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Dentistry and Finances by Keith Drayer: Helping Your Patients in an Economic Downturn

February 2nd, 2009 · 2 Comments

dentistry and economy“The pessimist complains about the wind, the optimist expects it to change, the realist adjusts the sails.”
William Arthur Ward

We all have to adjust our sails for the challenging times. How is your practice positioned to help YOUR customer navigate the storm in 2009?

In 2008 my business, Henry Schein Financial Services (HSFS), facilitated equipment and practice financing for more than 10,000 Henry Schein customers like you. Our array of tools?equipment finance and lease services, the Henry Schein Credit Card and our patient financing services enabled us to assist healthcare practitioners. As they say, “past results are no guarantee of future performance,” especially during these dramatically changing times. To succeed, I must change my businesses product and service mix so that it remains relevant for my customers. Your dental practice is facing similar challenges. What made you successful last year does not guarantee success in 2009.

The current financial crisis and slowing economy are creating challenges from the largest to the smallest companies, from hi-tech to non-profit organizations, from all countries, states, and towns, to entrepreneurs, to hospitals, and to healthcare practitioners. Fortunately, my portfolio and service mix allows HSFS to truly be solution providers and positively differentiate ourselves to our healthcare practitioner customers.

Henry Schein’s mission is to help heathcare practitioners to be more efficient, productive and profitable. What is your mission? It’s essential to let customers know what YOUR mission is. Whether it’s providing patient financing options or changing your insurance acceptance mix, it’s important to communicate this relevant information to your patients. Have you examined your service mix to see how different it is from a year ago? Are you looking for trends that will make you more patient centric? Are you opening earlier or staying later to accommodate business people in your community?

Given financial challenges that patients are facing, it can only help to be pro-active. You should ask your patients what their short- and long-term plans are. (If you don’t ask, you won’t know). Not all patients know there are financial options and more than one treatment possibility. You have an opportunity today to facilitate third party patient financing (remember 12 months same-as-cash patient financing will cost you only 2.5%) and to help patients acquire treatment, thus creating a win-win situation.

Within the next 30 days, many details about the proposed 2009 Stimulus Act (with all sorts of incentives for safety nets, businesses, and individuals) will become available. HSFS will stay on top of developments, educate you, and provide information for patients. Keep in touch, and we will provide you with information so we can all navigate the storm.

Mr. Drayer’s analysis of the Economic Stimulus Package will be featured on DentalBlogs later this month, so stay tuned!

Tags: Administrative · Dentistry and Finances by Keith Drayer

2 responses so far ↓

  • 1 Peter Boulden // Feb 5, 2009 at 9:36 pm

    Definitely a scary time for all. We are now advertising and promoting the “need” based dentistry. We used to advertise a LOT for cosmetic dentistry exclusively. In my opinion, I’m finding that people are still spending money but really on things they deem necessary. Sometimes that does include smile design cases too. We are heavily focused on increasing new patients right now and doing a TON more internal advertising within our patient base through a pretty cool referral program.

    Still scary times. I sit around almost constantly thinking about ways to generate new business in this volatile economic times.

  • 2 Peter Boulden // Feb 5, 2009 at 9:36 pm

    Definitely a scary time for all. We are now advertising and promoting the “need” based dentistry. We used to advertise a LOT for cosmetic dentistry exclusively. In my opinion, I’m finding that people are still spending money but really on things they deem necessary. Sometimes that does include smile design cases too. We are heavily focused on increasing new patients right now and doing a TON more internal advertising within our patient base through a pretty cool referral program.

    Still scary times. I sit around almost constantly thinking about ways to generate new business in this volatile economic times.

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