2020 did not work out as any of us planned. So many had great expectations which quickly came to a grinding halt. The world changed and so has the way we do business. Some changes will become permanent.
As difficult as this pandemic has been, we must believe we will come through this. Because history tells us that we will. The same as our parents and grandparents did when they experienced extremely challenging times—the Depression, Two World Wars, pandemics and other tragedies. There were always celebrations once these challenges came to an end. I am not yet predicting a repeat of the roaring 20’s but in the wake of devastation brought on by the great war and the Spanish flu we saw a positivity and prosperity that can only be attributed the austerity that preceded it.
No one has a crystal ball. No one knows what 2021 will really be like, but we must enter the year with optimism and hope. People will gather again, hug again, travel again. Global economics will rebound because of pent up demand for products and services. We caught a glimpse of this when dental and optometry offices reopened after the forced closures.
The Dental Practice Revenue Landscape (past, present and future):
- June to August 2020 (3 months); dental practice revenues recovered quickly and many reported record production levels during summer of 2020 due to backlog.
- September to November 2020 (3 months); continuing record production levels in many practices nationwide—a pleasant surprise to us and our clients. Why? Canadians have a high dental IQ and they trust and respect what dentistry has done to make it safe to appoint. Well done dental community!
- December 2020 (1 month); appointment schedules are full as patients typically “use it or lose it” in December.
- January 2021; Kids may not go back to school in January—why not take them to the dentist! A few hours at the dental office gives a parent some free time to complete other tasks (at least for those kids who can be left with dental staff).
- February to April 2021; the forward-looking schedules are filling up quickly. Why? Patients are working at home and have much more free time for personal care. Some just need to get out of the house! And with serious limitations on many other health care services (and a loss of confidence in areas such as gyms, massage, aesthetics, etc.) dentistry remains at the top of Canadians health care regimen and mind-set.
Spring of 2020; across all markets, dental practices kept in touch with patients— they educated them with a calm voice and science-based information. Many of our clients improved their technology skills via social media, Zoom and Tele-Dentistry. Many of us considered ourselves “too old” and yet we embraced all things tech to stay in touch.
2020 has taught us that we cannot always be in control and that we must be willing to adapt. Most importantly, the dental profession at large exhibited a positive attitude. To be very clear, we can all agree that we need more positivity, joy and happiness in 2021. Please be a beacon of hope and contagious positivity so we all get through the pandemic together.
About the Authors
Timothy A. Brown has risen to national prominence as CEO and Broker of Record of ROI Corporation, Canada’s #1 professional practice appraiser and broker. His insights, research and experience has made him a highly sought after professional speaker and a respected author and publisher. As a leading national authority in understanding and identifying the potential of today’s market, Timothy has customized presentations that illuminate themes and trends that are of interest to business owners at all stages of their careers.
Jackie Joachim is Chief Operating Officer of ROI Corporation. Please contact her at Jackie.firstname.lastname@example.org or 1-888-764-4145.
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