- Today, we're going to go on a quick flight over the surface of the dental industry. And take a peek at what's happening in the murky shadows below.
- If your practice is heavily dependent on insurance, you'll want to pay very close attention right now.
- Now, think of the dental industry as a big ocean. And during high tide, everything is great, everybody's happy, times are good. The high tide lifts all boats, as they say.
- The problem begins when the tide goes out and you get to see what people are really dealing with below the water level.
- As Warren Buffet says, "When the tide goes out, you get to see who's been swimming naked." And sometimes it's not very pretty.
- As I record this right now, we're coming up on what I call a low tide event. We're about to see the truth about the health of dental practices across the country.
- The post-pandemic boom is just about over, and all of the pent-up demand for dentistry is about to go out. That means patient volume is projected to drop substantially.
- Now, we already are seeing the leading edges of this trend in the phone calls coming in with new patient opportunities. Those have been down about 15 to 20% month over month.
- If your practice is heavily dependent on insurance, these price-conscious patients are going to be soon using their discretionary income for other things – vacations, traveling, hanging out with loved ones.
-All of the things that were difficult or impossible to do over the past 12 months.
- I'm going to be blunt, the dental insurance companies already have control of most dentists, they've just been keeping quiet about it. But that's about to change.
- As the number of premium payers decline, the insurance companies are going to do everything they can to recoup those losses.
- And guess who that means they're coming for? They're coming for what is their biggest expense. And that's you.
- The changes might be subtle at first, but eventually that too will change. And soon dentists are going to wake up and realize it's actually the insurance companies that are controlling their success.
- If you want to keep this from becoming your future, the time to act is today. Make the changes required to detach yourself from the dependence of the insurance beast.
- You don't have to do it all at once. You don't have to take large risks to begin moving in the direction that you know is the right one for you, your family and your practice.
- But please act sooner rather than later. The biggest risk is just sitting there and watching it all happen right before your eyes.
- If you don't know what to do, reach out and schedule a call with our team.
- While you can't control what the insurance companies can do, you can change how you operate. And if you want to see more profit in the coming months and years, you've got to take the steps to make that happen.
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