It’s an understatement to say a lot is on the line for this November’s presidential election in the U.S. But is your dental practice one of them? The short answer is no, the outcome of next month’s election will not make or break your dental practice. Here’s why with both points and counterpoints for each argument, no matter which side of the aisle you sit on.
Market forces
- Point: Market forces will actually help guide the value of your practice.
- Counterpoint: “Some speculate that the future of the republic hinges on the outcome of the next election,” Forbes reports in an article about how the stock market has performed under every president. “But for smart investors it doesn’t really matter who wins.”
Taxes
- Point: With a tax increase, you’ll bring home less money.
- Counterpoint: In order to fund the massive COVID-19 spend, an increase in taxes is inevitable.
Minimum wage
- Point: Minimum wage will increase.
- Counterpoint: No one is paid minimum wage in dentistry. Assistants are typically paid twice as much as minimum wage, and they are historically the lowest-paid employees in a dental office.
Single-payer system
- Point: You’ll have to resort to a single-payer system in your dental office.
- Counterpoint: The chances this will be in place within the next four years, as well as include dental, is incredibly small.
Shutdowns
- Point: Your practice will be forced to shut down again due to COVID-19.
- Counterpoint: It has been well documented that the next round of COVID-19 hot spots will not be dental offices as personal protective equipment is already in place.
Pandemic
- Point: There is no end in sight to the current pandemic.
- Counterpoint: The pandemic will continue to unfold, regardless of who is in office. The nature of a pandemic is that it takes place worldwide, not just in the U.S.
Employee benefits
- Point: The government will mandate all employees to be given health benefits.
- Counterpoint: This is more likely to gain steam on a state level rather than a federal level, so pay close attention to any state elections taking place in your area.
Increased regulation
- Point: As part of the pandemic response, an increase in regulations can lead to an increase in cost for your dental practice.
- Counterpoint: Similar to how PPE costs were handled, a lot of doctors may choose to pass this onto patients so that it is not necessarily the burden of the practice.
Conclusion
- If Biden wins: Nothing will really happen. It’s not the end of the world.
- If Trump wins: Nothing will really happen. It’s not the end of the world.
What’s next?
Contact the experts at Professional Transition Strategies to learn how to prepare for any disaster that may lie ahead.