4 Ways to Combat Economic Impacts to Your Practice
US inflation is increasing at about 8% annually. This is significant for practices, but it's not all doom and gloom—there are commonsense strategies that can help you increase production immediately.
It’s difficult to predict the effect of the economy on dental practices. For many years, dental practices were recession proof, which meant they were not affected by the ups and downs of the overall economy. That changed in 2008 when, according to Levin Group data, dental practice production dropped by an average of 10% during what was the longest and deepest recession in US history. It took several years for practices to recover, and then, about 10 years later, the pandemic occurred.
Overall, most practices had record production in 2021. Was there something dentists did to improve practice performance and create these increases in production? Probably not. It had more to do with the stimulus money many Americans were able to access, combined with them not spending money in traditional areas such as travel, entertainment, and restaurants. That scenario has now reverted to people spending their money in the traditional places, and there’s no more stimulus money being offered...
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It’s difficult to predict the effect of the economy on dental practices. For many years, dental practices were recession proof, which meant they were not affected by the ups and downs of the overall economy. That changed in 2008 when, according to Levin Group data, dental practice production dropped by an average of 10% during what was the longest and deepest recession in US history. It took several years for practices to recover, and then, about 10 years later, the pandemic occurred.
Overall, most practices had record production in 2021. Was there something dentists did to improve practice performance and create these increases in production? Probably not. It had more to do with the stimulus money many Americans were able to access, combined with them not spending money in traditional areas such as travel, entertainment, and restaurants. That scenario has now reverted to people spending their money in the traditional places, and there’s no more stimulus money being offered...
Click Here to Read More