Dental Practice & the Economy
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Posted May 26, 2009 |
Grim news about the global financial crisis dominates headlines. Consumer confidence in November 2008 was at its lowest point in history. Many can't recall a recession so severe and economists say related uncertainties about its consequences serve to prolong the downturn.
 This ADA News series will feature first-hand reports about what dentists from around the country are being confronted with and how they are navigating through difficult times. It will draw on the gamut of available knowledge and expertise to inform and advise dentists on how to help patients maintain good oral health, instill suitable practice management strategies and maybe even find the upside of a downturn.
Financial climate: ADA takes close look at how dentists are faring
Divergent predictions about the fate of the U.S. economy aside, dentists no longer have to depend on anecdotal evidence to determine how weakening economic conditions are affecting their peers and their profession. Through the ADA Survey of Economic Confidence of Dentists, the ADA is collecting objective data for dissemination to members in something closer to real-time than has ever been possible before. Go to full story.
Practice survival strategies for a recession
While plenty of dental practices continue to produce at record levels, there is no doubting that most practices are feeling the effects of the protracted economic downturn. The soft economy has particularly affected specialists, as families delay or shop around for orthodontic treatment, general dentists are referring fewer endodontic cases and cosmetic dentists may have too small of a hygiene practice to fall back on. Go to full story.
Dentists build stronger patient bonds
More dentists experienced declining net incomes and gross billings in the 4th quarter of 2008 than did during the 3rd quarter, according to the 2nd ADA Survey of Economic Confidence. "The declines dentists are reporting can be expected," commented Dr. Michael Schuster concerning the findings. "Three things happen in every recession: sales decline, receivables increase and credit tightens." Go to full story.
Marketing draws practice focus
In response to the recession, more dentists are pursuing changes in the way they market their practices than are changing anything else, according to the 3rd ADA Survey of Economic Confidence. Conducted by the ADA Health Policy Resource Center April 20-29, the quarterly Internet survey draws responses from 1,745 dentists about 10 practice benchmarks. It finishes with an open-ended question about dentists' practices and challenges. Go to full story.
Avoiding unresolved fee balances
Treatment costs, payment expectations can be explained upfront
The pressures of a recessionary economy combined with increasing numbers of people facing financial and job losses could potentially lead to more malpractice claim against dentists, risk management experts say. They recommend dentists effectively manage financial communications with patients to minimize exposure to such allegations. Go to full story.
Members wield Web marketing tools
Dr. Jamie Sledd upgraded her Web site earlier this year and couldn't be happier with the results. "It gives new patients a sense of who we are before they even walk in the door," says Dr. Sledd, a member of the ADA Council on Dental Practice. "They know what the staff looks like and what the office looks like. They're comfortable from the outset." Go to full story.
Dentists work on reducing costs
Dentists are finding new strategies to combat the current economic downturn, according to the 4th ADA Survey of Economic Confidence. They say patient needs are different now and they're modifying their practices accordingly. Go to full story.
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