Patient Attraction Episode 274

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.

– Until then, keep moving forward.

 

Colin Receveur

Created by Colin Receveur

“As a dentist, you don’t want marketing or websites or SEO, You want more and better patients in your chair. We know how to dominate your market area to make that happen.”

"Running your practice by yourself can feel overwhelming. With our help, you can increase the quality and quantity of your new patients, which will allow you to get back to enjoying life."
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