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How Resilient Is Your Dental Practice?

The failure rate of dental practices in the U.S. is very low – around 2%. But the odds are fairly good that quite a few of those dentists in the 2% didn’t see the end coming soon enough. That “sudden stop” is something that dentists should make every effort to avoid, and the best way to do that is to build resilience into your dental practice. The time to begin those efforts is now, because there are some indicators on the horizon that you can’t afford to ignore. On The Horizon There are four enormous forces that have the potential to sweep away everything you’ve worked ...

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Are You Battening Down Your Dental Practice’s Hatches?
Are You Battening Down Your Dental Practice’s Hatches?

There’s a storm coming for dentists like nothing you’ve ever seen before. Dentists who prepare will survive and some will even thrive. Those who don’t prepare risk the future of their livelihood. Those are strong statements that demand strong proof. The proof is already out there, but very few people have put the different elements together to have a clear understanding of the dangers. The are four major economic forces that are already impacting dentistry to a considerable extent. When those forces merge, and they will, only the best-prepared dental practices will weather the ...

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Can Your Dental Practice Withstand Group Practices?
Can Your Dental Practice Withstand Group Practices?

Corporate dentistry is bad news for the vast majority of dental practices. But the chains aren’t the only competition you’re facing. Large group practices are increasing, and you’ve definitely going to want to watch out for them. The ADA noticed as early as 2014 that large group practices with 20 or or more employees were gaining market share. At the same time, small practices were losing market share. There’s no sign that the trend is slowing down. Several factors are driving the growth of larger dental practices. The debt load of new dental school graduates is a major ...

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Some Not-So-Good News for Dentists

There’s probably not a practicing dentist in the U.S. who wasn’t impacted by the Great Recession. On average, practices took about a 7 percent hit to their collections. The impact was far greater for some dentists, many of whom were forced to delay their retirement and work much longer than they had anticipated. You might think that another recession of that magnitude couldn’t happen again any time soon. You’d be wrong, and you need to be prepared before it happens. When the subprime mortgage market collapsed, it took the economy with it. A sharp increase in the unemployment ...

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Your Dental Practice Isn’t Prepared

If the Great Recession of 2009 taught us anything, it’s that dental practices aren’t immune from macroeconomic trends. Far from it, in fact. Dental practices have only begun to make up the lost revenue from people deferring and canceling appointments, or opting for less expensive solutions to their dental problems. There’s another recession coming, and this time it won’t be alone. Your practice almost certainly isn’t ready, and if it’s going to survive you need to take action now. Economic uncertainty leading to another recession is one of four forces that can erase ...

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The Four Horsemen of Dentistry Are Coming for You

There’s a storm coming, and dental practices aren’t prepared for a tempest of this magnitude. Most dental practices will be caught flat-footed. If yours is one of the uninformed, unprepared practices, everything you’ve spent years building can be swept away. Fortunately, you have some advance warning thanks to my new, groundbreaking book. “The Four Horsemen of Dentistry: Survival Strategies for the Dental Practice Under Siege” is available now at www.practiceundersiege.com! Your practice might have weathered the Great Recession of 2009 in decent shape. If so, ...

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Corporate Dentistry is Coming For You

There’s a growing trend that will transform the practice of dentistry into a struggle for survival. The early predictions were about the increasing prevalence of corporate dental practices were slightly overblown. Corporate penetration is continuing but not quite as quickly as projected. That’s both good news and bad news for private dental practices. The good news is that you have some time to prepare. The bad news is that you absolutely must prepare or risk everything you’ve worked so hard to build being swept away. Taking just one example, Aspen Dental states that it has ...

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Your Dental Practice Is Under Siege

Sometimes, you see them coming. Sometimes you don’t notice until they have you surrounded. Dental practices in the United States are facing a “perfect storm.” That’s a strong statement, but there’s strong proof to back it up. And if your practice isn’t prepared, everything you’ve worked so hard to build may be destroyed. The forces driving this dental apocalypse have been building for some time. It’s only recently has a pattern become clear: those forces are converging and will combine into an unstoppable economic wave. Corporate dentistry is the first of those ...

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Is the Single-Dentist Practice Doomed?

According to a recent article, more and more new dental school graduates are choosing one of two paths – going to work for a large group practice, or purchasing an existing practice. The combination of high dental school debt, the outlay for facilities and equipment, and staffing up a new practice can put a new dentist some $750 thousand dollars in debt. That’s a powerful disincentive for many, and those new dentists are going to work for corporate chains or local group practices. Either choice is bad news for the single-dentist practice. Corporate chains are long on cash, with ...

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Dentists in Rural Areas Aren’t Safe for Long

Hardly anyone says, “As Nebraska goes, so goes the nation,” but dentists would do well to keep a closer eye on events in the Cornhusker State. The University of Nebraska Medical Center (UNMC) has received a $4 million dollar grant to expand the availability of dental services in rural Nebraska areas. The length of the grant is 10 years. According to the dean of UNMC’s College of Dentistry, the grant will be used to provide scholarships for graduates from rural areas, to increase patient services in those areas, and to enhance service delivery through technology. There are ...

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READY TO THRIVE?

If you’re ready to begin getting the only result that matters from your marketing-more and better patients in your chairs - get started today and schedule your Practice Discovery Session™. They’re free to serious dentists who want to see a Patient Attraction System™ that can double or even triple their practice.