October 3, 2024

Delayed retirement

There’s been a significant increase in the number of dentists postponing retirement. Obviously, this has resulted in increased competition as dentists, both old and new, compete for the same patient pool. Because more experienced dentists tend to have loyal patient bases, it also makes it more difficult for newer dentists to establish their practices in the first place. Even harsher consequences may eventually unfold, such as pressure to lower fees and increase marketing costs, either of which alone would negatively impact profit margins. Now more than ever it’s imperative that you stand out from the crowd by implementing fresh, innovative ways to attract new patients and building strong relationships to keep them coming back. For some ideas to get you started, check out “How to Increase Patient Volume.”

Reduced online searches

Studies have shown that patients are relying less on internet searches to find a dentist than on word-of-mouth referrals and existing relationships. What’s this mean for you? Spending your entire marketing budget on digital advertising may no longer be the smart option. Rather, traditional methods are making a comeback. Try building your local presence through direct mailings, referral relationships, partner marketing or sponsoring local events.

Insurance coverage restrictions

What else is new? Insurance companies continue to impose even stricter limitations on dental coverage. This includes lowering reimbursement rates and even reducing the number of cleanings they’ll cover each year. The result? Less frequent patient visits and less revenue for your practice. To compensate for declining revenue, practices need to diversify their income stream. Explore dental membership plans as an alternative to insurance or try adding complimentary services such as Botox treatment to your repertoire.

Questions or comments? Please contact us at (646) 213-9044 or Admin@AndrieuxLaw.com.