The contentious economic theater playing out over raising the debt ceiling has some dentists worrying about practice revenue.
The Wealthy Dentist decided to ask dentists if they projected their dental practice revenue for 2011 to be more than it was in 2010.
A Illinois dentist replied, “It depends on when the debt limit is set.” Another Illinois dentist agreed by saying, “If Washington can just get it together, we’ll be fine.”
Dentists were evenly split with their responses: 38% of the dentists surveyed said their revenue in 2011 will be greater then 2010; 30% said their revenue will not be better than 2010; 29% felt their revenue would be the same, while 3% weren’t sure.
“We are probably down about 5-7% from 2010.” (Illinois dentist)
“So far we are 3% less.” (Louisiana dentist)
“My gross revenues are about 1/2 of what they were before 2008.” (California dentist)
Too many dentists worry others –
“We have too many dentists in same small area.” (Oklahoma dentist)
“There seems to be too many dentists here.” (Florida dentist)
“Can we turn off the flow of new dentists? Or at least reduce it? I don’t know one general dentist with revenues up in 2011 and more numbers of dentists than ever going to managed care practices driving fee prices down. It’s terrible.” (Colorado dentist)
Some dentists are thriving –
“Up 40% over 2010 which was a good year.” (California dentist)
“An office with good leadership will thrive in any environment!” (Kansas dentist)
“We are projecting to do 2.2 mil this year with one doc and three hygienists.” (Pennsylvania dentist)
Reinvention is key –
“I’m taking courses and adding more treatment options to increase profitability.” (Virginia dentist)
“In spite of the weak economy we have had increased revenue the past three years. We have advertised using discount based ads based on the economy. They have worked well.” (Colorado dentist)
“Every 3 months we examine how many unscheduled treatments are out there and make a personal call to the patients to see what the issue is and work with them to get them into treatment.” (Oregon dentist)
“I am currently ahead in production about 20%, but collections are behind and we are readdressing our financial policy.” (California dentist)
“A 5 percent increase over last year. We work 4 days a week about 9 hours a day. We noticed for us in downtown Philadelphia, that patients do not tend to show up on Fridays and Saturdays in the summer. We have a summer schedule where we work Mon. Tues. Wed. and have a long weekend. That has been the best change of schedule and thus our time at the office is more productive.” (Pennsylvania dentist)
How is your dental practice revenue in 2011?