Having trouble watching this video? Click here.
Patient Attraction Episode 1187
We’re experiencing one of the 2 longest economic booms in U.S. history. Unemployment is at a 50-year low, meaning that many more people are working and are looking for dental care. But we shouldn’t forget that it was only 10 years ago that the bottom fell out of the economy, and dental practices everywhere took a hit. Dentists’ incomes didn’t begin to rise again until 2015. History convincingly shows that what goes up – the economic boom – will come down. When that happens, will the ground under your practice crumble? I’ll be right back to tell you how to position your practice to thrive during good times and bad.
– Thanks for watching the Patient Attraction Podcast™.
– I’m Colin Receveur, CEO of SmartBox.
– If you’re like most dentists these days, your practice is slammed with patients.
– You might be working longer hours or even staying open more days to meet the demand for services.
– If you were in practice during the aftermath of the Great Recession, your patient numbers are probably pretty reassuring.
– They shouldn’t be reassured, because as the last economic downturn proved, that flood of patients can dry up to a trickle almost overnight.
– Every economic boom is followed by a contraction.
– There’s no telling when the next contraction will happen or what will trigger it.
– There’s also no way to know whether that contraction will be mild or major.
– In the event of a major downturn in the economy, what will happen to your dental practice?
– As we saw back then, when there’s a severe contraction, companies lay off or terminate employees in large numbers.
– No more paycheck, no more dental insurance, no more dental work.
– When a breadwinner becomes unemployed, the available funds are used for basic needs.
– Health care, including dental care, can become something of a luxury.
– There goes your patient base, and if you’ve staffed up to meet the current demand, you may be faced with letting some people go … or taking a pay cut yourself.
– The current “ground” under your practice is composed largely of low case value patients.
– But it’s not the only ground in your market.
– There’s firmer ground that won’t be affected by an economic downturn.
– The higher ground is composed of better dental patients with considerable discretionary income and savings.
– They’re not driven by low price or insurance.
– Better dental patients have the ability and the willingness to pay more for the right dentist.
– That means you can work less and earn more.
– You won’t be stuck on the dental treadmill of routine, boring, low-value cases.
– Here’s a pro tip – the right dentist for better patients isn’t the discount dentist.
– Dr. Ryan Shepherd of Albuquerque, New Mexico, didn’t have time to figure out how to attract dental patients, but he found a solution.
– He said, “After I did one of the SmartBox webinars, I really felt confident that you guys knew what you were doing …
– “… and that you could take me from point A to point B with virtually no pain on my part and relatively little involvement on my part.
– “And that’s important to me because I don’t have time to become an expert; I’ve gotta be a dentist, I’ve gotta be a business owner.”
– Dr. Shepherd’s dental practice is on much firmer ground now.
– Your practice can be, too.
– Visit smartboxdentalmarketing.com and reserve your no-cost, no-obligation Practice Discovery Session™.
– Invest 25 minutes of your time in a phone call that will allow your practice to thrive in good times and bad.
– After the session, you’ll receive your free Patient Attraction Roadmap™ as well.
– It’s yours to use however you wish – there’s no obligation.
– Don’t leave your dental practice on quicksand when you can take and hold the high ground in your market.
– Join me for our next podcast.
– Until then, keep moving forward.