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Ask The Coach — 10 Strategies For Dealing With The Economy

Published on March 31, 2015

Economy GraphDear Coach: The nasty economic environment is no surprise to anyone these days, but what kind of advice are you giving your clients to keep them profitable? I’m looking for any and all suggestions. If my practice continues to trend in this direction, I won’t be able to keep my doors open next year.  B.C.

B.C., as the economic crisis continues, the resulting impact is spreading from financial companies to other sectors, including healthcare. While many doctors and consultants believed healthcare was “recession proof,” that is no longer the case. Yes, even dentists are feeling the pain. As healthcare costs have continued to increase, even more of the costs have been shifted to individuals through larger deductibles, co-payments, and exclusions. Rising costs and stagnant incomes have resulted in more patients delaying healthcare due to cost concerns. These changes are bringing the era of excessive spending to a close. We believe this new megatrend will be characterized by lower spending, increased savings, and debt reduction. As more patients lose jobs and employer-sponsored insurance, fewer come in for major treatments or even routine cleanings. A little more than half of 1,275 dentists surveyed in July by the American Dental Association said their net incomes have decreased and their unbooked appointment times have increased from the first quarter. Discretionary spending is declining, as consumers are paralyzed by fear from the falling stock market and are squeezed by prices rising faster than incomes. Here are 10 strategies we give our clients to survive and prosper in this most difficult recessionary environment:

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