Inflation is Affecting Dentistry - Here's What You can do to Fight It

CNBC reported in April that up to 60% of Americans are living paycheck to paycheck. With inflation persistently nagging at the country’s biggest spenders, industries across the board are seeing the rather daunting effects. 

Dentistry isn’t immune to the ramifications of inflation. For dental offices, everything is more expensive from materials to software to utilities. Clients are finding it harder to afford insurance and nearly impossible to afford procedures that aren’t covered. The average increase in dental care is negligible (according to In 2013 Dollars, the annual price increase tops off at around 4%) but that doesn’t mean clients are willing to make their teeth a priority in difficult times.

So with inflation affecting dentistry like this, what can a dentist do to combat the rising prices?

1. Partnerships: If there is a particular tool or material you frequently use, ask about a potential partnership. This can increase sales, lower material costs and expand your client base significantly. Loray Spencer of A Healthy Smile PA partnered with SmileDirectClub and witnessed substantial benefits right away. 
2. Free or Low Cost Advertising: This isn’t a suggestion to slash your ad budget, but rather to use it more wisely. Look closely at ad ROI over the past few years. If printed mailers are just eh, redirect your efforts into social media campaigns, YouTube, even radio ads. See a recent blogpost Should Dentists be Using Social Media to Advertise? for ideas.
3. Connect with your Existing Clients: Show your loyal customers that you understand the current financial situation and that you’re willing to do something about it. Consider introducing a Loyalty Program that includes free, beneficial incentives. These free incentives can be simple, and can even be “regifted” items that you’ve received from suppliers. It’s the thought that counts. 
   While you’re mulling over Loyalty Programs, consider Membership Plans as well. This can give your clients the option to pay online and in installments for big ticket procedures. Membership plans are long term and extend your client relationship for a predetermined length of time, like 1 year or more.
4. Reduce Waste, Gain Customers: Be the dental office everyone wants to go to. Make your office environmentally friendly and sustainable. This will save you money in the long run. Simple ways to do this include:

1. Only print when necessary
2. Offer virtual services and appointments
3. Use reusable materials and tools instead of disposables wherever possible 
4. Buy in bulk (and with us, save 40% on bulk purchases!)
5. Switch to steam sterilization instead of chemical

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