The sharing economy is coming to dentistry- Is the industry ready for it?
June 3, 2020 (Investorideas.com Newswire) It seems like the "Sharing is caring" saying has transformed into a completely new concept in the business world these days. And, the dentistry industry is no exception to this rule. But is the industry ready for it?
It seems like the sharing economy is making sense in a lot of industries lately. It’s all about sharing, or better said pairing, those who have commodities with those people who need them. And, make no mistake, it’s not just about Uber rides and Airbnb rooms. The concept is also making its way to dental employment.
But, first, let's talk a little bit of what exactly sharing economy means.
The What economy?
Some people call it the gig economy, while others call it the peer economy. Others believe it should be named the collaborative economy. But some call it the sharing economy.
Yet, more important than what it is called is what precisely the sharing economy is.
Today, the sharing economy is a business trend that seems to be skyrocketing as investors are putting more than $23 billion in venture capital funding since 2010 into those startups that operate with a share-based model.
Some experts define it as an economic network, which facilitates exchange relationships that undercut traditional retail or employment features, mainly because it reduces transactional friction and eliminates the need for intermediaries. In other words, it is an economic principle that involves the use of technology to allow access to goods and services not only between 2 parties but between more parties.
Still don't get it? Here's an example: you're most likely familiar with the concept behind the Airbnb company, you can sleep at a stranger's house instead of a hotel when you're traveling out of town. So, you and the stranger are exchanging a service with money with no middleman involved. But, this is an example of how the concept works in the travel accommodation market.
So, now that you know what it is, let's take a look at how the sharing economy concept is changing the dentistry industry.
The sharing economy in the dentistry industry
No matter what you call it, the sharing economy brings something that is set to change the industry forever: access. It puts people who need dental services in touch with people who offer them. And, both parties have access to each other.
For dental practices, the sharing economy applies in the form of job matching. The idea of cloud dentistry belongs to one dental expert, Dr. Reza Sanjar, and legal expert Trey Tepichin who have created a platform with high-tech tools to pair dental professionals with practices who need their skills.
The main advantage of the concept of cloud dentistry is the fact that it cuts out the temp-agency middleman. The concept saves employers a huge amount of money by only paying dental workers for the number of hours they provide their services. Moreover, employers don't have to worry about paying for different benefits such as sick or vacation days since they are collaborating with independent workers.
On the flip side, dental professionals, be it dental hygienists, assistants or dentists, can create and manage their own profiles, which helps grow the online presence of their brands. They are in full control of their working schedule, their hourly rate, and the job positions they accept.
In other words, this concept seems to be a win-win collaboration between professionals from the same sector.
Is the industry ready to abandon temp agencies?
Job placement agencies aren't that cost-effective for dental practice owners. Moreover, they are time-consuming for both dental professionals and employers. It may take a long time before the agency finds the perfect candidate for a job, which, consequently benefits neither the employers nor the workers. After all, you know what they say "time is money".
So, with this new concept entering the dentistry industry, will professionals abandon job boards and placement agencies?
More and more workers, from various industries, are turning to freelance or sharing-like work. So, why wouldn't dental professionals do the same?
First of all, this technology appeals to dental practice owners for a lot of reasons, including saving time and money. They no longer have to wait for an agency to find the right employee for them. They can view the candidates' profiles themselves, check the workers' availability, and communicate with them in real-time.
Moreover, they can read the reviews of each candidate's work which empowers them to choose skilled workers. Plus, even for time-sensitive projects, they can find a dental professional as jobs can be scheduled even for the same day or in advance.
On the other hand, this concept is empowering dental professionals, such as dental hygienists, dental assistants and dentists to have more control over their work, payment, and schedule. Plus, they can find a job in no time simply by connecting directly with dental practices that need their talent, without having to lose a lot of time to go through a job board.
Instead of paying a temp agency a lot of money to help them find a job, they have the power to maintain their own online profiles and manage their services as their own small business.
Cloud Dentistry is all about rethinking dental job employment
With the sharing economy expanding in various industries and making a lot of changes in the way we approach day-to-day activities, it's no wonder that the dentistry industry is getting in on it as well.
Like any other industry, dental practices must start to embrace innovative solutions that help adapt to modern world challenges and demand. Simply put, they need to start looking not only for customers but also for workers where they are: online.
Today's workers want flexibility, while employers want to increase revenue and cut costs. Needless to say, cloud dentistry is the solution for both parties.
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