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Rank: Member
Groups: Member
Joined: 8/25/2008
Posts: 10
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Watching the news everyday makes everyone worried, the world's economy is in trouble. In many instances, orthodontics is regarded as a cosmetic procedure and not essential. Would the economic crises affect our work? Will the number of patients seeking orthodontic treatment decrease ? Should we lower our prices or change our financial strategies?? Any ideas?
Lama Jarrah
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Rank: Administration
Groups: Administration
Joined: 4/20/2006
Posts: 8
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Dear Dr. Jarrah,
If you have practiced for a while, this is not the first economic crisis for orthodontists. During a crisis, you learn to adjust your terms (usually not lower your fee) to enable the fear to be pacified. I have even resorted to bartering in the past, but if you resort to this method, be very careful not to "give" you orthodontics away.
The good news is that orthodontists usually spread their fees over the treatment length, so we have a built-in buffer to temporary downturns in the economy. Many offices accept full payment upfront, and to the extent that you do this, your buffer is weakened. Usually, the payment period is 20-24 months, so you're in good shape for 12-18 months. Certain orthodontic therapies can be shorter, for example Invisalign and SureSmile, which will reduce the payment period and therefore reduce your financial buffer to 6-9 months.
The bad news for the current economic crisis is our inability to determine the length of time before recovery begins. I am speaking of the recovery, not jusr of our economy, but the fear of the general public. Time will tell what course we will need to take, in the meantime, enjoy your buffer.
Sincerely,
Ron Redmond DDS, MS
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Rank: Member
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Joined: 8/25/2008
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Dear Dr Redmond:
The Era of globalization changed all aspects of our life including the economical aspects. According to the financial experts this global economic crises is different, wide spread and the most severe since 1929. It is affecting the whole world. Therefore, the question which should be raised here; Are the solutions of the previous crisis suitable in this era of globalization ??
Lama Jarrah
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Rank: Administration
Groups: Administration
Joined: 4/20/2006
Posts: 8
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Lama,
I understand your concerns, I have them as well, but I characterize myself as an optomist and I believe America is strong, much stronger than all the fear mongers believe. We survived the great depression and prospered. So, the question remains, do we jump off a cliff; why not if the world is about to end?? Or, do we hold our heads high and continue to do the best we can for those we love and care for? I'll take the second choice, after all, I believe it is the only viable alternative.
Ron
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