There are new forces coming to bear on dentistry, and they’ll have a profound effect on the future for all of us who have dedicated our lives to this profession.
First, according to the Levin Group Data Center, the number of new patients entering dental practices is down significantly. This means that, to avoid decline, practices need to start working with excellent new systems for retaining patients and maximizing revenue opportunities.
Second, I believe that over that next five to eight years profit margins in many dental practices will decline by 5–10%. While this is just beginning to show up, many dentists believe they can simply cut costs to make up the difference. I don’t believe this will work.
Third, circumstances will force many dentists to retire 10 years later than in the past. The average retirement age of a dentist, according to the Levin Group Data Center, currently stands at 70.1. This trend is caused by competitive factors such as the growth of corporate dentistry, the addition of new delivery models and an increase in the number of dentists due to the opening of new dental schools. All of which adds up to one thing—increased competition. Unfortunately, most practices today are not competition-ready. If a dentist wants to work for more years, that’s fine. But many will not have a choice.
Learn about the game changers that have reshaped the dental economy—and how you can assure a brighter future for your practice. Download Dr. Levin’s free whitepaper “The 8 Permanent Game Changers” by clicking here.
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