022 to 2030

How Teledentistry is Increasing Convenience for Dentists and Patients

Telehealth includes various telemedicine systems and modes of delivery that allow health services from a distance This also includes teledentistry Simply put, teledentistry provides dental care delivery, diagnosis, consultation, transfer of dental information...

Augmented Reality and Virtual Reality in Dentistry

Many modern advancements have taken place in dentistry that have exponentially impacted the progress and practice of dentistry Augmented reality (AR) and virtual reality (VR) are becoming the trend in the practice of modern dentistry ...

Digital Marketing 6 keys to creating a powerful online impression and attracting more new patients

"Wait, what?" That's the reaction you want from prospective new patients when they look at your website. But with only seconds to make a first impression, how do you make that happen?

The Worldwide Cosmetic Dentistry Industry is Expected to Reach $89 Billion by 2030ResearchAndMarkets.com

The 2022 IBISWorld Dental Services in Australia report forecasts the 10 billion dollar Australian dental industry to grow by 5% in the next five years, while the number of dental businesses is expected to increase by 25%. The good news is that the dental industry is back! The not so good news is that the competition is fiercer than ever.

CENTAUR SOLUTIONS ENTERS THE WORLD OF ANALYTICS WITH A BANG!

by Sean Perrera

The Australian dental sector has always been an uber competitive one. However, it has enjoyed greater levels of consistency typical of the overall healthcare sector. So much so that the dental industry was among the handful of industries considered ‘insulated’ during the 2008 Global Financial Crisis. Fast forward to 2020, the Covid 19 pandemic has thrown the rule books out the window No single business sector was immune to what the pandemic had in store. Infections, endless lockdowns, and fear of the unknown, among other reasons, forced our industry to a grinding halt.

Now that we are somewhat on the other side of the pandemic, it’s time to look forward to seeing what the future holds.

When looking at this landscape, it would remind one of Maximus from the movie Gladiator. “Survival of the Fittest” is the name of the game. Is the playing field equal? Far from it As the presence of non dentist owned dental business entities continues to increase in the market, even the smallest dental business must arm themselves with the right toolkit if they plan to tip the scales in their favour.

With Centaur Software being an industry veteran in the Australian dental space, we are acutely aware of the challenges faced by our dentists during and after the pandemic. Understanding the industry landscape led us to work tirelessly since 2020 on the quest to arm our practices with the ‘Maximus Armoury’. The result of these efforts is our grand entrance into the world of analytics.

It’s common to miss the key difference between strategy and tactics, even among the most business savvy. While strategy is the overall action plan that takes you where you want to go, to the end goal, tactics are the individual steps that will get you there. The two types of analytics required to succeed in business differ in a similar way. They are Business Intelligence and Operational Intelligence.

Business Intelligence (BI) the school of analytics that supports strategic decisions (e.g., increase the number of chairs in the next two years, open another location in the next five years, increase the value of the practice and retire in the next seven years). BI lets you understand your business from a holistic perspective, identify trends and strategise accordingly to bring you closer to your overarching business goals. The typical users of BI are practice owners, managers and management consultants

OI allows dental practices to operate in the most efficient way with a clear understanding of the current status quo of the business. The typical users of OI are the operational teams ranging from front desk staff to clinicians and practice managers.

On our quest to arm Centaur practices with all they need to compete in this game of survival of the fittest, we posed the question What type of analytics does today’s dental practice need? The answer is simple; to implement successful tactics and strategies in your business, you need both Business and Operational Intelligence.

Operational Intelligence (OI) the type of analytics that supports the tactical decisions in the day to day running of the business (e.g., the amount of whitespace in the appointment book for the next seven days, patients with future appointments, booked vs unbooked recalls.)

As a pioneer in the practice management space, we understood that our strength lay in practice operations. We had the know how to provide our practices with the best in class operational analytics. Fast forward two years, in 2022, we launched Practice Insights (a complimentary module in our Dental4Web platform) which delivers operational Intelligence, and DentalBI (an integrated platform in collaboration with the global analytics leader, Practice By Numbers) which delivers business intelligence.

Keeping on with the Gladiator theme, DentalBI is what helps you win the tournament, while Practice Insights is what gets you through one duel at a time The next five years will bring

about a game of survival of the fittest. Are you going to be one of the few still standing victorious in the arena when it’s all said and done? The choice is yours!

BECOME VISIBLE TO NEARLY 2 MILLION PEOPLE: THE VALUE OF PATIENT DISCOVERY

A solid majority of Australian adults (15 years of age and up) have paid a visit to their dentist in the last 12 months, according to the Australian Institute of Health and Welfare. If one of these millions of dental patients wanted to switch dentists, would they be able to easily find your practice?

If someone is new to the country, state or is contemplating switching oral care providers due to unsatisfactory care, they’ll start searching for a dentist, likely online.

That’s where the Patient Discovery module can help put your practice on the proverbial map.

Used by more than 4,000 dental practices throughout Australia, New Zealand, United Arab Emirates and several other countries in Eastern Europe, Dental4Windows is a software platform designed to optimise your practice in a variety of ways. One of the solutions within the platform’s online bookings is Patient Discovery, which has the potential to connect you with nearly 2 million potential patients who are in need of new or alternative dental care through partnerships with leading online directories. It’s the quickest way to shore up your patient base without ever having to leave your office

But the value of Patient Discovery goes beyond patient base expansion. Here are a few of the reasons why this solution is a smart investment toward your practice’s ongoing success, and a great value for your would be patients as well:

A. SERVE AS A LIFELINE FOR YOUR PATIENTS’ ORAL CARE NEEDS

Even though close to 60% of Australians required the services of a dental professional in 2021, approximately 20% wound up not going, according to estimates from the Australian Institute of Health and Welfare.

There are a variety of reasons why patients don’t go to the dentist when they need to, which can include the cost of treatment, a poor experience with their current practice or an inability to find a provider that accepts their chosen form of payment.

When exasperation with a long, difficult search is an issue, Patient Discovery can help. This service ensures your practice is highly visible in top directories trusted by millions of users, making the dental practice search quick and painless for potential new patients. With Patient Discovery, you’re putting your practice in front of a vast new audience and, since you prioritise customer satisfaction, your office may be just the practice that your patients have been looking for.

B. CUT WAIT TIMES

No one likes to wait, especially when it comes to health care.

But long delays can be another barrier to health services, whether it’s to see a dentist for a throbbing toothache or for a general practitioner.

This is another built in value prop of Patient Discovery. By becoming discoverable and offering convenient scheduling, you can become a good alternative option for patients who are dealing with unnecessarily lengthy wait times with their current dentists.

C. SIMPLIFIED APPOINTMENT BOOKING

In a similar vein, everyone is busy there’s so much to do and so little time to get it all done. Health appointment scheduling is often on to do lists, but may go unaddressed if offices close before patients are able to phone in their requests.

The hoops patients have to jump through to schedule a visit are among the leading reasons why Australians would not recommend their dentist to a friend, coworker or family member, according to a survey by the Australian Health Index.

Patient Discovery gives you and your patients the ability to schedule an appointment online, 24 hours a day, so the office opening too late or closing too early is never an issue.

D. TAP INTO REMOTE AREAS

With a robust population of approximately 25.8 million people, Australia is a great country to live in with lots of things to do and places to visit While city life is enjoyable for those that thrive in metropolitan settings, many prefer the peace and quiet of the outback. However, according to data from the Australian Bureau of Statistics, those living in

remote climes are more than 10% less likely to see a dental professional than people who live in major cities like Brisbane and Melbourne. Lengthy wait times, an inability to find a practice they like or socioeconomics may be contributing reasons as to why.

Patient Discovery is a great equalizer

Not only can your soon to be patients find you, but you can identify your patients, a connection that may not otherwise come to pass in a country as sprawling as Australia. Recruiting more patients doesn’t have to be a pain. With Patient Discovery, it’s a delight.

SYMPOSIUM OVERVIEW

What a fantastic outcome! Let's take a look into this year's National Centaur Symposium.

On behalf of our Partners, the Centaur Team would like to thank you all for joining us at the 2022 National Centaur Symposium.

Across 4 weeks, we visited 8 outstanding venues around Australia and had a fantastic time getting face to face again, sharing knowledge, a glass of wine and reconnecting with you all. Together we raised over $8K in ticket sales that has been donated to the Starlight Children’s Foundation Australia, a worthwhile cause transforming the lives of seriously ill children and their families across the country.

A big congratulations to all the Symposium winners, who took home thousands of dollars’ worth of prizes each evening. Thank you again and See you next time!