Retirement is looming for a lot of baby boomer dentists. If you’re one of them, you don’t have a lot of time to make sure you can spend retirement the way you’ve always dreamed about. After the break, I’ll be back to tell you why time is even shorter than you think. Stay tuned.
– I’m Colin Receveur.
– Thanks for watching the Patient Attraction Podcast™.
– Dentists’ incomes took a hit during the Great Recession.
– Many dentists who were planning on retiring had to delay their plans.
– Now, those dentists are considering retirement again.
– You might be one of those dentists.
– But consumer spending on dentistry has basically been flat since 2008.
– Have you made up that missing income?
– Will you be able to sell your practice for what you need to retire comfortably?
– That’s becoming an urgent question for reasons you might not be aware of.
– There are forces at work that can usher in another downturn for dentists.
– One that could rival or even surpass the effects of the Great Recession.
– And if those forces converge before you sell your practice, your retirement will be derailed – again.
– Those forces are the rise of corporate dentistry, new dental school graduates, declining insurance reimbursements, and economic uncertainty.
– In fact, I’ve even written a book about these “Four Horsemen of Dentistry,” but I’ll give you the short version here.
– Corporate dentistry continues to grow, and that’s bad news for your practice.
– If there’s money to be made in your market, one or more corporate dental chains will be there.
– And they can undercut your practice on everything.
– Not to mention the advertising blitz that can and will make your practice an afterthought.
– The corporate dental machine is fueled by an increasing number of new dental graduates.
– Those debt-laden graduates are choosing to pay off that debt by going to work for corporate dentistry.
– Sooner or later, though, they’ll pay off that debt and open their own practices.
– So you’ve got growth in two different kinds of competitors.
– And all the while, your reimbursement from dental insurance isn’t keeping pace with your cost of providing services.
– In some states, like Massachusetts, reimbursement is being slashed by Delta Dental.
– With insurance reimbursement down, more of the cost is shifted to patients.
– They’ll be looking for adequate work at the lowest cost, which plays right into corporate dentistry’s strength.
– And the last force is economic uncertainty.
– Memories of the last Great Recession are still fresh in the minds of dental patients.
– The economic indicators are making a lot of people uneasy.
– And uneasy people start squirreling away money in case they wind up losing their jobs … again.
– Nobody knows which way the economy is going to go, which is why it’s so hard to plan.
– But the markets that took down the country a few years ago are overvalued.
– Put those four forces together, and it’s not looking good for the near future of dentistry.
– If your practice is going to survive and thrive so that you can retire comfortably, you need a strategy.
– The traditional approach to dental marketing didn’t save dentists last time, and it won’t save you this time.
– So it’s time to get serious.
– There’s a way to protect your practice and your retirement, and it’s called the Patient Attraction System™.
– SmartBox Web Marketing has proven the effectiveness of this system in our work with more than 550 dentists on three continents.
– And you can put the power of our industry-leading Patient Attraction System™ to work for your practice.