How can you prepare in tumultuous times?
2020 has been a challenging year for everyone. Stock markets have been up, down, and all over the place. The economic forecast of July looks very different from what it was in January.
Dental practices haven’t escaped this wild ride, but as providers of a health service, some market predictions are more relevant to dental practice owners and managers than others. Patients will continue to need dental treatments, even if their lives, jobs, and finances have been unsettled.
Here are three dental industry predictions for the rest of 2020, indicating where dental practices should be turning their attention.
Demand for contactless patient experiences will grow
We predict an increase in the demand for contactless patient experiences. With Covid-19 still a threat even in places that have the virus well under control, it’s wise to keep contact to a minimum in public places, where possible.
In the second half of 2020, dental practices will focus more on contactless patient experiences to reduce the risk of infection and provide peace of mind to patients and staff.
Henry Schein One’s Patient Experience Solution enables a contactless journey, from the pre-screening of patients for Covid-19 prior to arrival at the practice, to completing forms prior to arrival. Smartphone check-in means it’s not necessary to touch surfaces within practices, there’s no need to interact with reception staff, and patients don’t need to sit around in waiting rooms for longer than necessary.
Download Henry Schein One’s Best Practice Guide to Creating a Contactless Patient Experience.
Affordability will take priority
Given the current state of the economy, some patients may struggle to pay for goods and services, even those that are essential to their health. Dental practices must find a way to assist these patients, or risk losing them.
Our second dental trend prediction is a rise in ‘buy now, pay later’ arrangements. These make dental care more affordable and accessible for new and existing patients.
Henry Schein One’s EXACT and OASIS systems integrate with a number of ‘buy now, pay later’ partners, such as Zip and AfterPay. Patients may be more willing and able to accept expensive treatment plans if they can pay for them over time.
The state of the economy in 2020 means some patients are more likely to struggle with money. They’re more likely to be price-conscious. Affordability and flexible payment plans are key.
Increasing demand for cloud solutions
Nobody knows whether further lockdowns will be necessary in the remaining months of 2020, on a local or a national scale. Businesses must be prepared to work remotely where possible. While not all aspects of running a dental practice can be done remotely, some can.
We predict that the cloud solutions that became more popular in the first half of 2020 will stay in demand in the latter half. Whatever the economic forecast, cloud solutions make good business sense in this changed world.
MyPractice Cloud is a cloud-based solution that integrates with EXACT and enables business owners to analyse their business’ performance from anywhere, at any time. This cloud solution program gives access to up to six dashboards. You can still monitor performance and make business decisions accordingly, even if other aspects of your life and work are being disrupted.
Moreover, if you are look to move to a complete cloud-based dental practice management software, then Dentrix Ascend is another solution that is facing fast rising demand.
As a dental practice owner you can’t control the stock market, but by being tuned in to market predictions, you can control your response to its fluctuations.
If you’re wanting to know more about preparing for the rest of 2020, contact us at 1300 889 668.