Economic Fears: How To Flourish and Prosper in Uncertain Times

At the beginning of the year, as I was flipping through dentistry journals and social media sites, I saw the first posts using the “R” word: recession. It was being used to scare dentists into “buying now.”

It’s easy for dentists to work themselves into a frenzy about the prospect of an economic downturn and mistakenly blame “the economy” for all that’s wrong with their practice. But in my 36 years as a dental coach, I’ve learned that dentists who actively engage in their business can survive — and, dare I say it, prosper — during just about any economic twist and turn.

Dentistry is relatively recession-proof, depression-proof, and any other type of financial disaster-proof. Functional and cosmetic dentistry will always be always wanted and needed, and there will always be patients who desire ideal oral health and have the wherewithal to pay. This is especially true now, when a peak population of baby boomers and aging Gen Xers are at the highest level of need when it comes to restoring function and maintaining aesthetic excellence as one of their tools for hanging onto youth.

The bottom line: There are patients out there who will want and pay for your services. It’s your job to find those patients, discover what they need and want, and then present dental solutions in a way they can value and commit to.

So, when there is the fear of scarcity going on, what’s a poor dentist to do? There are four distinct, proactive actions that you can take to not only protect your practice from economic instability but also ensure success. I am 100% certain that by embracing and following these steps, no one ever has to lose. Where do you start?

1. Know your numbers.

Scarcity often trip-switches a dentist’s desire to see an immediate increase in new patient flow, so it’s vital to know your:

• Regular active patient base (any patient seen for anything in the past 18 months, counted once)


• New patient numbers (not only patient clicks or calls, but also whether they appoint and show up for their first appointment)


• Treatment presentation numbers (treatment planned, presented, and accepted)


•  And traditional production, collection, and expense numbers.

These stats are essential so you can make informed decisions based upon sound strategies, not judgment. For example, if you think you need 30 new patients a month and are willing to spend $60,000–$100,000 a year to get them, how would you know when you’ve returned your investment?

Are those 30 patients presenting the kind of dental needs that fit your practice’s vision and values? Are they committing to treatment, following through on financial arrangements and referring others? If you don’t know the answers to these questions, you could have hundreds of new patients but wind up producing less and realizing no real return on investment.

2. Know your patients.

There’s nothing worse than a dentist who diagnoses a patient through their pocketbook. The only way a practitioner can find out what motivates and concerns their patients is to ask questions, exhibit empathy, and create a treatment plan that accommodates their needs, wants and desires.

Sometimes it’s important to acknowledge a regional issue. Many of our dentists who’ve experienced regional economic downward trends have sent out what we call “state of the nation” e-blast campaigns as a proactive marketing tool. These letters assure patients that even in uncertain times, their dental office will always deliver the best clinical care and address economic obstacles by offering flexible financial arrangements, so ideal dentistry is still affordable.

Your relationship with your patients is the strongest goodwill you possess! Patients who like and trust you will always rise above financial concerns to achieve their optimal oral health.

3. Adapt your systems.

Some dentistry, such as cosmetic work, is completely elective. In an unstable environment, a patient might defer discretionary care but still agree to functional or basic oral health necessities. Instead of targeting 12 full-mouth reconstructions per year, a practice may need to perform two dozen $3,000–$5,000 cases.

Stay flexible — you may need to change your marketing, new-patient screening, new-patient process, or treatment presentation to address the concerns of the day. Your financial arrangement systems may need to be more flexible and your dental benefits protocols may need to become more efficient. All should be addressed proactively, instead of when you’re knee-deep in the hoopla of goals not being met.

4. Stay the course.

The good news for dentists is that unlike a restaurant or retail store, which can truly fail when the economy shifts, when you do the right thing for the right patients, your practice will survive, flourish and prosper. A bad month does not mean a bad year. Three patients who say no doesn’t mean the fourth patient won’t say yes. Your goals and your strategies, if they’ve worked in the past, can work again.

So don’t hit the panic button; reengage with your business proactively, respond to outside influences and you can be successful and never fear the “R word” again.