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When Dentists’ Retirement Is Just a Fading Dream

Having trouble watching this video? Click here. Patient Attraction Episode 1120 The Great Recession forced many baby boomer dentists to delay their retirement plans. But the effects of that downturn lingered for years, and it’s only been in the last 2 years or so that dentists’ incomes have begun to recover. That may not be a pressing concern for you right now, but the lesson from 2008 to 2010 should be clear. Any dentist’s retirement plans can be derailed if the economy goes south. After the break, I’ll tell you how you can insulate your dental practice against economic ...

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Dentists Shouldn’t Have Disappointing Retirements

When you think about it, dentistry is a considerable gamble accompanied by a heck of a lot of hard work. Becoming a dentist requires four long years in dental school that results in hundreds of thousands of dollars in school debt. After that, entrepreneurial dentists usually have to borrow hundreds of thousands more to open a practice. And then come the long hours, days, weeks months, and years hunched over the dental chairs. And even more hours handling the thousand and one tasks required to run a small business. There’s no doubt that being a small business owner is a very demanding ...

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What Dentists Must Do To Prepare For 2018

This is a blog post about dental marketing, but before giving the recommendations, let’s  put them into perspective. It’s fair to say that it’s been a wild ride on the political, economic, and world fronts during 2017. Politically, it’s been many decades since we’ve seen this kind of turmoil in the United States. As of this writing it’s not at all clear what the ultimate impact will be. Economically, the stock market continues to post new high after new high. That’s great for investors and listed companies, but there’s significant concern that the fundamentals may ...

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When The Bubble Bursts, Will Your Dental Practice Float Or Sink?

You’d think that nobody could forget the lessons of the Great Recession of 2008-2010. Unfortunately, it looks like Americans have short memories. The United States is currently experiencing the second-longest stock market boom on record. By itself, that’s not a bad thing. Markets tend to run in boom and bust cycles. The problem comes when the bust is huge, and that’s what happened in 2008 when the subprime mortgage market collapsed. There were fundamental flaws in the regulation of the markets prior to 2008, and attempts were made to learn from history. Stronger financial ...

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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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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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Dentists Have Limited Time to Prepare for the Next Recession

Do a simple search for the terms “next recession,” and you’ll discover something both fascinating and alarming. The fascinating part is that virtually every financial pundit says the next recession is coming. The alarming part is that the predictions on when the recession will occur are all over the map – ranging from the next six months to two to three years. Just as widespread are the predictions about the severity of the next recession, ranging from mild to worse than the Great Recession of 2008. In other words, something bad is coming but you don’t know when or how bad it ...

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Is Retirement a Fading Prospect for Dentists?

Right now, the United States is enjoying a long period of economic growth. Weak, anemic growth by historical standards, but still growth. With that in mind, it might seem naive to ask whether dentists’ retirement prospects are threatened. But history teaches that every period of economic expansion is followed by a contraction. There’s no reason to think that the current, mildly favorable, conditions will continue indefinitely. Economic contractions can wipe out years of dental practice growth. The most recent major example of a contraction, the Great Recession of 2007- 2009, cost ...

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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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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.