Recent economic reports give U.S. economists hope that 2012 will be an improvement over 2011, and it seems there are many dentists who agree.
“If the economy improves, as it should, we all should do better in 2012!” said one dentist.
In fact, when asked what they expect for 2012, 77% of the dentists who responded to our survey anticipate a better financial picture, while only 23% expect 2012 to be a bad year.
When asked about the past two years, 42% of the dentists said 2011 was economically better than 2010. However, for 40% of dentists, 2011 was economically worse than 2010. 18% saw no difference economically between 2010 and 2011.
Here are some dentist comments:
Dental marketing worked…
“We plan that each year will improve over previous year due to addition of an associate and definitive marketing strategies utilizing the Internet Dental Alliance web sites!” (Oklahoma dentist)
“We didn’t have a better year by mistake. It was due to being proactive and using targeted dental marketing.” (California dentist)
“We streamlined our dental marketing efforts, increased our marketing return on investment, focused more on internal marketing, and tightened our belts on our overall office expenditures. We will end this year with more new patients and economically much better than the previous 3 years. We are riding out the economic storm fairly well.” (Ohio prosthodontist)
“I feel our picture is 50% real and 50% what’s in our head. If we stay positive and use services like yours we can make our results better than average. How much better depends on our head and the help we get.” (Urgent care dentist)
Implementing new strategies helped …
“We are staying afloat because we offer a very wide-range of services for a General Dentist – Invisalign, Sedation, Implant placement and restoration, CEREC, most Endo, Perio, and Oral Surgery. Without this broad offering, we would be doing much worse.” (General dentist)
“We are down 5% but we completely remodeled our office doubling our space, had 5 of 8 staff members pregnant, losing 4 of them, worked through the construction dust and noise, and were still only down 5%, so I am happy with 5% downturn. I look forward to 2012.” (California dentist)
“In order to turn things around, I have completely had to change my practice. I have a management group I am now using and am revamping office systems. We are working hard to maintain the high level of care we have always offered, but am now participating as “in network” with dental insurance, and am now thinking about profit centers and time management. We are trying for a balance that doesn’t diminish our ability to do awesome dentistry, but it will be more difficult with the restrictions that insurance companies place on treatment. Illinois has been hit hard by the economy, with the “reported” unemployment level finally getting down under 11% for the 1st time in 3 years in December with the seasonal Christmas hirings. The actual unemployment is around 21%.” (Illinois dentist)
“I spent time creating additional avenues of wealth.” (General dentist)
“I will continue as I have through thick and thin, modifying as I see necessary, continuing to update skills, and taking very good care of my patients. While this year was a downturn, compared to many of my local peers, it was truly a minor one.” (South Carolina dentist)
“I am dropping Delta Premier. I tried it this year and I can’t give that 25-35 percent discount.” (Illinois dentist)
Looking to 2012 for relief …
“Our goal is to increase by 30% in 2012.” (New Jersey dentist)
“The first half of 2011 was the best ever. The second half saw a decrease relative to 2010. The trend is for 2012 to be flat, so I am playing it very conservative right now.” (Virginia dentist)
“They must improve in 2012!” (General dentist)
“In 2012 I definitely need to change how I do business in regards to PPOs. I use to be an all fee-for-service practice. That dwindled, and now I am busy, but not profitable. (California dentist)
“If President Obama loses we’ll see a much better economy.” (General dentist)
The Wealthy Dentist would like to thank all the doctors and specialists who have participated in our dental surveys over the past year. We find your insights and comments invaluable and we appreciate the time you take to offer feedback.
We wish all of you a very prosperous 2012!