I’m a sensitive guy, at least down there. My wife gets the expensive, cushiony brand to please my delicate derrière.
But lately, I’ve noticed a change. The once thick, comfy, quilt-like squares have become thinner! The “thread count” has succumbed to the pressures of inflation and my tush the butt of the impact.
Many things have yielded to recent financial pressures. Boxes are filled with less cereal. Container-sizes are being reduced. Toothpastes are in smaller tubes. Something took a bite out of the Gatorade bottle. Other cost-saving strategies are being employed to preserve profit. The phenomenon is called “SHRINKFLATION”.
What are dentists to do?
As professionals, we are obligated to provide the highest level of care. And for those practices that are insurance driven, the only other area to look at is service.
This depicts the ideal. The challenge is that you can only have 2 of the 3.
But how does a reduction in service, which is often the result of increased production without a concomitant increase in labor, impact the bottom line?
How little service will patients tolerate before they complain or leave?
Can AI, automation, VR, or robotics be substituted?
This juggling act will consume many insurance-focused practices for many years to come. But AI, automation, VR, and robotics come at a high price initially in both financial investment and systems integration. Savings and impact are often only seen over time.
Non-insurance focused practice or Fee For Service models can raise their prices to accommodate the inflationary pressures. But such a practice model also demands a superlative level of personal service, an excellent patient experience, as well as superior results.
Recently, because of inflation, reducing insurance dependence has been the focus of many programs. It reflects the frustration many doctors feel about being squeeeeezed.
But reducing insurance dependence isn’t as simple as flipping a switch, offering a membership plan, or investing in new marketing.
The pandemic has impacted people’s expectation of service. The continued employment shortages have perpetuated the service crisis.
The process has the potential for self-generated and perpetuated deterioration.
As fewer people get great service, fewer expect it and fewer know how to give it. It’s a downward spiral of diminishing returns.
And new reports sheds light on a new phenomenon called “Quiet Quitting” https://fortune.com/2022/08/14/what-is-quiet-quitting-gen-z-tiktok-trend-burnout-great-resignation-quittok-involution-lying-flat/ found among many of Gen Z that promotes a philosophy of not working hard and rebelling against what they perceive as the “hustle culture”.
It sounds much like the 60’s movement of “Turn on, tune in, drop out”, promoted by Harvard psychologist Timothy Leary. Déjà vu? Talk about a ‘bad trip’!
As a practice owner, you can react to these pressures. You can refine your processes to better serve your patients and tweak your hiring system and culture to have teams that deliver the best possible service and experience.
That’s where the Coffee With The Coach program comes into play. Your team should hear the best practices in the areas of customer service and the patient experience from as many sources as possible.
Through our webinars, newsletters and Facebook group, your team will be exposed to ideas, strategies and tactics that can help them help you stay on MISSION.
This week’s Webinar (8-26 9 AM ET) is about how to hire an “A TEAM”.
Hope to see you at this FREE WEBINAR.
To your A team,
P.S. It turned out that my wife was the culprit behind my behind’s displeasure. She tried to save money by ordering a different brand! Ruff, ruff, rough!
P.P.S. The webinar will be recorded butt the recording is only available to Coffee With The Coach members, as are all the newsletters and other resources in the Member Vault.