Dental practice in the family isn’t what it used to be. Being a dentist was at one point a sure fire ticket to financial stability, but no longer. Visit our HealthDirect Profile. You never saw a dentist ‘s name on a foreclosure page very occasionally and now it’s a regular sight. What happened to the dental practice in the family that brought on this shift in financial status? You have to grasp what’s going in the dental world to recognize this problem. Here are some of the factors leading to the high incidence of insolvency among dentists:
The number of dental caries (cavities) becoming dwindling. Through greater understanding of dental hygiene and prevention measures, fluoride in water, schooling of oral safety at a younger age and healthier diets the caries prevalence is decreasing. Many citizens nowadays often have dental care from their employers or private health policies, and they get daily check-ups that can avoid the start of caries. This dwindling caries incidence may also mean that the dental practice has declining income.
More concourse. This generates a deficit in the dental industry with more dentists graduating from the dental school and less dentists being forced to withdraw (also attributed to their heavy debt load). There were 116,000 dentists practicing in the U.S. Census reports in 1970; by 1996 (the most recent year statistics are available) that number increased to 196,000. Such demographic statistics may indicate that there are actually (2011) double the amount of dentists working in the United States as there were in 1970. Because population levels over the same time period did not increase (Population: 203.392.031 in 1970, and 310.759.842 today), the over-supply of dentists becomes evident.
Lack in Business Standards. Although dentists today undergo sufficient dental practice instruction, they are badly under-trained in how to operate a company. Many dental graduates graduate from dental school with student loans that may reach as large as $80,000.00 a academic year. They continue work as an associate in a dental clinic, begin a new clinic or buy an established practice. When they begin research in dentistry, most students launch their careers with a debt of approximately one million dollars or more. The deficit, coupled to the absence of corporate experience and information in promotions, produces the ‘complete storm’ for future bankruptcies.
Designed Publicity. Ask almost every dentist to discuss their publicity campaign with you and they are likely to show you their ads in the yellow pages and on their website. It is unfortunately NOT a communications tactic. This is ads ONLY. To sustain and expand company, marketing will include consumer follow-up, group engagement, networking, web advertising and various other strategies.