If you did a double-take when you read the title of this piece, good! There’s plenty of doom and gloom out there; yes, we all face challenges, but challenges can be overcome with the right approach and careful execution.
Ready for something else outrageous?
The fallout from the current societal upheaval may be the best thing to happen to dentistry in 50 years.
1) Investment capital is frozen for the foreseeable future.
That means the seemingly unstoppable advance of DSOs has slowed to a crawl. In fact, DSOs may well be facing greater challenges right now than the private dentist; they have heftier payrolls, they don’t necessarily enjoy the loyalty of staff that private dentists inspire, and they’ll probably be slower than private practices to staff up again.
You have the opportunity to regain and hold market share if your practice is ready to go on day 1 after the stay-at-home/shelter in place orders are lifted.
2) There will be renewed impetus toward single-payer healthcare coverage. Like the idea or not, there are significant upsides for dentists. Think about all the time and expense required to file claims with a dozen or two dozen insurance carriers; to browbeat the pencil pushers to cover obviously necessary and covered treatment; and for you to carry the obligation until they finally get around to paying you.
Contrast that with a single payer with a single set of claim practices. You save money, time, and staff hours. Not only that, but you’re guaranteed payment for all necessary treatment for every person who contacts your practice. No selling required except for elective cases.
And since healthcare coverage will no longer be tied to employment, you won’t lose patients who change jobs, which cuts down on your marketing outlay.
3) There will be increased emphasis on health and hygiene.
The extreme social distancing and hygiene measures that we’re all going through right now will have an influence on behavior for some years. Not for everyone, of course – some people are just oblivious – but for most. Until an effective vaccine is widely available, count on people to be more health-conscious.
We already know that periodontal disease is linked to a host of potentially serious health issues. We also know that smokers are more likely to have more problems with the virus; that may result in a decrease in the number of tobacco users. Health-conscious dental practices that take a “whole person” approach to wellness will outperform those that don’t.
Will Your Practice Be Ready?
Earlier, you read that challenges can be overcome with the right approach and careful execution, and that your practice has to be ready to go on day 1. We’ll add that your practice has to be able to perform at a higher level than before; you’ve got lost income to make up.
We have a host of resources available to help you do exactly that. Visit our Covid-19 Updates page to learn more.
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.