Like all industries, dentistry has a business cycle. And within that industry, individual practices also have cycles. If your practice used to be making money hand over fist, but now you’re just coasting along, that’s not good. In today’s hypercompetitive market, if you’re not gaining ground, you’re losing ground. I’ll be right back to tell you how to regain your winning ways. Stay tuned.
– I’m Colin Receveur, founder and CEO of SmartBox Web Marketing.
– Thanks for watching the Patient Attraction Podcast™.
– Dentistry isn’t what it used to be, and that’s both a good thing and a bad thing.
– It’s good in the sense that equipment, materials, and techniques have evolved tremendously over the past 20 or 30 years.
– It’s bad in the sense that the competition is fierce – and getting worse.
– And other, major forces are in play that can absolutely devastate the dental industry.
– Here’s what I mean by that.
– Dental competition is fueled by several factors.
– One is corporate dentistry.
– Corporate chains have efficiencies and economies of scale that you can’t hope to match.
– They’ll kill you on price and availability.
– Corporate is growing steadily by opening new practices and acquiring existing ones.
– If they’re not in your market yet, just wait.
– Another game-changer is that dentistry has been named one of, if not the, best profession for a number of years.
– The earnings potential is high, and the working environment is agreeable.
– So more people are entering dental school.
– And more dental schools are opening.
– There is already a flood of debt-laden dental graduates entering practice.
– And a lot of them are joining corporate dentistry to pay down that school debt.
– New dental school graduates are the second force that will reshape dentistry.
– The third force is the decline in dental insurance reimbursements.
– Delta Dental is a major driver of that trend.
– Delta gutted insurance reimbursements for Massachusetts dentists this year.
– It’s just the latest move to increase Delta’s profitability.
– And since Delta covers more than 70 million people in this country, the odds are good that you’ll feel the hit, too.
– And the fourth force is economic uncertainty.
– All the signs point to another market collapse.
– The only question is when that will happen.
– The Great Recession of 2009 took a heavy toll on dentists’ incomes.
– There’s no telling whether the next downturn will be better or worse than the last.
– But it is coming.
– Those four forces are what I call the Four Horsemen of Dentistry.
– And yes, those forces have the potential to become a Dental Apocalypse.
– In fact, I’ve written a book about it, and I’ll tell you at the end of this podcast how you can get a copy.
– These forces have been in play for some time, and you might not have noticed all of them.
– It’s very possible that these industry forces are partly responsible for the fact that your practice isn’t growing.
– You’ve probably been advertising like the vast majority of dentists – on price, specials, coupons, and discounts.
– But in today’s dental industry, you can’t succeed through old-fashioned advertising.
– And it certainly won’t prepare your practice to withstand the coming Dental Apocalypse.
– I mentioned at the beginning of this episode that there’s a way to put your practice back on a winning trajectory.
– And that’s to stop chasing patients through advertising and start attracting them.
– In any given market, 20 percent of your prospects can and will pay more for a dentist they like, relate to, and trust.
– You can’t convey those qualities effectively through one-off advertising.
– In fact, it takes a carefully coordinated system to position yourself as the choice to solve your prospects’ dental problems.
– You can put together that kind of system yourself.