Dentists learned a hard lesson during the Great Recession of 2008. That lesson is that plans can and will be disrupted by economic downturns. Many dentists who were anticipating comfortable retirement discovered that they had to keep working for longer than they expected. In some cases, those dentists are still working. Their practices lost so much value that the sale wouldn’t support their retirement plans. You don’t have to be blindsided by the next recession … and there will be one. Stay tuned.
– I’m Colin Receveur, CEO of SmartBox.
– Thanks for watching the Patient Attraction Podcast™.
– One thing I’ve noticed about this country is that, as a group, we have short attention spans.
– There are too many businesspeople who are already forgetting the lessons of 2008.
– You might think that another recession like that couldn’t happen.
– You’d be wrong.
– The financial controls that were put in place were thoroughly watered down.
– And they aren’t being vigorously enforced.
– In fact, there’s a lot of pressure to downgrade those controls even further or do away with them altogether.
– So, no matter how good the current economy might look, there will be another recession.
– And your retirement plans could take a severe hit.
– No matter how long you’ve been practicing, that’s something to think about.
– What will your dental practice’s value look like when people are hoarding cash and deferring treatment?
– And how long will it take you to recover from that hit?
– It took until 2015 for dentists’ incomes to recover from the last recession.
– What will 6 or 7 years of reduced income do to your retirement plans?
– So, what are you doing to prepare for the next recession?
– That’s not something you should put off.
– The next downturn could hit this year, next year, or 3 years from now.
– But it is coming.
– And you need to be ready.
– The patients you’re getting now probably won’t insulate you against loss.
– When money is tight, low-value patients typically defer needed dental care in favor of paying the rent and putting food on the table.
– And with dental insurance paying less and less, those patients will be even less motivated to see you.
– That basically puts them in the emergency patients category.
– In the event of another recession, your appointment book is going to be running on empty.
– There’s only one way you can protect against loss.
– You need a lot more better patients, ones with disposable income who can and will continue to seek dental care.
– Even during a recession.
– Those better patients are your insulation against economic loss.
– SmartBox specializes in helping dentists get more and better patients.
– We help dentists thrive, and we’re doing that for more than 550 dentists on 3 continents.
– Dr. Thomas Feder of Belleville, Illinois, was afraid that he wouldn’t be able to retire as he wished.
– He became a SmartBox dentist, and here’s what he told us about the results he got.
– “Our average case value has increased.
– “People are coming in looking for dentures and implants.
– “The practice is now overwhelming our dental lab.”
– Dr. Feder is seeing higher average case value.
– He’s been able to cut back on thme number of hours he works.
– And his retirement plans are firmly back on track.
– Dr. Feder isn’t unique.
– SmartBox helps all kinds of dentists thrive.
– So, while I can’t tell you what to do, I can tell you this.
– Your dental livelihood is at risk unless you act soon to safeguard your practice.
– If you’re ready to take steps to secure your future, here’s what you should do.