If the Great Recession of 2009 taught us anything, it’s that dental practices aren’t immune from macroeconomic trends. Far from it, in fact. Dental practices have only begun to make up the lost revenue from people deferring and canceling appointments, or opting for less expensive solutions to their dental problems.
There’s another recession coming, and this time it won’t be alone. Your practice almost certainly isn’t ready, and if it’s going to survive you need to take action now.
Economic uncertainty leading to another recession is one of four forces that can erase everything you’ve worked so hard to build. Those forces are in play right now, and whether you know it or not, your practice is under siege.
That’s why I’ve released my latest book, The Four Horsemen of Dentistry: Survival Strategies for the Dental Practice Under Siege.
They’re Coming for You
The Four Horsemen of Dentistry are corporate dentistry (Conquest), new dental school graduates (Pestilence), declining insurance reimbursements (Famine), and economic uncertainty (Death). They’re here, they’re moving, and when they converge your dental practice will face a challenge like none you’ve ever seen.
This isn’t hype – it’s the simple truth.
Corporate dentistry is inevitably moving into more and more markets. The chain practices have economies of scale that you can’t hope to match. They’ll drive down prices until your practice is no longer viable.
New dental school graduates are going to work for corporate dentistry in record numbers. When their dental school debt is paid down or off, those graduates will be additional competition – either by opening other corporate practices, acquiring existing practices, or by opening their own.
Declining insurance reimbursements are just a fact of life, and there’s no end in sight to the downward trend. With more responsibility for payment shifting to patients, many of them will look for the lowest-possible price. That’s almost always a chain practice. Other prospects will just defer care.
Economic uncertainty fuels fears of another recession. Right now, the economic indicators aren’t looking good. The memories of catastrophic job loss during the Great Recession will prompt patients and prospects to hoard cash rather than having dental care. And it’s not a question of whether there will be another recession. History teaches us that every economic “boom” is inevitably followed by a “bust.” The only question is when, and the smart money says that the answer is soon.
The vast majority of dentists will struggle to cope with any one of the Horsemen. Together, they’re a storm of historic proportions that will simply sweep away unprepared dental practices.
Don’t let that happen to you.
My new book not only analyzes the interaction of the forces, it provides a roadmap to help dental practices thrive during the coming adverse conditions.
Order your copy of:
The Four Horsemen of Dentistry:
Survival Strategies for the Dental Practice Under Siege
Go to www.PracticeUnderSiege.com TODAY! You need time to prepare for what’s coming. When Conquest, Pestilence, Famine, and Death are just outside your practice’s “gates,” it will be too late to begin preparing to survive.
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