If dental practices are any indication, the US economy is headed for a downturn. I’ll tell you more when we return.
– Hi, Colin Receveur here and thanks for joining me on the Patient Attraction Podcast.
– A recent Bloomberg Businessweek article caught my attention.
– The article used four dental indicators to surmise that American economy may not be headed in the right direction.
– First, the fundamentals:
– The premise of the article is that when people are uncertain about their economic future, they cut back on dentistry.
– To measure whether people are cutting back on dentistry, the article’s author used data compiled by Sikka Software, which provides business health care applications to small and midsized practices, including dentists.
– The data includes 12,200 American dental practices going back to 2007.
– Now for the results.
– There are four numbers the article’s author uses to show people are cutting back on dentistry.
– First, data shows that patients are increasing cancelling follow-up appointments.
– What’s more, there has been a precipitous drop over the course of this year.
– Second, production during regular hygiene appointments has been volatile this year.
– So dentists are not consistently doing the cleanings, X-rays and maintenance they planned during these appointments.
– That is atypical for economic recovery years, according to the article.
– Third, dental practices are planning more treatments than patients are accepting.
– As dental practices chase higher revenues, they are aggressively scheduling procedures that patients ultimately don’t accept.
– Finally, patients aren’t paying.
– According to the article, accounts receivable are up 22 percent over last year.
– Does these four trends represent what you are seeing in your practice?
– Are you prepared for another economic downturn?
– What are you doing to make sure you could weather such a storm?
– If you’re ready to stop leaving your livelihood to chance and to see what a predictable patient attraction system looks like, you should schedule a Patient Attraction Blueprint Session. They are free to serious dentists who want to see a patient attraction system that can double their practice. For more information, go to smartboxdental.com/blueprint.
– Come back tomorrow and we’ll talk about search engine rankings.