When Dentists’ Retirement Is Just a Fading Dream
Having trouble watching this video? Click here.
Patient Attraction Episode 1120
The Great Recession forced many baby boomer dentists to delay their retirement plans. But the effects of that downturn lingered for years, and it’s only been in the last 2 years or so that dentists’ incomes have begun to recover. That may not be a pressing concern for you right now, but the lesson from 2008 to 2010 should be clear. Any dentist’s retirement plans can be derailed if the economy goes south. After the break, I’ll tell you how you can insulate your dental practice against economic downturns. Stay tuned.
– Thanks for watching the Patient Attraction Podcast™.
– I’m Colin Receveur.
– The lessons of the Great Recession are fading slowly while the country enjoys the longest economic boom in many decades.
– But one thing is clear: History teaches that every boom is followed by a bust.
– And when things go smash, people hoard money.
– They opt for only maintenance dental care and defer or cancel any optional work.
– People without enough money during a recession spend what they have on food, clothing, shelter, and utilities.
– Any dental care moves way down the list.
– That’s why dentists’ incomes nosedive during downturns.
– Dentists who market to prospects who are strongly motivated by low price, specials, and insurance acceptance will be hit the worst.
– Unfortunately, that includes most dentists, if not the vast majority.
– It probably includes you.
– Let’s be clear – I’m not saying that the sky is going to fall any time soon.
– But the economic downturn, if not an outright recession, is coming.
– It’s only a question of when, and whether you’ll be ready for it.
– If your retirement projections are based on a certain income level and practice growth per year, those projections will need to be reset – unless you take steps soon to safeguard your practice.
– Certainly you should consult your accountant, financial advisor, and attorney.
– But those steps alone won’t assure your future.
– Changing how you market your practice, and the prospects you’re marketing to, is the solution.
– In almost any market, a significant segment of prospects are willing to pay more for the right dentist.
– And they have the resources to keep paying even in the face of an economic downturn.
– Those better patients aren’t attracted by discounts, specials, and low prices.
– You won’t attract them by pursuing traditional dental marketing.
– You have to give them reasons to choose you over your competitors.
– You have to position yourself as the best and only logical choice to solve their dental problems.
– You’ll need a strong and consistent media presence …
– A website with excellent navigation and helpful, authoritative content …
– High-quality doctor and patient testimonial videos …
– And dedicated, condition-specific email streams.
– That’s a lot of work, probably too much for most dentists.
– But everything I’ve just mentioned, and much more, is what SmartBox provides for more than 550 dentists on 3 continents.
– SmartBox dentists not only get more patients; they get better patients.
– Those better patients will help protect their practices against the next economic downturn.
– Learn what our industry-leading Patient Attraction System™ can do for your practice.
– Visit smartboxdental.com and reserve your free Practice Discovery Session™.
– Free means free – no cost, no obligation of any kind.
– In exchange for a small amount of your time, we’ll show you a Patient Attraction System™ that can double or even triple your practice.
– And you’ll receive your free, individualized Patient Attraction Roadmap™.
– You can get more patients, more profits, and more freedom.
– And you can breathe easy when things go smash again … and they will.
– Because you’ll know that your retirement plans can remain on track.
– Join me for our next podcast.
– Until then, keep moving forward.