According to industry publication “Becker’s Dental Review,” these five numbers are making dentists nervous. My comments are in blue.
11 percent of dentists plan to retire in the next two years.
If you’re in the eleven percent, NOW is the time to get your practice in order and show some growth. If you don’t, you’ll be screwed when it’s time to sell. And if you’re one of the 89% who is not retiring, start looking around to purchase the practice or charts of a dentist who will not heed that advice! You can get a real steal.
The percentage of dentists who own practices fell to 73% from 84.7% in 2005.
I don’t necessarily see this as a bad thing. If you truly provide an incredible customer service experience, have a top-notch team, and are clinically way above average, you’re not competing with the corporate interests. In a way, your competition is shrinking! (But you gotta do it right!)
3. One and four-fifths.
Overall satisfaction with dental plans has dropped 1.8% in the last year.
Please see above!
4. Seventy-four and a third.
According to a survey conducted the week of May 16 by the American Dental Association, 39.8 percent of dental professionals said they were actively recruiting hygienists. Also, 74.3 percent said the recruiting process was “extremely challenging.”
While it’s tough to put a positive spin on this one, it makes me stress that it is more important than ever to provide such a positive work environment that our team members would not even consider leaving. And fortunately, this is not about money; it’s about respect and job satisfaction. It also makes it more important than ever to have a true periodontal therapy department in your practice and not a “cleaning lady.”
5. Eighteen and three-quarters.
The number of dental assisting graduates dropped 18.7 percent over five years, according to the American Dental Association’s “Dental Education Program Enrollment and Graduates Report: 2021-22.”
Same lesson as above. The good news is that we can train our own dental assistants on the basics and then get them certified. So please see above. And recruit from unusual places, like your patient pool, or a local restaurant. Working in the dental field is a challenging and prestigious career – and there may be plenty of people in your community looking for that opportunity.
Speaking of data, here are a few more interesting stats.
Dr. G in Chicago just started working with Madow Success Coaching 2.5 months ago and his collections are already up 8%!
Dr. G in the DC metro area worked with us for eighteen months, increased collections by 26%, and sold his practice for a huge profit!
Dr. S, in southern Virginia, worked with us for 12 months, increased his revenue by 24%, sold his practice for more than he ever expected, and stayed on to work 2.5 days per week. He’s loving life!