The supply of dentists per population is projected to increase. It’s already super-competitive in many markets. The average age of dentists has also increased and dentists are waiting longer to retire – not because they want to. In addition, more and more group organizations are anticipated while the number of solo practices shrinks.
Dental spending has leveled off to what has been referred to as the “new normal.” Dental care continues to decline among adults aged 18-64 – with JUST a third of adults visiting the dentist today. Cost is an issue, but many don’t visit because they think they do not need to.
Dentist’s earnings are not rebounding and future projections are unclear. Owner earnings in 2013 were $192k, down from $230k in 2005, and overall GPs are down from $216k in ’05 to $181k in 2013. Have you noticed the pinch?
This is not the case for many Patient News clients who are actively engaged in new-patient marketing. It doesn’t have to be the case for you either.
Here’s another fact that dentist’s must react to or income and profits will continue to decline. They’re forecasting that dentist’s will have to face increasing consumerism because patients are already starting to treat health and insurance like any other product … that means they’re shopping. That means dental consumers are going to prioritize other needs and expenses ahead of dentistry, and if dentistry gets in there, consumers will want – and demand – exceptional service. That means you need YOUR PRACTICE to stand out in your community – and NOW.
Here are your immediate opportunities:
- Educate your market area – Consumers need to know they have a need and they need to know YOUR PRACTICE is the one to help, choose, and refer.
- Invest in your practice – By marketing hard. Now is not the time to pussyfoot around.
- Decide to own your future – Be THE standout practice in your area. If you don’t act now, it will be someone else who does.
It’s so easy. Have your Patient News representative get your name into select households surrounding your practice every month. These are the patients and prospects you want to attract and keep. We take your targeting to the extreme to ensure we’re hitting precisely the patients you want. Your Account Manager will take care of the creative development, deployment, and results tracking. We’ll even help your team convert more inbound calls – and not just those derived from a PNP marketing campaign – every call that’s coming into your practice will be improved.
Regardless of your current revenues and profit levels, you can increase them with our proven strategic approach – it’s pretty simple actually. Simply target the right households with your customized newsletter every month. Remember, it’s not time to pussyfoot around. Have your PNP rep monitor your results and coach your team to improve. Growth is virtually guaranteed.
Decide now to own your future. Don’t let these industry trends get you down. There is plenty of room for growth, but as a practice owner you have to take the bull by the horns and DO IT NOW.
It’s time to get real. If you don’t make the right decision today … you will risk losing the market share you currently own (are you even certain right now that your revenues aren’t already slipping?) and you won’t be the dentist that will thrive, retire early, and enjoy the lifestyle you’re accustomed to! Review this profit calculator: www.patientnews.com/about-us/blog/way-profitville-way-loss-city. Decide which scenario you’re happy with and call Patient News today.