Q: Should I be worried about the economy and all the “recession” talk? And is there anything I should do in my dental practice to prepare?
Thank you for your question! I have received many variations of this question recently because there has been a lot of discussion and speculation in the news about the economy—and it can sound a little scary.
I do not have a crystal ball myself, nor am I an economist, so I can’t tell you if or when there may be a recession. But I do have a lot of experience with how these things impact a dental practice and what must be done to ensure you stay productive and profitable.
First of all, you shouldn’t be too worried about going out of business. Statistically, dentistry has one of the lowest failure rates out of all industries. Whether there is a recession or not, gum diseases and abscesses march on—and people still need a dentist.
Having said that, though—I’m assuming you don’t want to just “stay open,” but actually continue to grow, make a good profit, and live the lifestyle you want.
In that case, there are a few things you should do to ensure your practice will be stable and profitable during a potential economic downturn.
Checklist of the key actions you need to take to “recession-proof” your practice
Ever since COVID started making its rounds a couple years ago, we have been helping our clients essentially “recession-proof” their practices—so they would be stable whether there are national shutdowns, inflation, recessions, or whatever may come their way.
Our coaches have a list of things to check with each client’s office to find potential deficiencies that would be amplified during a recession and guide them through the areas they should focus on to secure their businesses going forward.
I wrote out this checklist for you to download—but keep in mind, this was meant to be used by a coach with the knowledge of what to look for and how to implement these steps.
How you go about executing each step is dependent on your individual circumstances. Things like your infrastructure and systems, your level of insurance participation, your overhead, your staff complement, how much time and budget you can allocate toward these steps, etc.
So, for a limited time, we are offering a free “Recession-Proof Your Practice” Coaching Session to any dentist that wants it—whether they are a client or not. Fill out the form below to get started:
I hope this helps! And you can always reach me at SabriB@mgeonline.com if you have questions for me.