Denttree is a company dedicated to making dentistry easier for your practice. We want to help you succeed in an industry that can be challenging and complex, so we've been keeping track of inflation in the dental industry.

Inflation is soaring! What to Do About it In Your Practice?

 

It's no secret that the cost of living is rising at an alarming rate, and dentists aren't immune to the effects of inflation. In fact, the American Dental Association's latest report shows that dental spending has increased by over 21% since 2014. This doesn't even count the increase in malpractice insurance premiums—which have increased by nearly 20% since 2016.

According to Denttree's data, the average dentist has seen their prices rise by 5% in the last year alone. This is due to several factors: increased rents, rising costs of equipment, and higher insurance premiums.

While this may seem like bad news, it's really not—if you're prepared for it! Here are some tips on how to protect yourself from inflationary pressures:

1. Make sure you have a solid business plan with projections based on current market conditions. A good business plan will allow you to plan for future growth while still protecting yourself against unexpected increases in costs or revenue fluctuations (like when Medicare raises or lowers its reimbursement rates).

2. Look for new equipment that helps you reduce expenses. Your equipment should be as up-to-date as possible, so it can help you keep operating costs down while still providing quality care.

3. Find ways to increase revenue by adjusting prices and offering more services with higher margins. This might mean raising prices for certain procedures or adding cosmetic dentistry offerings like teeth whitening or dental implants into your practice.

4. Consider switching from an hourly billing model to a fixed-fee model as most other medical practices do. This allows you to charge more for each service without worrying about whether patients will take longer than expected or leave early due to insurance issues (which can happen when they're paying by the hour).

5. Increase your prices. This isn't always the best option, but in some cases, it's a necessary one. If you've been charging the same price for years, then inflation may have already forced you to increase your prices. If not, then this is an excellent time to raise them! If you don't do so now, it's likely that someone else will soon—and then you'll lose business because they're charging less than your current price point.

6. Invest in new technology. Technology is constantly changing and improving, so investing in new technologies will help keep your practice up-to-date and competitive against other practices that aren't using the latest equipment or techniques—which could result in more patients coming through the door!

7. Find ways to reduce costs without sacrificing quality or service level (QSL). One way is by outsourcing tasks like billing or scheduling appointments so that they can be done by someone else at a lower cost than hiring an employee to do them internally.

Inflation has been wreaking havoc on the dental industry for years now, and it's only getting worse. If you're not already taking steps to protect yourself against inflation, you need to start now. The longer you wait, the more money you'll lose.

Denttree has created a way for you to take control over the cost of running your practice—so that when inflation strikes, you don't have to worry about how much it will hurt your bottom line.