Beyond the DOW: Recent Economic Survey of Dentists

Monday, November 9, 2009

I recently completed my fee, wage and economic surveys for the Upper Midwest. Over 300 practices responded.

33% of the Metro practices surveyed said they were up this year, 46% were down and 21% even. For Outstate offices (including the edges of North and South Dakota, Iowa and Wisconsin) the outlook was a little better. 41% of the practices said they were up, 28% down and 31% even.

17% of Metro Area practices felt the economy is not a factor at all but 73% felt the economy had a “moderately negative” effect. 27% of Outstate offices said the economy hasn’t affected them at all and 70% said “moderately negative”.

29% of Metro Area offices have given or plan to give raises this year and 41% said they won’t. In Outstate offices 54% have given or plan to give raises this year with 24% saying that they do not plan to give raises (the rest variable or not sure).

There is no question that the current economy is having an impact on practices. Just three years ago “5% growth” was more or less the rule.

I believe in management. Whenever we see Doctors take actual steps to improve, they do improve! Things just don’t come as easily as they might have in previous years.

Feel like talking about your situation? Got some ideas? I have a standing offer of a free 20 minute consultation that allows you and I to get to know each other and share information that will be beneficial to both of us. Call me at 952 921 3360.

’til next time…
Posted by Bill Rossi at 8:55 AM
Labels: Advanced Practice Management, Bill Rossi, Dental Consultant, Dental seminars, Economic news for midwest dentists, Staff management