Business owners who put off retirement during the last recession are now being faced with the same question: Will COVID-19 interrupt my retirement plans? Even though the economic fallout is still unfolding, banks are still lending and credit hasn’t seized up. In article for The Street, Professional Transition Strategies Founder and CEO Kyle Francis says, “with careful planning, retirement is possible now.”
Like the rest of the world, dental practices and their staff were blindsided by the COVID-19 pandemic. Between mandatory shutdowns and changes in practice operations, dental staff has had to be resilient both professionally and personally. Now is as good of a time as any to put your dental staff first to ensure they retain with the practice.
As the dental insurance landscape continues to evolve, now is the time to improve your profitability and patient relationships by latching onto the emerging trends. But what consequences are there for the dental industry? Catch up on the latest need-to-know information.
It seems like a lifetime ago and also just yesterday that dental practices around the country were shutting down due to COVID-19. Every aspect of businesses has been affected, from practice valuation and employment to retirement plans and even emotional intelligence. Reopening doors meant discovering ways to heal your business, planning for practice recovery, and communicating changes to staff and patients in an effort to get them back.
Between changes to dental insurance, ever-growing dental school debt, and yes, the pandemic, the current dental landscape presents plenty of challenges to navigate. Most dentists also need to be business savvy on top of having the skills to pay the bills. So where do dentists stand today? Look back at how to make light of the current situation.
What’s next?
Keep up with Professional Transition Strategies’ weekly blog to stay on top of the latest dental practice transition trends and news.