3 Tips for Weathering Economic Mood Swings

It feels like the economy is constantly on the brink of collapse, people are taking out microloans to buy milk and bread, bitcoin is up, bitcoin is down, and you’re doing your best to follow it all and not lose your mind in the process.

Aren’t you tired of it all?

We are, and that’s why we’re saying goodbye to recession panic and economic mood swings. Instead, we’re saying hello to making the best of a seemingly impossible situation and actually coming out on top. Here are three quick tips for countering economic ups and downs:

1. Efficient Resource Management
   Even in good times, you should analyze your practice’s expenses and identify areas where cost efficiencies can be made. This could entail negotiating better deals with your suppliers, optimizing your inventory management, and ensuring all resources are optimized.
2. Embrace Technology
   Technologies are always evolving, and modern dental technologies can help streamline processes, improve patient care, and potentially reduce costs in the long run. Advancements in digital record-keeping, imaging systems, and automated appointment scheduling drastically improves efficiency and productivity. 
3. Marketing + Patient Retention 
   With the right marketing strategy, you can attract new patients seeking premium services while still focusing on patient retention. This will supply you with a steady stream of loyal clientele no matter the current economic condition. Happy patients are likely to refer others, which also helps you cut down on expensive marketing campaigns. 

Because we work with hundreds of doctors across the country, we’ve seen it all. Six million dollar practices that are absolutely killing it, practices that pull in just over half a million and are attracting higher value cases each month, and still others that are trying to break a million with steps like improving their appointing rates.   

We like to showcase our doctors who’ve found ways to fight back and win against rising overhead costs, dwindling insurance reimbursements, and competitive markets. Dr. Thomas Frank discovered how to break through his practice’s plateau while doubling his production but not his time at the office. His story is available now to all of you who feel “stuck” in a perpetual cycle of sameness. 

The Practice Jumpstart Strategy report outlines what he was up against and how he overcame economic and industry obstacles to jumpstart his practice and surpass his production goals. He did all of this without doubling his time at the office. 

If you’re ready to break through that plateau, or rev up what you’re already doing, grab a copy of his story.