The only way to fight higher prices is with higher prices.
I just perused the wanted ads for a dental assistant, I got the sticker shock to see signing bonuses at first for $2,000. Then my jaw dropped a little bigger as the next ad said $2,500 signing bonus. $3,000 just below that. My jaw unhinged as I saw $4,000 if they could just successfully hire you.
And not to mention the wages themselves are getting inflated as we head northwards of $30 or more per hour for assistants.
There is no more looking back. We are in a supply crunch of human labor and inflation.
All the factors point to either you will be raising your prices just to make the same if not smaller margin on the same dentistry you’re currently doing.
You don’t need to bread my butter… or butter my bread, idk, and tell me how crappy this situation is becoming. Because in all this you know the dental insurance maximums won’t raise jack for any of your patients.
Every aspect of the dental practice will get squeezed to not be as pleasant as it was 2, 5 and 10 years ago. Someone is always going to be nibbling at your margins.
We’re battling each other for labor, your student loans, vendors raising prices, patients choosing your practice and landlords coming after your rental checks.
Dentistry used to have such a cushion you could put an open sign on a busy street and build a practice from scratch. It’s only getting harder to do such a thing unless you go to middle of no competition nowheresville.
So be tickled with the situation if you have patients, you have steady staff and you’re feeling smug. You’re thriving. For those just navigating through the murky waters that lay ahead, you’ve got some work to do.
Lam