These are difficult times to be a dentist and practice owner. The world has never seen anything like the closing of entire industries, including dentistry, and the uncertainties that have come with reopening. Without question, the dental industry will be forever changed by COVID-19.
When the pandemic hit and the world reacted, we were deep in the process of getting this issue “on press.” The difficult decision was made to pause publication until a clearer picture emerged.
Nearly 30 years ago, the AIDS health crisis changed dentistry forever. Many “seasoned” dentists will remember having to relearn procedures using gloves and masks. Younger dentists can’t imagine practicing without them.
Almost 20 years ago, the burst of the dot-com bubble brought a 75% loss in value of the NASDAQ and 43% drop in the S&P index that took a decade to recover, and cost many Americans huge chunks of their retirement savings. More significantly, it ushered in an economic recession that carried dramatic changes in consumer spending, such as a shift away from fee-for-service, elective dentistry to “whatever my employers dental plan covers.” It took a while, but profit margins in solo practices have adapted and recovered nicely.
The important thing to remember is, no matter what the current health and economic situation throws at us, dental practice owners have a strong history of adapting and coming back stronger. For our part, we promise to keep readers, listeners and viewers of The Profitable Dentist Magazine channels fueled with the most current information, ideas and experiences that are working for other practice owners, as we have since the beginning.
If this crisis has done nothing else, it has reinforced our belief that the best resource for building a healthy, successful dental practice is the shared advice and experiences of other practice owners.
Steve & Woody
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