Support
support@smilemore.marketing
(844) 443-7771
SmileMore MarketingSmileMore MarketingSmileMore MarketingSmileMore Marketing
  • Home
  • About Us
  • SERVICES
    • Dental Branding, Graphic Design & Print
    • Dental Savings Plan
  • Blog
  • CONNECT
  • Shop
  • Log In

Ready for Another Recession?

    Home Blogs Ready for Another Recession?
    NextPrevious
    Recession

    Ready for Another Recession?

    By Lyndi Pilot | Blogs | Comments are Closed | 3 August, 2022 | 0

    If you’ve been practicing for more than 14 years, you’ll remember how your practice changed in 2008 during the Great Recession. I was managing my husband’s practice then, and the economic downturn was frightening.

    Practicing in downtown Chicago meant that most of our patients worked nearby but did not necessarily live close to our office. We watched as patient after patient was laid off from their current employer or had their benefits diminished or removed.

    Our production dropped by over 30% the following year

    Not only that, but more patients couldn’t pay their outstanding balance. Elective cosmetic procedures nearly stopped, and our hygiene schedule was no longer full.

    I understand that some other practices didn’t experience this problem, at least to the degree we did. Practices in suburban and rural locations without much competition seemed to fare better than their counterparts in the larger cities. But still, it was not a fun time to be in dentistry.

    A couple of years later, we implemented a dental savings plan in our office, and our uninsured patients began returning. 

    The DSP not only attracted back some of our M.I.A. patients, but it also attracted new ones and started our journey of earning recurring revenue in the practice.

    The Fed just raised rates, and it’s expected to happen again soon. It doesn’t absolutely mean we are heading into a recession, but many experts predict that we will find ourselves there in the next two years.

    If we had a dental savings plan in our practice BEFORE 2008, we would have fared much better. 

    We would have had more production during the most challenging times, and we would have the financial reassurance and safety with recurring revenue each month.

    We don’t know what will happen over the next few years. However, setting up a dental savings plan now is the best way to recession-proof your practice, not during or after an economic crisis.

    If you’re interested in having a discussion about your practice and how a dental savings plan can help protect you from the next recession, book a complimentary consult at www.dspcall.com

    dental savings plan, Recession, SmileMore Marketing

    Related Posts

    • Does Your Dental Savings Plan Sell Itself?

      Does Your Dental Savings Plan Sell Itself?

      By Christine Bahu | Comments are Closed

      By that I mean, is it a no-brianer for your patients to sign up the first time it’s presented to them? Do the patients save money the day they enroll? If you want your planRead more

    • Fortune Teller

      Avoid Inadvertent Plan Sabotage

      By Christine Bahu | Comments are Closed

      Does this sound like your practice? You have a fantastic team who cares sincerely for your patients and wants to help them save as much money as possible – so they start talking patients outRead more

    • Educating Your Team

      Educating Your Team on the Benefits of a Dental Savings Plan

      By Christine Bahu | Comments are Closed

      You don’t need to look any farther than March 2020 to appreciate the value of recurring revenue generated by a dental savings plan. Even though dental practices were completely shut down – some for almostRead more

    • tired of insurance?

      Let’s Talk About Patients Not Understanding Their Dental Benefits!

      By Christine Bahu | Comments are Closed

      As someone who ran her husband’s dental practice for 15 years, I’ve seen some cringe-worthy moments. I’m sure you can relate. Time and again I’ve witnessed team members painstakingly explain to patients their dental benefits,Read more

    • Make the Best of Your Dental Savings Plan

      Make the Best of Your Dental Savings Plan

      By Christine Bahu | Comments are Closed

      With Special Treatments and Procedures It’s important to add special services to your dental savings plan for 2 reasons: It makes your plan more desirable to your new and existing patients. It gives you aRead more

    NextPrevious

    Archives

    • March 2023
    • February 2023
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • September 2022
    • August 2022
    • July 2022
    • June 2022
    • May 2022
    • December 2021
    • October 2021
    • February 2021
    • November 2020
    • October 2020
    • September 2020

    Categories

    • Blogs
    • Home
    • About Us
    • SERVICES
      • Dental Branding, Graphic Design & Print
      • Dental Savings Plan
    • Blog
    • CONNECT
    • Shop
    • Log In
    Terms & Conditions | Disclaimer
    © 2023 SmileMore Marketing | All Rights Reserved
    • Home
    • About Us
    • SERVICES
      • Dental Branding, Graphic Design & Print
      • Dental Savings Plan
    • Blog
    • CONNECT
    • Shop
    • Log In
    SmileMore Marketing