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Patient Attraction Episode 810
Most new dental school grads have a boatload of debt, and that poses a double danger you might not have thought about. I’ll be back after the break to tell you why you should be concerned and what your best threat-management strategy is.
– Welcome to the Patient Attraction Podcast.
– I’m Colin Receveur, founder and CEO of SmartBox Web Marketing.
– Today’s new dental school grads are often struggling under a mountain of debt.
– A recent article in ADA News gave the average cost of dental school as of the 2014-2015 academic year.
– Including all tuition and fees, the average cost for dental school was between $217,000 and $288,000, depending on residency status.
– What that means is that new grads have no choice but to hit the ground running.
– That urgency poses a two-sided threat for established dental practices.
– One is an upsurge in new solo practices, because these new grads can’t afford to waste time.
– But that depends on each new dentist’s personal resources and ability to secure a substantial line of credit.
– A more serious threat is all the new dental school grads joining corporate dentistry.
– An April 2015 article in Dentistry IQ stated, [start quote] “It has been and continues to be a trend for doctors to join a corporate structure right out of dental school.” [end quote]
– These debt-laden new doctors are grist for the corporate mill, and that’s one of the greatest threats facing established practices.
– Corporate practices have deeper pockets than you do.
– They can price-cut you to death and out-advertise you easily.
– And because their costs are lower, they can weather declining reimbursements better.
– Basically, corporate is coming for your dental patients.
– But there is a solution.
– Our industry-leading Patient Attraction SystemTM can help you double your practice growth.
– If that sounds like something you want, visit smartboxdentalmarketing.com to learn more.
– Join me for tomorrow’s podcast.
– Until then, keep moving forward.