“You miss every shot that you don’t take”-Wayne Gretsky
If you have been reading this blog you know that I believe that you can develop a dental practice that thrives in any economy. We have proven that in my own practice, in one of the most difficult economies (Phoenix, AZ) in the nation. What is really cool is that we are starting to see increased patient interest in cosmetic and complex restorative dentistry! Times are changing.
I am not an economist, but I do pay attention to the financial markets and economic trends. While I realize that data can be found to support just about any position, there are some signs that point toward economic recovery. For example:
- Recently the Dow closed above 13,000 for the first time since May 19, 2008
- Jobless number were down in last Labor Report
- Corporate earnings are at all-time highs and surpassed expectations
- Interest rates remain at historic lows
- We are experiencing a three-year Bull Market since March 9, 2009 post-crash bottom
These macro-trends may be interesting, but are they translating to greater success in dental offices? We recently provided two complete smile design cases and have a couple more in the works. We are not alone. Dr. Gurs Sehmi (www.drsehmi.co.uk) a Dentist in the UK recently posted this comment on twitter “So many people who want cosmetic work! We are going to be changing a lot of lives this month!” The Atlanta Center for Cosmetic Dentistry (http://atlantacenterforcosmeticdentistry.com/#) is reporting that they are seeing three times the number of new patients compared to past years. So, evidence from Phoenix, AZ, the UK and Atlanta, GA. Now, I realize that this evidence is completely anecdotal, however; Sageworks, a company that collects industry data, reports that the dental industry had 1.4% growth in 2009, 2.4% growth in 2010 and 3.9% growth in 2011 (http://www.cnbc.com/id/46607191). Watch the video clip in this last link to see the CNBC feature reporting that dentistry may provide an indicator that the economy is improving. Good news, all!
What does all this mean for your dental practice? Hopefully, more patients will be expressing interest in ideal care. Recently I conducted an interview with Dr. Lee Ann Brady for the Thriving Dentist Show audio podcast where she discussed her technique of inviting her patients into the comprehensive care process. I’d encourage you to give this episode a listen. Dr. Brady has a great way of creating patient interest in ideal care and her tips can easily be applied in your practice. Here’s a link to that show:
The key to doing more ideal care is let patients know what is available and share with them the benefits of beautiful, healthy smile. The Wayne Gretsky quote is a great reminder. Remember, you miss every shot you don’t take! Wishing you much success helping more patients have ideal care. Keep Smiling!