Recession Proof Your Practice

Recession Proof Your Practice
Even in an economic downturn there are ways for your practice to thrive.

by Bunmi Ishola

The economy is in a bad place right now, but even as dentists are finding
recession-related gaps in their appointment books, many dentists and
consultants believe there are sound strategies that can help practices
survive and prosper.

Regardless of the economic situation, there will always be patients to
treat. If they are in pain, people will come calling, but patients who
view dental work as a luxury rather than a necessity may spur a declining
demand for elective and cosmetic treatments.

With the economy going down as it is, people tend to put dental procedures
at the bottom of the list, says Dr. John Sullivan. The veterinarian comes
before the dentist because people will take care of their pets before their
mouths.

Educating patients

During his 22 years in practice, Dr. Sullivan has faced several down economic
cycles but says this is the first time he’s noticed holes in the book.
The lack of perceived value of dental work plays a huge role during economic
recessions, and he says only a small number of patients without ongoing pain
will seek routine care or get major elective work.

ADA consumer advisor and spokesperson Dr. Matthew Messina says dentists
shouldn’t experience a decrease in basic procedures, but they need to educate
their patients on the importance of routine dental care. The message should
explain how preventive care is more effective, less expensive and far less
painful than treating a dental emergency. The two things he believes can
save dentists during a recession are, reinforcing the value of prevention
and getting back to the basics.

Demand may be down, but Dr. Peter Silver sees correctly marketed cosmetic
procedures as a way to keep high revenues coming in. In these effort the
Internet plays a vital role. Dr. Silver’s Web site is an essential marketing
tool for his New York practice, and he also uses online rating service Yelp!,
(yelp.com) where good reviews posted by patients provide strong recommendations
for potential patients. Since beginning to use the site, Dr. Silver says he’s
seen a monthly increase in patients.

Staff matters

Unfortunately the economic impact on practices is somewhat regional. Dental
consultant Sally McKenzie of McKenzie Management notes dentists practicing
in areas where the job market has dwindled considerably will have a harder
time navigating through the economic downturn. Practices offering limited
options for patients such as accepting only certain types of insurance or
over-pushing certain types of high end services can also suffer, but
McKenzie says poor customer service is where dental offices suffer the most.

The entire staff should be trained in internal marketing so they can answer
patient questions and inspire confidence in the patients. Dentists should
observe what’s being said in their offices and help their staff learn how to
answer tough questions from patients.

Make sure they get the training and make sure you meet with them regularly,
says consultant Ginny Hegarty, owner of Dental Practice Development, Inc.
[Dentists] spend a lot of time focusing on clinical continuing education,
but the administration needs regular training too. Telephone training,
verbal training; what a difference that can make.

Staff members need to be able to explain the value of dental care to patients,
but even the best explanation wont win over patients avoiding care because
they don’t think they can afford it. Hegarty suggests implementing phased
payment plans to encourage those patients to seek treatment. Many dental
offices aren’t aware they already have flexible payment options available.
Both Hegarty and McKenzie say dentists need to provide good leadership and
accountability for their staff members so everyone is working toward the
same goal.

Valuable down time

If the economy is reducing the number of patients seeking treatment, those
new holes in the schedule can be the perfect opportunities for professional
development and continuing education. Dr. Michael Goldberg, former director
of the practice management course at Columbia University, says the current
economy is a great time to make yourself and your practice better.

Now is the time to invest in continuing education, learn new things,he says.
Spend time with your patients; invest in the relationships you have with your
patients and keep in mind all the little things that make a practice valuable
to patients.

Dr. Eric Davis, a former president of the American Academy of Cosmetic
Dentistry, agrees that dentists with new-found free time should use it to take
continuing education courses. The extra time could also be used to take a much
coveted vacation without losing any productive moments.

But extra time in the day doesn’t have to be spent improving your clinical
expertise, it can also be used to solidify relationships with patients to help
make sure they return for future care. Dr. Davis says dentists should note
every cancellation and make follow-up calls. When patients are in the office,
spend extra time with them and offer reassurances that they are doing the right
thing by getting work done. I’m going to call it marketing, but it’s really
for the patient’s benefit,Dr. Davis says.Use that extra time as PR with
the patient.

Economic recessions are hard on just about everyone, and no industry is
completely recession-proof. However, there are many ways to use the recession
to your advantage. Dentists also need to remember one important thing:
In an extreme definition almost all dental services are discretionary,
Dr. Goldberg says. It’s a dentist’s job to make sure their service is a
necessity.

Sound marketing, thorough patient education, a strong and knowledgeable staff, a bit of flexibility with payment plans and taking advantage of your downtime
are ways to keep your practice strong and ready for the next economic boom.
Olubumni Ishola is a freelance writer from Houston who recently graduated with
a master's degree from the Medill School of Journalism at Northwestern University.

Source: Dental Products reports