Smile Doctors

About Smile Doctors

Smile Doctors, LLC operates as the largest ortho-focused dental support organization (OSO) in the United States, positioning itself as a major player in the fragmented orthodontics market. Founded in 2015 by a trio of orthodontists—Dr. Scott Law, Dr. Dana Fender, and Dr. Greg Goggans—the company was established to create a support network that allows clinicians to focus on patient care. The founders' backgrounds are deeply rooted in orthodontics; Dr. Law established a successful practice after his residency, Dr. Fender was valedictorian at the Medical College of Georgia Dental School, and Dr. Goggans began his practice in 1986 and served as a Georgia State Senator.

The company's business model revolves around affiliating with and acquiring existing orthodontic practices. It provides comprehensive support services, including operations, accounting, marketing, human resources, and revenue cycle management, which allows orthodontists to concentrate on clinical duties. Smile Doctors' growth has been significantly fueled by private equity investments. A major recapitalization occurred in October 2017 with Linden Capital Partners and Sheridan Capital Partners. This was followed by a strategic investment in January 2022 from Thomas H. Lee Partners (THL), which joined Linden as an equal partner. This financial backing has enabled an aggressive M&A strategy, with the company completing over 100 add-on acquisitions and raising $550 million in July 2023 to fuel further expansion.

Operating over 550 locations in 36 states, the company serves a broad patient base seeking orthodontic treatments like traditional braces and clear aligners. Smile Doctors is the largest network of Diamond Plus Invisalign® providers. Revenue is generated by providing orthodontic services through its network of affiliated practices. Recently, the company introduced a joint venture partnership model, allowing affiliated doctors to retain ownership at the local practice level while also participating in the broader success of the OSO. This model, which includes options for de novo (new) practices and "tuck-in" acquisitions, is designed to attract both established orthodontists and recent graduates by offering shared risk and reward. Under the leadership of CEO J. Hedrick, who has extensive experience in scaling multi-site consumer businesses, Smile Doctors continues to expand its national footprint.