How will things be different in the Dental Industry post-COVID-19?
All of us are going through a lot of change right now. The novel Coronavirus has disrupted our lives in many ways, and it has been significantly impacting businesses and economy, and the dental industry is no excuse. We all are aware of the fact that nothing is going to be same in the “New Normal” that is yet to come. With no way to predict when normalcy will be restored, many questions as listed below have been surrounding the dental industry.
After the pandemic crisis is over, will the dentistry return to the way it was practised pre-COVID-19?
Will there be massive changes for which all the dental practice owners should be prepared for?
One thing is for sure, the current economic situation is bound to create a shift in consumer behaviour which has been affecting the dental industry at large. Even more than the fear of cross-transmission, patients are worried about the “Price” factor. In this short session, Dr Michael Sernik – The Dental Communications Guru shared some of his opinions on “How will things be different in the Dental Industry post-COVID-19?”
Due to the current unprecedented situation, unemployment, business shutdowns, loss in business and reduced workhours has been increasing rapidly, which has forced people to live on a tight budget.
In such a situation, people are compelled to cut down their spending as much as possible. As a result, this will put “price pressure” on dentistry given that most of the dentistry is essentially discretionary, which means somethings patients can live without it.
There is a great chance that patients will resist expensive treatments as much as possible if the price is still the same as pre-COVID-19. This raise an alert in the dental industry that dentists and dental practice owners need to focus on ways to make radical changes. If they don’t find a way to make some radical changes within their system, it is going to be difficult for such practices to survive.
No one can deny the incredible challenges dental practice owners have faced over the past months, and the sacrifices they have made. However, the core focus of Dental practices be on prospects for practice values to remain strong. The key is to seek out experienced advisors you can count on, not yielding to buyers whose real interest is their own gain.
As we work through the impact of the COVID-19 pandemic, “Patient’s Needs” and “Radical Change in the system” should remain the focus. The basic law of economics suggest that your practice value remains strong, and when the time comes for you to sell, a strong market awaits.
Lastly, one thing we know about all crises, is that they end. So, let’s “Hope for the best and plan for the worst”. Let’s be prepared to make some Radical changes. If you’re wondering how? Come join us and be a part of the TRANSFORMATION.
This is just a small glimpse of the Mega Dental Event we are organising, To know how you can better work on the existing flaws and restructure your system for a sustainable business model, join our upcoming event 28 June, Sunday: ‘Post COVID-19 Rethinking Your Dental Business Model’
Dr Michael Sernik, along with Sue Rusalen and Prabin Gautam will be sharing the ideas what no one else is talking about, the ways you can restructure your business that sustains and prospers.
Register today : https://bit.ly/2MaAyq8
P.S – Looking for more video tips to manage and grow your practice during these uncertain times? You can access full-recording of our previous Live casts here: https://bit.ly/2yvl9xj