For a long time, it was thought that the dentistry profession was insulated from the happenings in the economy. After the most recent economic recession, many experienced dentists would respectfully disagree. With much of the economy having shaken off the effect of the downturn, dentists are among the professionals looking to make sure their practices survive.
Every business faces challenges when it comes to thriving. For dentists, the following areas are of particular importance.
Dental production rates have fallen in recent times, even with economical analysts portraying the economy to be on the fast track to growth. Delayed payments have eaten into dentists’ incomes, not to mention reduced development prospects.
Dental chains (or dental management service organizations) are emerging across the country as alternatives to traditional dental private practices. Such chains are run by corporations and offer dentists the ability to focus on their skill without the burden of administrative and marketing work. Such corporate practices are indeed a threat to the conventional view of the dental practice.
The paperwork required to ensure prompt reimbursement by insurance companies is burdensome, not to mention that reimbursement rates are decreasing. For many private practice dentists, the effort put into filing the paperwork doesn’t always reflect in the reimbursement.
Fortunately, it’s not all gloomy for private practitioners. By focusing on fostering great client relationships, dentists can ensure client loyalty keeps their offices running for a very long time. Doing so keeps away the competition.
Leslie Griesdorf Dentist is a retired dentist who ran a private practice in Toronto. With more time now, he has immersed himself in the stock market and learning all he can about American history.