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Do you remember the movie, “Honey I Shrunk the Kids,” where Rick Moranis’s character, Professor Wayne Szalinkski, a bumbling scientist dad, accidently reduces his teenage son and daughter, along with two of their friends, to the size of ants? Simply walking across the kitchen was instantly a daunting, if not impossible and very risky, task. What they once took for granted, becomes a distant dream.

Fast forward to today, and we’re seeing a similar “shrinking” in dentistry — one that’s affecting patient flow and profit. Last year we created a New Patient Opportunity chart (see below) based on data we monitored over time that covered 2019, 2020, with projections of a slow-down cycle beginning mid-2021. 

NPO vs Week

This type of cycle, with its ups and downs, is typical in dentistry, and if you’ve been in the business for a while now, this probably looks familiar. What may not strike you, however, is that there is enormous opportunity when the cycle is in the downward trending position of the curve. 

When the market is on a downward trajectory, you’ll know who did and who did not prepare

During upcycles, it’s difficult to predict who will sink and who will swim when times turn lean. Upward cycles reward everyone with more patients, more profit, and packed schedules. This is where the average dentist focuses on treating patients, while everything else (like managing their business) gets kicked down the road. Only when the market turns again, and it always does, will the average dentist jump into reactive mode when they see their patient flow and profit suddenly shrinking. 

But not the elite dentist. The elite dentist was planning and strategizing even during times of plenty knowing he could always handle better patients

This thinking supports a consistent set of actions that helps the elite dentist thrive in any economic environment. During good times and bad, he discovered how to increase his profitability per hour making him the most successful dentist in town.

You don’t have to fall victim to a downward trend caused by inflation levels not seen since 1981 or the ever-shrinking insurance reimbursements. There are plans, found in our complimentary The Wealthiest Dentist Report, you can put in place to secure your practice and profits so when you go home at the end of the day, you can say, “Honey, I Grew My Practice.”     

Like this blog? Here are other recommended readings:

THIS Is Why You Should Ditch Your Grumpy, High-Maintenance, Flaky Patients 

Your Systems Will Be More Synchronized Than the US Olympic Swim Team

Smartbox

Written by Smartbox

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.

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