How Private Equity Is Buying Up Dental Support Organizations

Episode notes

Lucas and Luna dive into the rapid consolidation of dentistry through Dental Support Organizations, or DSOs. They examine how private equity firms like JAB Holding Company have rolled up thousands of independent practices under brands like Aspen Dental and Heartland Dental. The hosts discuss the business model: DSOs handle billing, marketing, and HR while dentists focus on clinical care. With about 15% of US dentists now affiliated with DSOs and that number growing fast, the episode looks at what this means for patients, dentists, and the quality of care. Luna raises the question of whether the model creates conflicts between profit and treatment recommendations. Lucas cites data showing that DSO-affiliated practices average 20% higher revenue per dentist but also higher referral rates to specialists within the network. The episode uses specific examples from recent deals, including a $500 million roll-up of pediatric dental practices in 2025.

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