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In mid 2018, two specialty dentists, Dr. Jeffrey S. Karlin, an orthodontist, and Dr. Jason Nudelman, a pediatric dentist, approached Lucern Capital Partners, a private equity firm, for help.
Already owning three practices in New Jersey, the clinicians, who had been long-term investors in the PE firm, wanted assistance in expansion and needed business advice and capital. Seeing the potential in the group dentistry model, the firm decided to launch into the space and partnered with the two clinicians to form Revolutionary Dental Management.
Until this recent dental venture, Lucern invested primarily in real estate in the Northeast, Mid-Atlantic, and Southeast Markets. Using a hands-on approach, they say they have the ability to translate complicated strategies into a common sense blueprint.
This brand-new, start-up dental support organization just announced the completion of their first acquisition in the Middlesex County, New Jersey marketplace. With the intention to purchase general practitioner practices, they have three or four potential acquisitions in the works and have set a target of 30 practice affiliations in the next three years. Eventually, they may fold the existing three specialty practices into the organization, as well.
The organization, which plans to focus on the New Jersey marketplace, had been scouting the market for its first acquisition since forming the group in late 2018. At some point they may expand into Eastern Pennsylvania, Delaware, and Connecticut, but right now dental real estate in the Garden State seems ripe and plentiful.
“New Jersey has a really high fragmentation rate for affiliations with group dental offices. As of a year or two ago, it was less than 5% consolidated. New Jersey is unique because it has the highest population density in the United States. Despite the growing DSO players in the state, we see opportunity in the fragmentation.” -Frank Forte, CEO, Revolutionary Dental
Reporting of analytics and cloud-based technology is important to the DSO as it scales. They enthusiastically use Denticon by Planet DDS, a cloud software which allows them to streamline their IT operations and reduce hardware costs while enhancing security and control.
For patient-facing marketing, as well as dentist affiliation marketing, their motto is ‘Patients Before Profit.’ Furthermore, they promote their flexibility and tailor-made solutions to affiliating practices. They do not look for a specific model to affiliate with, instead they plan to treat each affiliation differently, customizing a solution depending on the needs of the dentist and practice. Thus far, interest from affiliating dentists has been via word-of-mouth and soft introductions.
To ensure quality dental care is delivered, patients will have the ability to review their experience directly after leaving the office through their phone or computer. The group will be tracking the results of the surveys internally and making adjustments accordingly.
Revolutionary Dental is projecting a strong growth trajectory in the New Jersey marketplace, rooted in a perspective that there is no one-size fits all approach to growing a comprehensive group dentistry platform. The group is actively seeking individual and group affiliation targets of clinical operators. They find their biggest challenge to be convincing dentists that the dental support model is a good choice.
Affiliating offices will be retaining their names initially to ease patient transition and to keep continuity of operations. However, the group will eventually have all of their practices take on the Revolutionary Dental name with the goal of creating strong brand recognition. The newly formed group looks forward to having their website up and running soon.
The founders of the group:
SOURCE: Revolutionary Dental
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