KARACHI: An American-based dentist, Dr David Phelps talks about the effect inflation has had on all business sectors and lives in general. He said that according to the 12% inflation rates, experts predict that the US dollar could be worth 50 cents in the next six years.
According to an article written by Dr Phelps, the full effect of inflation had not been experienced by most countries up until recently, due to reduction factors such as technological advances and more inexpenisve supply chain raw materials. However, the next few years are predicted to be the toughest, all around the globe.
What can dentists do?
It is imperative for dentists to understand that markets rates shall be increasingly volatile in the near future, withstanding these trends shall be a major challenge
It is best to pay any debts, or credit as early as possible, increasing interest rates shall also increase the debt amount payable by the practitioner.
Reviewing the costs is of utmost importance in order to reduce the expenditure, practitioners should negotiate their costs for materials with the suppliers and vendors.
Coordinate with the dental team, the practitioner should be mindful of explaining to them the importance and strategies of managing financial stress at the practice and maintaining emapthy through all interactions with the patients.
Patients are more likely to remain faithful if they feel valued by their service provider. Provide sufficient value to services in order to encourage them to remain faithful to the clinic. Make access to the practice easier for all patients, so that they may return for essential treatments. Provide adequate discounts and pre-paid memberships for patients
The key to staying ahead during these times is by being sufficiently prepared. Money is transferred through times of recession and a dentist should be on the receiving end during these tough times. It is important to prepare ahead and make smart decisions in order to at least maintain all assets during times of inflation.
To conclude, the most important advice Dr Phelps gives to readers and dental practice owners in his recent article is one that may only inflate in value in the upcoming years:
"Instead of being a victim, prepare in advance. Volatility is ahead and opportunity will abound"
