I have made this video about 2 months ago. I have found that many dentists and doctors are not aware of how the national deficit problem will filter down to all of us. There is some kind of a “detachment”, some kind of idea that “whatever happen on a national level will not affect me on a smaller level.”
So I am releasing this video here.
The last 15 years has been the best financial years in our lifetime in this country. Credit was easy and consumers could purchase easily. Patient referrals come easily and doctors could get by with little to no external marketing efforts to keep their practice surviving.
However, in the last 2-3 years, trends have changed.
- Consumers are no longer as affluent as before.
- Patients are caught in the recession with job losses and thus insurance losses.
- Insurances are cutting re-imbursements to doctors.
- Patients are no longer as loyal as before – they are looking for the best deal as there are so many choices out there.
- Word-of-mouth is no longer enough to make a practice full with good new patients
- Direct marketing has lost many of its percentage in returns and it has become a price war of ‘which doctor is cheaper?’
In the next several years, money will never ever flow as easily as it has been in those last 15 years, and yet most dentists, doctors have not been able to set a nest egg aside in those last 15 years.
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