Can slow economy affect dentistry?

For dentists only

In the past, dentistry was not affected by any economic swings; typically, most people kept their regular 6-month checkups, and had their basic dental treatments performed regardless of any economic problems.

Nowadays, things have changed, plus both competition and role of insurance have increased. Furthermore, there are numerous dental services available today; most of them are elective in nature, which means that popularity of such services will increase or decrease depending on economy trends.

According to American Dental Association, dentistry will be affected with economic swings more significantly than in past times, because patients will refuse to select elective services which represent a high percentage of dental work. Economic factors, e.g. high prices of gas, and home heating and lower disposable income can definitely create serious challenges for the growth of dental practice.

In periods of slow economy, dentists are more likely to notice:

• Decline in patient’s acceptance of dental treatment

• Number of receivable accounts will increase

• Increase in number of patients who don’t show or cancel their appointments in last minute

• More patients will limit their dental treatment to their particular insurance plans

If you are a dentist, you must carefully notice your performance records to detect if any of the above situations is occurring, if so, you will need to adapt your dental performance.

How a dentist can weather a slow economy?

Certain measures must be taken to ensure that your dental practice will not decline will economic downturns, including:

1. You must enhance your skills for case presentation; this will help your patient to better understand the importance of dental care.

2. You should implement an effective method of collecting your complete fees (or a reasonable portion) at the time of service, it is important to make your patients know this policy through clear oral communication. Always try to restrict the receivable accounts.

3. You must improve your verbal skills to emphasize your patients with the value of each appointment; this might significantly persuade your patients to keep their next appointments. Some dentists ask their patients to make a ten percent deposit of total fees to limit no-shows or last-minute cancellations.

4. Enhance the customer service system in your clinic, actually, this system must be excellent, to avoid patients’ switch to other clinics. Really, superior care of your patients and paramount customer service can ensure your patients’ understanding to value of dental treatment.

In conclusion, economic swings can significantly affect dentistry as well as most of dental practitioners. A dentist must not have a false sensation of security during a good economic cycle, things can change.