Private Equity Conversations with Fexingo · 2026-07-14 · 8 min
In this episode, Lucas and Luna explore how private equity firms are consolidating the fragmented dental industry through Dental Support Organizations (DSOs). They focus on the case of Heartland Dental, a Kentucky-based DSO backed by KKR, which now supports over 2,600 affiliated practices across 38 states. The hosts break down the economics: how DSOs allow dentists to focus on clinical work while PE handles admin and marketing, and the tension between scale and patient care. Lucas cites a 2025 ADA survey showing that 15% of U.S. dentists now work in DSO-affiliated practices, up from 8% in 2020. They discuss regulatory pushback, including recent FTC scrutiny of non-compete clauses for dentists, and the implications for independent practices. Luna questions whether the DSO model ultimately reduces competition or improves access. The episode also includes a subtle donation appeal tied to the high cost of dental care. Tune in for a sharp, data-driven look at how private equity is reshaping the dental landscape.
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