Implement best practices now to be better prepared for the effect of an economic downturn on a practice.
Excluding 2020, it’s been 14 years since the last recession in the U.S. Any economist will warn against predicting a recession, but leaders in the financial industry are expressing concern. Nobody wants to forecast changes in our economic climate, but it is always a good time to review the overall effectiveness of your practice. Now is the time to evaluate patient case acceptance & collections processes.
Many macro indicators, such as inflation, war-induced oil & gas prices, & monetary policy rate hikes, are concerning. Regardless of Austin’s resiliency, it will still face many economic struggles when they arise. Yet, with challenge comes opportunity.
Fees & Payment Options
If your patients are homeowners, their mortgages are likely increasing along with rate hikes. Consider how this may affect your practice. If you have not raised your fees in the past year, now is a good time to do so. Bring the ease of payment to the patient, and evaluate & enhance your 3rd party financing options.
Have your team do chart audits. There are likely tens of thousands of dollars in untreated but already-diagnosed problems that your existing patients need. Have your staff identify & track these untreated cases. Call the patient yourself & express concern & empathy for their untreated dental needs.
Help with Implementing Best Practices
Start operating at your best now. When the inevitable economic downturn occurs, you will be ready rather than reactively trying to problem-solve. Not sure where to start? Talk to us today & we will help you sort through the noise & develop the right approach for your specific practice.