Increase production and patient loyalty with orthodontics.
No matter where you live, the COVID-19 pandemic has likely impacted your daily life and practice in both small and significant ways. According to an ongoing survey of over 19,000 dentists by the American Dental Association, nearly 99% of dental practices in the U.S. are now open following months of closures during the beginning of the pandemic this spring. Over 50% of practices are seeing fewer patients than usual, at an average of 81% of pre-COVID-19 levels. Nationally, patient volume appears to be leveling off.
With decreased patient volume and increased spending on PPE impacting the majority of dental practices across the country, most dentists are evaluating how to maintain their practice’s value and financial viability. Almost 30% of practices have already raised their fees, and almost 20% have downsized their dental team. If patient volume does not increase through the end of the year (which is unlikely in coming months), 56% of practices are likely to raise their fees, and 31% would reduce dental team hours. Without improvement to patient volume, one in five dentists will consider selling their practice altogether.
Of course, reducing staff hours and increasing fees can place undesirable financial constraints on your team and your patients. Though you may have to consider these options as part of your long-term strategy, you can simultaneously use this time as an opportunity to strengthen and diversify your revenue streams by adding orthodontics to your general or pediatric practice.
3 Ways Adding Orthodontics Can Financially Strengthen Your Practice
1. Keeps Current Patients In-House for Orthodontic Treatment
Every time you refer a current patient to a specialist, you miss the opportunity to provide your patient with the orthodontic treatment they want and need and viably sustain your practice through your own skill set and expertise. When you offer general practice orthodontics, you also spare your patient from having to find another practice and establish another doctor-patient relationship. Additionally, offering straightwire orthodontics creates more options for how you treat a number of oral health diseases or injuries, which leads to long-term benefits for both you and your patients.
2. Attracts New Patients
An even, straight smile is an aesthetic and functional improvement many patients want to achieve for themselves or their kids. Offering orthodontics in your general or pediatric practice sets your practice apart from your competition and can draw in patients who know they will be seeking orthodontic treatment.
3. Increases Opportunities for Savings and Reinvestment
A patient invests an average of $5,000 into their orthodontic treatment. When you add orthodontics, you give both current and new patients the opportunity to make this investment right in your office. If you added two new orthodontics cases to your practice each month, you could grow your revenue by more than $200,000, netting $80,000 in the first two years if you began practicing within three months. Along with the opportunity to increase your doctor salary or upgrade your office technology, you could also invest a percentage of your net earnings into savings for a “rainy day” (i.e., an unprecedented global pandemic).
Basic Straightwire Orthodontics Course in Dallas, TX
The Basic Straightwire Course is a five-session series taught by Dr. Bradford R. Williams, who has practiced general dentistry and general practice orthodontics for over 37 years. Each weekend session includes two days of hands-on clinical lectures and a half-day of case review for current or prospective orthodontic cases you’re encountering in your practice. Using a proven system for diagnosis and treatment of Class I and Class II malocclusions, the Basic Straightwire Course equips you with the proficiency to competently treat 70% to 80% of all orthodontic cases that come into your general or pediatric practice.
In light of the way the pandemic has affected all of our lives, we’re especially honored and humbled to stay on schedule for our upcoming Basic Straightwire Course in Dallas, TX. Along with adhering to all guidelines set forth by the CDC and local health authority, we look forward to creating an uplifting learning atmosphere for our students that reenergizes their passion for their practice and dentistry careers.
To support your practice’s immediate and long-term financial sustainability and start reaping the benefits of adding orthodontics to your practice, register for our upcoming Basic Straightwire Course in Dallas today.