- This is the Becker's Healthcare Podcast, created
by the team of Becker's Healthcare,
a multimedia company devoted to the people
who power us healthcare.
Four new 15 minute episodes are released daily containing
industry news analysis and thought leadership.
From powerful healthcare decision makers Support our show
by leaving it a five star rating and review on Apple Podcast
or other platforms you use.
It's a chance to tell us what you like about the show
and act on your feedback.
Thanks for listening. Now here's the episode.
- This is Gracelyn Keller
with the Becker's Healthcare Podcast,
and we are live at the business and operations of a SC
and the future of dentistry.
I'm currently joined by Kristen Cusack, who is the CEO
of Phase one Equity.
Kristen, thanks so much for joining me today,
and I would love to have you take a moment
to introduce yourself further
and tell us a little bit more about your
background. Thanks,
- Grace.
Great to be here. I've been enjoying the conference so far.
Um, I'm the CEO of phase one, as you mentioned.
And Phase one is a company that is really taking the DSO
and making it more of a dental partnership organization
and an equity company.
So actually what I'm, my role
and responsibility is to build both a private equity company
and A DSO or in our case, A DPO,
and build those from the ground up.
So, um, my background is really in healthcare leadership,
so I've actually been to a fair amount of conferences,
like the one we're sitting in right now.
And, um, I've been in that for about 25 years.
And I'm really new to dental, so I'm bringing kind
of a different perspective as a new person
to dental for the last year or so.
- Love that. Well, let's get started.
Um, I'd love to hear
what the biggest issues you're currently following
in the dental space are.
- Yeah, you know, I mean,
I think probably it's not surprising to anyone to hear
that the biggest issue in dental is hiring,
um, and retaining.
So staffing is a real challenge.
It's definitely loosening a bit.
Um, we've seen that get better, uh, since, um, you know,
the economy has shifted just a bit.
Um, some of the, the folks who really wanted
to have a lot more flexibility realized maybe they
want just a little more stability.
Um, so that's been helpful and, um,
but it definitely still poses a challenge.
The the wages are still up.
Um, it's still hard to find those great
people who wanna stay.
Um, and you really do want consistency in your staffing.
So I would say that's probably the number one
thing that we see.
Um, I think the other thing I notice a lot,
not completely different tack, is there's a lot
of fragmentation in dentistry.
And by that I mean, we've got a lot of services that are,
um, there's 30 providers doing very similar work
and, you know, coming from healthcare we'd
already consolidated a lot.
So it's, it's a bit of a shock almost to see as much,
um, fragmentation as there still is.
And so I think we're in for some positive change, um,
as those consolidations happen, um,
generally you can get some strengths from both
or from several different organizations.
So hopefully that continues.
Um, but we, we could really use some consolidation
'cause it's, it's pretty tough out there.
There's so many vendors and so many people, um, you know,
so many different services, especially as we're, um,
having new partners join us.
There's just a lot to try to align when there's
so many different people providing very similar work.
- 100%. And my next question is kind of a,
a two-pronged question.
So first, what are you most excited about in dentistry?
And then second, what makes you most nervous? Mm-Hmm.
- . Yeah, I would say, you know, there's a lot
to be excited about.
One of the things that, um,
for me right now in dentistry is, is, and,
and one of the reasons that I'm here, um, is
that there's just such great opportunity
and sort of that kind of to go down
that fragmentation vein that I was talking about.
You know, we are seeing a lot more, um, joining
of DSOs bringing of practices together.
And I think it's a great opportunity to learn from
what worked and didn't on the healthcare side of things
and see how we can continue to make that better.
But also I'm seeing some great choices
and I really like that.
Um, our, uh, model is really is not for everybody.
Um, it's, uh, it's a very entrepreneurial driven model.
Um, it's, um, the doctors are very involved.
They have a lot of leadership and a lot of autonomy
and, um, the way that we structure that so
that not only do they have those things,
but get the best financial deal, it also means that they get
that financial deal a few years later, right?
So that's not gonna be for everybody.
And what's nice is you also have, if you're the kind
of doctor who loves practicing
but doesn't like all the rest of the things that come along
with it, there's models for you too.
So I really do like that every,
and they're those two at bookends
and then everything in between.
So I think that's, that's a great thing to be excited about
because I do think I see some learning from,
from the consolidation of healthcare coming to play.
Um, you know, people like myself who, who saw it
and lived it are really thoughtful about it,
and I think others are as well.
So I, I really do like that about what, what's happening
- And then what makes you nervous?
- You know, I think that, um, there's, uh, there's, I mean,
uh, one of the things that I've noticed in, in dental is
that, um, there are so many good things.
So, so I almost don't feel like there's a lot
that can't be resolved.
You know, one of the things that's great about
dentistry is it's so resilient.
You know, we saw that during Covid.
I mean the, the, the comeback was fast and strong
and, um, continues to be.
Um, but I do think that, you know, with all of this change,
you, there's always some fallout, you know,
so when you see consolidation happening, you know,
I talk about the need for it.
I do think there is a need for it,
but I also know that with that, you know, comes times when
you may, um, lose a a provider that's great, you know,
or, you know, I don't mean lose a, a dental provider,
but a, a vendor that's really great at their services,
but just couldn't do the business side of things.
And, um, that, you know,
you may not end up with the best product.
So sometimes that'll happen in consolidation.
Um, and I do think that there'll be some doctors who
just don't get in, you know,
don't really get the message soon enough
and perhaps wait too long.
And I think that always makes me a little nervous too.
I don't want someone to miss out on the
opportunities that there are today.
- Absolutely. Um, and then my final question
for you today is, what will the most effective,
how care leaders need
to be successful in the next two to three years?
- You know, um, I think we, if, if you, uh,
if you don't like change,
you're probably not in the right in the
right area and profession.
So that attitude, um, and ability to, to change
and to continue to be, uh,
resilient is gonna be really critical for everyone.
I think that, you know, we are seeing some change,
not just in, um, not in the, just in the dental space,
but of course everywhere that's touched by private equity,
um, which is pretty much everywhere,
and that's definitely affecting people right now.
So that really trying to understand, um,
how you can best be positioned
and make sure that you really are ready
and you are resilient
as this shift in the way things are paid
for this shift in the financial side is
happening and it's moving through.
I do see some lights at the end of the tunnel
and it's good to be, you know, we wanna be ready for that.
So I think that's really important that we really, um,
think about how we can be resilient and strong.
I think lining up, um,
with great partners will really make
a big difference as well.
Just as I said, there's so many, um, great partners,
and so you do have to sift through a bit in, in dental
to find those partners that are the right fit for you.
And I think, again, we have some great ones.
So if you, if we, you know, can be ready to shift
and change as we need to, um, really continue
to strengthen our resiliency
and have the great partners with us, I think that's,
that's a lot of good preparation for what's to come.
- A hundred percent. Well, thank you so much
for joining me today on the Becker's Healthcare Podcast.
Again, we're live at the business and operations of ASCs
and the Future of Dentistry Roundtable.
Thanks so much. Thanks, grace.
- It's so important for leaders at the top of organizations
to keep learning, stay sharp, grow their networks,
help our audience better do this in a more simplified,
personalized, and meaningful way.
Becker's Healthcare has launched my BHC,
it's your trusted Becker's healthcare experience
and more with content, connections, events,
and learning opportunities.
Join the community free
of charge@www.my dot becker's hospital review.com
and we'll see you there.