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Dentists During Coronavirus: Talk to Landlords, Lenders & Vendors

Many dentists are struggling financially right now as the coronavirus spreads across the globe, shutting down most types of non-emergency dental care, and causing an unprecedented hardship for people who are now juggling dental practice closures, school closures, and stay-at-home directives.

There are steps that dentists can take immediately to reduce costs, said John Meis, DDS. In this 20-minute video, Dr. Meis talks to Patient Prism CEO Amol Nirgudkar about how dentists can cut some of their biggest expenses: rent, loans, credit card fees, and supplies.

Dr. Meis is an international speaker, two-time Amazon best-selling author, and a dental consultant. He’s been a highly-productive practicing dentist, built a large group practice, and served as president of one of the 20 largest DSOs in the country. He leads two consulting firms. Spark Dental Network helps small-to-medium-sized dental groups create sustainable growth. The Team Training Institute helps practices improve productivity, profitability, and peace of mind.

Reduce Burn Rate

We don’t know how long the coronavirus is going to impact the dental industry. Dentists need to reduce the burn rate, which is how fast they go through money each month.

Dentists have two types of costs: fixed costs and variable costs. The variable costs are things like the amount of supplies the dentist uses.  If the dentist is performing fewer procedures, then the dentist will be using fewer supplies.

Dentists usually think of fixed costs as fixed recurring expenses. These might include payroll, mortgage or rent, utility bills, bank loans, and credit card bills.

Some of those fixed costs could actually be reduced, said Dr. Meis.

Request No Interest, No Payments and No Penalties

Dr. Meis recommends dentists call their landlords, lenders and vendors to explain the temporary situation and request a 90-day deferment with no interest, no payments, and no penalties.

“You may not get that, but it’s a good place to start the negotiations,” explained Dr. Meis.

It’s important to explain to the landlords, lenders and vendors that this is a temporary situation and the dentist expects to reopen as soon as the government allows. After all, people always need dental care and dentists are already experts at infection prevention measures.

For additional guidance, watch the video interview with Dr. Meis. Additional resources are available at www.PatientPrism.com/Guides.

About this Industry Leader:

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John Meis, DDS

CEO, Spark Dental Network and Team Training Institute

Dr. John Meis is an international speaker, two-time Amazon best-selling author, and a dental consultant. He’s been a highly-productive practicing dentist, built a large group practice, and served as president of one of the 20 largest DSOs in the country. He leads two consulting firms. Spark Dental Network helps small-to-medium-sized dental groups create sustainable growth. The Team Training Institute helps practices improve productivity, profitability, and peace of mind.

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