4 out of 10 dentists have experienced growth over the last 6 months, which many are attributing to dental marketing efforts and strict financial management, and many expect continued growth throughout 2012.
“After three years of flat production numbers, finally, the flood gates have opened! I hope we are now permanently over the Great Recession!” reports an Illinois dentist.
But not all dentists are upbeat about the economy.
A California dentist remarked, “The first quarter started well, but we have just finished the 2nd quarter and are producing numbers on par with where we were between 2004 and 2005. We are currently 80k off our high reached in 2007. This recovery is not happening and it appears to be getting worse.”
The survey revealed 43% percent of dentists have experienced some growth in the last months, another 21% have experienced no growth, and 36% have actually seen their practice production decrease in 2012.
This reflects a 5% increase in production compared to July 2011 responses to the same question where just 38% of dentists said their revenue in 2011 was climbing.
Dealing with dental insurance plans remain a struggle for dentists, with some not expecting to see an improvement in the ability of their patients to pay more out of pocket treatment expenses.
“With more companies dropping dental coverage, patients are postponing necessary dental treatment,” writes an Arizona dentist.
Here’s what dentists had to say about 2012 practice production —
Production is down…
“Production slightly up, right-offs up more. Net is flat.” (General dentist)
“There’s lots of cancelling of hygiene appointments and less acceptance of treatment plans — even using outside financing, which most do not qualify for. If we financed ourselves people would do more treatments but we refuse to finance patients.” (Connecticut dentist)
“This thing is not over yet.” (Texas dentist)
“There’s been a 2% decrease in production and collections.” (Louisiana dentist)
“We are down 12%.” (Minnesota dentist)
Production is up …
“Our production is up — actually 38%!” (Texas dentist)
“Best year ever!” (Michigan dentist)
“Up the first half. Will it continue? Stay tuned…” (Alabama dentist)
“A lot more people have discretionary income now and they are using it to improve their oral health. Haven’t seen this much demand in the last 6 years.” (General dentist)
“Not bad for a tough economy.” (Oklahoma dentist)
“We are predicting an even greater increase in production in the second half of 2012 compared to the first half.” (Ohio prosthodontist)
“Production has increased more than 20% but my practice is not normal. It is in it’s third year. I started it after selling my ‘old’ practice. This Dental E.R. was built with these economic times in mind. This business model is still being improved as I learn more about our clients.” (Missouri dentist)
Keeping dental patients consistently visiting their dentist while bringing in new dental patients is a crucial part of increasing dental practice production. What are you doing to keep production up at your dental practice?