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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 rate, numerous business failures, and enormous financial institutions teetering on the brink of collapse required extraordinary measures from the federal government.
Washington responded by putting into effect a number of financial controls that were supposed to help make the banking system more resilient and avoid another near-catastrophe. Predictably, those measures were watered down before being enacted, but the Dodd-Frank Wall Street Reform and Consumer Protection Act was at least a step in the right direction.
In February, 2017, President Trump ordered a review of the Dodd-Frank protections via Executive Order. A number of insightful analyses suggest strongly that many of Dodd-Frank’s are going to be rolled back in the fairly near term. That sets the stage for the next financial disaster, and dentists need to be ready.
The question is not if the next recession it will happen. The only question is when, and the economists and pundits are all over the map in their answers. But no matter when it happens, you need to be ready.
As bad as another significant recession would be for your practice, there’s more not-so-good news.
It’s Not Just the Economy
Dental practices across the country are already under stress from three powerful forces: the increasing presence of corporate dental chains, increased numbers of new dental graduates, and declining dental insurance reimbursements. Those forces are the “Unholy Trinity” facing dentistry today, and combined with economic uncertainty, they form The Four Horsemen of Dentistry.
In his blockbuster new book, Colin Receveur carefully analyzes the forces at play and provides dentists with a roadmap to not only survive but thrive during times of hardship:
The Four Horsemen of Dentistry:
Survival Strategies for the Private Dental Practice Under Siege
- Why the forces in play will inevitably combine to become greater than the sum of the parts.
- The ways in which your practice is wholly unprepared for the “perfect storm” that’s coming.
- How your current approach will to keeping your new patient pipeline will fail.
- What you must do to prepare, or risk everything you’ve worked so hard to build being swept away.
The Clock is Ticking
The storm is coming, and there’s little time to waste to ready your practice. Order your copy of Colin’s insightful, groundbreaking new work by visiting:
Don’t be caught unprepared! Washington is setting the stage for the next financial disaster. In that setting, the Unholy Trinity will thrive. Will you?