Recently the U.S. Central Bank reported that the economy continued to expand at a moderate pace from mid-February through late March indicating a brighter outlook for most Americans, but is the recession really over?
Only 9% of the dentists we surveyed think so.
“More government brainwashing propaganda. This recession will never be over!” said one dentist.
In fact, only 37% of the dentists surveyed feel things are starting to improve. For 56% of dentists, the recession is still going strong. However, these numbers have declined since 2010 when The Wealthy Dentist asked if the recession was over. In that survey, only 4% of dentists felt the recession was over and 78% thought the recession was still going strong.
But there’s still not much optimism out there, judging by some of the dentists’ comments to this survey —
“Do not believe the Government cheerleaders. Read what real economy PhD’s have to say. It is not pretty, but with the real facts you can plan your financial future better. Good luck to you all and God bless.” (General dentist)
“It is not over. People are simply comfortable where they are at. Big difference.” (Suburban orthodontist)
“I am seeing pent up demand coming through, although I don’t believe it will last. There are many things in the economy that are yet to be fixed.” (Texas dentist)
“Better inform my poor unemployed patients!” (South Carolina dentist)
“We didn’t go through a downturn because we quickly assumed that a “new normal” was in place and adapted to it. This meant becoming even more patient centered in terms of economics,i.e. insurance friendly, willing to phase treatment, many financial options, willing to do build ups instead of crowns. The office philosophy became “keep ’em in the practice” in 2009 and stays that way today.” (New York dentist)
“It won’t be over for at least another 5-10 years.” (General dentist)
“Not in New Jersey!” (New Jersey dentist)
“If the recession is over, then why aren’t the banks, yes the same banks that we, the American people bailed out, willing to lend again!?” (General dentist)
“The gas increase reduced the new patient calls.” (Indiana dentist)
“Dental patients who have never been concerned about being out-of-network are beginning to turn to the network to save money. Big-box offices are coming in to town and luring patients from single doctor offices. The message that the best dentistry will win out is not accurate at this time. Patients will go where they can save money. They are not as concerned about changing their standard as they have been in the past. Mediocrity doesn’t matter!” (General dentist)
“Insurance companies are continuing to lower reimbursement yet costs rise and fees are stagnant.” (Missouri dentist)
“I’ve had patients put off fillings, crowns and routine cleanings, examinations, and radiographs because they had to pay their mortgage, car payment and utility bills instead.” (Illinois dentist)
“We went from an average monthly collections of $120k last year, to $142k/month for the first quarter of 2012.” (Indiana dentist)
“We are noticing a slow improvement, but we can’t bank on that continuing. It’s way too early to tell at this point.” (Ohio prosthodontist)
“A lot of employers now have cut out dental insurance or lowered the maximum coverage. Patients now have many other expenses that they have been waiting to pay off before having elective dental treatment.” (Washington dentist)
“My practice is doing well but what about my real estate and the cost of gas? I appreciate the practice situation but it’s only part of the puzzle.” (California dentist)
“The recession is over for everything but large cosmetic cases.” (General dentist)
Dental marketing from Internet Dental Alliance, Inc. (IDA) now features a subscription to the Dental Marketing Intelligence Report™. IDA uses dental marketing intelligence to monitor economic trends in general, and dentist market trends in particular.
Dentists can use the Dental Marketing Intelligence Report™ to predict their economic future – especially whether patients are going to feel confident and secure enough to show up at your door for dental treatment. Visit www.internetdentalalliance.com/dmir to check out a sample of this valuable report.