According to the ADA's Health Policy Institute (HPI) , "The average gross billings per owner dentist in private practice in 2019 was $742,490 for general practitioners and $1,059,890 for specialists."
Needless to say, 2020 was not a banner year for dental practices overall. It's worth checking to see how things have improved. HPI has those numbers as well. It turns out that as of February 15th, only 55.8 percent of practices are seeing collections at or above what's typical.
Of course, that leaves 44.2 percent of practices with some ground still to make up. And even those practices that are seeing collections at or above normal need to fill the financial hole that 2020 left.
So, what's an owner dentist to do in 2021 now that things are heading for some kind of new normal?
It's A Matter Of Confidence
If you're not following HPI, you really should; they regularly present a wealth of useful information for owner-dentists.
For instance, as of January 18th (the latest date that the question was asked), just 30.3 percent of practice owners were very confident that their practices would recover in 2021, while 41.7 percent were only somewhat confident. Those numbers are likely to be higher now that vaccinations are reaching larger and larger numbers of people, but the impact on the 26 percent of troubled practices is still to be determined.
Part of the reason that some practices are having trouble bouncing back may have to do with patient volume; as of January 18th, the average was reported as roughly 80 percent of pre-pandemic levels. Obviously, there's a great deal of variability, but practices that aren't keeping their chairs filled are in trouble.
To bolster your confidence in your practice's recovery, you need proven results in your practice marketing – not a "good try."
Among all of our SmartBox dentists, 58 percent of them are actually getting double – 200% or more – of the monthly new patient opportunities (NPOs) that they're looking for and expecting.
If you're looking to gain confidence in the future of your practice, and you'd like to fill the "2020 hole" while you're at it, schedule a complimentary, 45-minute Practice Growth Call. You and one of our Practice Growth Experts will discuss your goals, the competitive landscape in your market, your budget, and number of other factors.
Following the call, you'll receive your completely personalized Roadmap to your future success.
The confidence boost you need is just a phone call away.
SmartBox employs the best minds in dentistry to help you grow your practice. Our Practice Growth System™ is proven to help dentists in every market area across the country achieve predictable year-over-year growth.