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This week on “A Minute Or Two With Colin Receveur” – Dentists Shouldn’t Count On Pent Up Demand This Time
Key Highlights:
– Anytime there’s a closure in your practice, whether it’s Christmas vacation or July 4, or the COVID crisis we just came out of, there’s a certain amount of pent up demand that’s going to occur once your practice reopens.
– And you’ve seen this. You’ve seen this through the holidays and vacations that you’ve taken over the years when you come back, the schedule is busy.
– I think during this latest COVID crisis, there was a little bit of a hope, a big hope, that the closure would lead to a significant amount of pent up demand.
– And we have just not seen that materialize, and it also wasn’t our prediction to start with.
– Generally, pent up demand doesn’t exist in dentistry for a couple of reasons.
– First, is oftentimes the hygiene schedule, aside from blocking out spots for new patients and emergencies, is already pre-scheduled out through that reopening period.
– So, there is no capacity to incur additional demand unless you’ve got open chairs and you’ve already had holes in your schedules.
– Secondly, coming out of this crisis, there is going to be a measure of pent up demand – of emergencies and elective and treatment that was put off prior – that now patients are going to come back and need to get completed.
– And there’s going to be a certain curve that occurs where you reopen and then pent up demand occurs.
– But then we get back to a level playing field or even declined trend from where the effects of the shutdown start to set in.
– And being able to be very nimble, and make sure that you can keep your labor calibrated to your current level of collections.
– Make sure that the business is operating in the current reality.
– If you’re still operating how you were pre-COVID-19, you’re going to have a significant amount of struggles, profit and cash flow moving forward here.
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