The dental and medical industries are experiencing a fundamental shift as individual practices join medical services organizations (MSOs) and dental services organizations (DSOs). In 2022, just 46.7% of doctors worked in wholly-owned physician practices, down from 49% in 2020. In 2023, 13% of dentists were affiliated with DSOs—up from 10% in 2019. The model clearly works, and membership provides real benefits to practitioners.

As a DSO or MSO executive, though, you face real challenges. Each entity operates under its own set of dynamics, making financial integration, regulatory compliance, and effective data management paramount. Addressing these challenges effectively requires the right set of tools. A robust financial management system combined with strong executive analytics and data visualization capabilities can help you simplify operations and enhance decision-making across your healthcare network. Here’s how:

Multi-Entity Financial and Operational Management

You can harness modern cloud-based financial management to automate and centralize your accounting processes—while executive analytics tools bring your data to life.

This combination means you can manage financials more efficiently across all entities with capabilities like multi-entity management, inter-company transaction processing, and consolidated reporting, and visualize your data in real time through customizable dashboards. This dual functionality gives you a comprehensive view of your operations, helping you monitor financial health, track performance metrics, and make informed decisions swiftly.

Client Example: Passport Health Fast Tracks Growth

Passport Health is the largest provider of travel medicine services in the United States, with over 250 travel clinics—both franchises and corporate-owned—throughout the country. After implementing a modern financial management system with BT Partners, the company effectively tracks each location’s financial performance and easily rolls the results into a consolidated view. When Passport Health made four acquisitions in a single year, it was straightforward to account for them and consolidate them into the company’s formats. “Everything is designed to support multi-entity organizational structures,” said Nick Staff, VP of Finance for Passport Health.

Enhanced Data-Driven Decision Making

With the right analytics platform, you can integrate data from your financial system and various other sources (think payroll, practice management, electronic health records, and more) across your organization. This creates a single source of truth that elevates your reporting and analytics capabilities.

You’ll gain the ability to see beyond the numbers to understand the story they tell about your organization’s performance and health. This insight is crucial for responding proactively to financial and operational trends and making strategic decisions that drive growth and efficiency.

Client Example: ExsoMed Gains Visibility Across Applications

Previously, ExsoMed relied on multiple disparate applications and dozens of spreadsheets to manage its finance and distribution activities. After implementing a modern analytics solution with BT Partners, they can generate reports that pull data from each application into one place. “It allowed us to bring data from those applications together for reporting purposes,” explained Michael Lowe, VP of Operations for ExsoMed. “BT Partners is one of the most experienced partners in this space, and we wanted that level of skill and expertise at work for us.”

Scalability and Compliance

As your organization grows, the right financial management and analytics systems will scale with you. Flexible cloud architecture lets you add new entities easily and manage them without the growing pains typically associated with expansions. At the same time, agile analytics frameworks adapt to increasing data needs so that your reporting capabilities grow with your data.

In addition, modern platforms support the highest standards of security and compliance—a non-negotiable requirement in the healthcare sector. You can maintain compliance with healthcare regulations and financial standards, confident that your financial practices and data handling meet all necessary guidelines and laws.

Client Example: Tru Family Dental Has Something to Smile About

Tru Family Dental acquires and operates dental practices in the Midwest. It’s a fast-growing company that needed an accounting solution that could keep pace with its growth and complexities. After thoroughly evaluating options, Tru Family Dental selected a modern cloud financial management system, with BT Partners managing the implementation.

“BT Partners went a long way to make sure our implementation went well. The levels of responsiveness, guidance, advice, and execution were excellent,” said Tru Family Dental’s Co-Founder and Executive Chairman, Naimish Patel.

A Prescription for Success

Together, the right financial management system and executive analytics tools simplify the complexities of multi-entity management and empower you with the visibility to confidently lead your organization into the future. By leveraging these capabilities, you ensure your operations are as efficient and effective as possible, setting a solid foundation for continued success and growth.

As you navigate the complexities of managing multiple entities within your DSO or MSO, integrating strong financial management with powerful analytics offers a practical solution to streamline operations and enhance decision-making. BT Partners can help you make it happen. Contact us to start the conversation.