In the rapidly evolving dental industry, technology plays a critical role in addressing challenges and driving growth. Recently, Amol Nirgudkar, CEO of Patient Prism, interviewed Dr. Jeremy Krell, Managing Partner at Revere Partners, at the Dykema DSO Conference. Dr. Krell shared valuable insights on the latest tech trends in the DSO space and how Revere Partners is shaping the future of dental technology.
Key Tech Trends in the DSO Industry
Dr. Krell highlighted several key tech trends that are transforming the DSO (Dental Service Organization) landscape:
- Staffing Solutions: Staffing remains a significant challenge for DSOs, encompassing roles from doctors to office personnel. Innovative tech solutions are emerging to address these staffing issues which offer platforms to connect DSOs with qualified professionals through various hiring models.
- Revenue Cycle Management (RCM): Effective RCM is crucial for DSOs to track key performance indicators such as outstanding payment days. Technology is helping DSOs streamline RCM processes, ensuring they receive payments promptly and accurately.
- Operational Efficiency: DSOs face numerous operational challenges that hinder growth. Technology is the key to solving these problems, with advanced solutions enhancing insurance processes, staffing, and overall operational efficiency.
Revere Partners’ Role in Dental Tech
Revere Partners stands out by providing comprehensive support to dental tech startups, focusing on Series A and similar stages of growth. Dr. Krell explained how Revere Partners assists companies in overcoming significant risks and scaling effectively:
- Investment and Syndication: Revere Partners offers direct investment and syndication options through their Revere Plus platform, allowing startups to raise funds from a broad network of investors.
- Co-Investor Program: With access to numerous institutional investors, Revere Partners helps startups secure targeted investments, ensuring they have the resources needed to grow.
- Partnerships and Exit Strategies: Revere Partners’ extensive network includes DSO leaders, corporates, manufacturers, distributors, and insurers. This network facilitates strategic partnerships and prepares startups for successful exits when the time is right.
- Tech Eval Product: Through tech eval, Revere Partners offers DSOs tailored reports on their tech ecosystem, identifying what’s working, what’s not, and potential opportunities for improvement. This service helps DSOs source and implement effective technology solutions without the burden of exhaustive due diligence.
Supporting DSOs with Tech Solutions
Revere Partners integrates with DSOs in various ways, from investment to corporate services. Their “Tech Eval” product involves a detailed discovery process to understand a DSO’s technology usage, KPIs, and specific needs. By leveraging their extensive due diligence on over a thousand dental tech companies, Revere Partners matches DSOs with the right technology solutions.
Conclusion
Dr. Jeremy Krell’s leadership at Revere Partners showcases the importance of leveraging technology to address challenges in the dental industry. By supporting tech startups and DSOs with comprehensive resources and strategic guidance, Revere Partners is driving innovation and growth in the dental tech space.
