Dentist Offices May Predict the Economic Future

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 www.smartboxwebmarketing.com/blueprint.

– Come back tomorrow and we’ll talk about search engine rankings.

– Until then, keep moving forward.

 




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About the author
Colin Receveur is a nationally recognized speaker, author, and dental web marketing expert who has pioneered the way dentists market themselves online for the past decade. Since incorporating in 2001, Colin has established a rock solid track record with his dentist clients and turned SmartBox into a stalwart of proven results for hundreds of dental practices.