But there are ways to navigate these changes and generate growth in the new economy, Dr. Levin emphasizes in this latest episode of "15 Minutes to Excellence."
"This last recession is different than any we've had since the Great Depression," Dr. Levin noted. "Today, there are two types of economy: the U.S. economy, which is actually getting better as we speak, and the dental economy, which is not. This may sound like bad news, but there are specific steps that can be taken to improve your practice."
In his discussion of the "eight permanent game changers," Dr. Levin outlines not only the challenges but how dental professionals can successfully respond to them. For example, changes in consumer purchasing habits, which can be particularly troublesome for dental practices because professional oral healthcare has now become a lower priority for many people, according to Dr. Levin.
"Consumers are behaving very differently because of the recession," he said. "They are now viewing dental practices as businesses and making business decisions about how they are going to spend their money. They are making discretionary choices and delaying and putting off treatment."
This shift means practices must develop new strategies, such as "the power of free" -- offering free services to prompt patients to come in -- and promoting a range of financing options, Dr. Levin noted.
Watch this episode of "15 Minutes to Excellence" to hear more details from Levin Group's analysis of the dental economy, plus Dr. Levin's recommendations for successfully dealing with the eight permanent game changers. The video is free to all DrBicuspid.com members.
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