Teledentistry is the union of dentistry and telehealth (or telemedicine). The State of the union is very strong.
The Telehealth industry is booming. The Covid-19 virus changed everything. Research by McKinsey & Company reveals that while only 11 percent of consumers used telehealth in 2019, 46 percent were using these remote services by May of 2020 to replace canceled office visits. (1) McKinsey went further to predict that the telehealth industry could grow to a quarter of a trillion dollars. (2) Telehealth investment, according to the Mercom Capital group venture finding in digital health in 2020 came to $14.8 billion. Telemedicine was the top funded category and led VC funding activity with $4.3 billion, a 139% YoY increase compared to $1.8 billion in 2019.
Last year presented unprecedented circumstances for the dental industry. From the threats of the global pandemic, to a complete shutdown, to a staggered reopening approach across the country, dental practices faced many challenges. Figuring out how to triage patients without the face-to-face option, bring in revenue, and maintain staffing levels are just a few of the issues that dentists experienced. Spending on dental care fell by up to 38% in 2020 the ADA projects. Of dentists surveyed by the trade group, more than 46% said their patient volume was down at least 15% from usual levels during the week of Oct. 5. The market size of the Dentistry industry is $138.8bn in 2021. (5)
Teledentistry is the use of and for , consultation, education, and public awareness. One industry study said the global size of the teledentistry was expected to reach $2,214.5 Million by 2027 compared to $667 Million in 2019 . Becker’s Dental, a leading publication identified 13 market leaders in 2020. The TeleDentists is the only one of these to have established a national network of (300+) dentists actively delivering visual consults to patients 24/7/365. The others are primarily providing software for individual dentists to see their patients virtually (The TeleDentists does this too.)
The primary services provided by The TeleDentists are remediation, e-prescribing, and referrals to an on-site dentist if necessary (usually the next business day). The service is available direct-to-the-consumer on their website and through insurance companies, hospital ERs and clinics. The TeleDentists aim to be anywhere a patient presents with a dental emergency and their vision is to increase access to oral healthcare worldwide.
Covid-19 significantly accelerated the growth of The TeleDentists in 2020 and the teledentistry in general. Reimbursement codes for teledentistry consults were approved for the first time. The Teledentists saw approximately 7000 patients. Dentists showed increase interest to work remotely. Major companies contracted to work with The TeleDentists including Cigna, Anthem, and Proctor & Gamble.
There are several key indicators which represent growth opportunities for teledentistry including:
In 2018, 39% of the US population did not see a dentist. For most people, it takes an average of 3 years for them to go into a dental appointment. That’s about 125 million people today who need dental help.
The TeleDentists will lead the industry into several key new initiatives in 2021 including increased consumer awareness, integration with electronic medical records, automated claims processing, medical-dental integration, expanded e-commerce with the ability to promote dental products (both prescription and non-prescription based) and the first steps into remote patient monitoring via the availability of an innovative intra oral camera. Future innovation will incorporate the use of Artificial Intelligence (AI) and international expansion.