According to an article from ABC News, dentists in the U.S. have rebounded quickly from the round of shutdowns earlier this year.
By April, only 3% of dental offices were open for non-emergency care, according to Marko Vujicic, chief economist with the American Dental Association’s Health Policy Institute.
Polling data shows about two-thirds were back open in May and Vujicic expects that to reach 97% by the end of June. He estimates that only 1% of dentists will ultimately sell their practices, retire or file for bankruptcy.
“They seem to have weathered the storm,” Vujicic said.
Dentists say government loans helped some of them survive the shutdown, and demand for their work is pushing them to reopen quickly.
That’s a good news/bad news scenario for dentists. Certainly, there is pent up demand for services in at least most areas, but it doesn’t look like that demand is generating much in the way of profits.
Practices are climbing out of a big hole as they reopen. Personal spending on dental services dropped 61% in April compared to the same month last year, according to the nonprofit health research firm Altarum. That’s twice the decline experienced by the entire health care sector.
It might take a while for all business to return. Altarum economist Ani Turner noted that a lot of dental care is discretionary and can be postponed, and patients will still be worried about being exposed to the virus.
Discretionary dentistry – which includes cleanings, but also includes high-ticket items like dentures, veneers, implants, and sleep apnea appliances – can mean the difference between a lackluster profit margin and profit that positions the practice to grow and thrive.
What’s In YOUR Chairs?
If you’re satisfied with a volume-based dental practice, so be it. But if you’re looking to practice dentistry that’s more rewarding, both financially and professionally, schedule a Practice Growth Call.
The Practice Growth Call is a complimentary multistep consulting package we gift (we typically charge $5,500 for our Practice Growth Roadmaps) to qualified dentists who are serious about leveling up in every area of their practice.
The Practice Growth Call is not a sales call; it is a consulting call. It is a call focused on showing you a clear path toward big results in your practice. We aim at a level of result that’s out of reach for most dentists in the country.
The Practice Growth Call requires that we task members of our team to focus on the growth of your practice before and regardless of whether or not we ever work together.
Because that’s how we show dentists just like you that the approach we take to success in dentistry works.
We prove it to you before we do anything else.
The fact is, the practice of your dreams is out there in the future waiting for you to take the steps required to make it real.
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.