Consider this to be a Jeopardy question, under the Category, CURRENT BUSINESS FACTORS.
The answer is:
Name 4 things in the news this month that will impact your practice.
And, if you can tie these items together, you will WIN THE DAILY DOUBLE.
The impact of inflation is as much psychological as it is economic. It has the potential of becoming a cyclical feeding frenzy. Remember the toilet paper shortage of 2020?
You patients WILL be exposed, daily, to INFALTIONARY stimuli. The price of gas at the pump, the cost of Christmas gifts, groceries, and particularly the cost of a Thanksgiving Turkey with the accoutrements. These stimuli will impact their decisions, including whether to go to the dentist, whether to accept recommended therapy or comply with maintenance protocols.
And yet, this past week, Hershey’s the maker of Reese’s Peanut Butter Cups, came out with a 9” Reese’s Peanut Butter Cup Cake. Selling for $45, they sold out within MINUTES!
That just tells you that despite people’s fear of inflation, they will buy what they value!
We have a love/hate relationship with the most populous nation on the planet. We’ve become dependent on them for so much. Yet, their communist philosophy and human rights records are in direct opposition to ours.
China is flexing their political and military muscle. Their absorption and repression of Hong Kong was the beginning. Their incursions into the areas around Taiwan and recent exercises aimed at our Naval vessel mockups sends a clear message. China will not be dictated to.
They’re economically colonizing Africa and South America, solidifying the rare earth and other minerals that will be needed for tomorrow’s technologies. All this, while we’re shutting down our own natural resources in the name of climate change.
The bottom line is that we cannot depend on China to act in our best interests. We can depend on them to act in their own, short- and longer-term interests.
Russia shot down one of its own satellites. Aside from the risk that poses to the International Space Station, it sends a clear message that they can impact any satellite system. It also shows the disregard such regimes have for anything other than their own self-interest.
Could dependence on satellite-based systems put your business in jeopardy?
And what about the hackers that seem to find pleasure and profit in taking over pipleines, your systems and holding your data ransom?
And what about Belarus and Crimea? Is behind the incitement of Poland by Belarus? Will Russia continue its incursions into Ukraine?
What will further instability in that region mean for us? What supply chain issues might they represent?
It started with ankle monitors for felons. Then came Fitbits, Apple watches and cardiac monitors. Belun is yet another entry into the wearable biometrics or “TELEMONITORING” market. This new device, a ring-like apparatus, has gained FDA approval and has now been shown to be 95+% effective in diagnosing Moderate to Severe Obstructive Sleep Apnea. The proliferation of such monitoring devices will only increase as AI and other technologies improve. The ease, comfort, and convenience of such a sleep monitoring device, over traditional PSG’s or even most HST’s make such devices attractive.
Taking all the above into consideration, how can you protect your business?
Here are a few suggestions.
- Accept the possibilities that these might impact your business
- Strategize how you might be impacted
- Design specific TACTICS you can put into place now.
- Communicate VALUE to your patients on a regular basis
- Seek alternative (non-China) sources for goods and materials that are necessary for your business to function.
- Stock enough to last 90 days or longer, if expiration dates allow.
- Deploy hard backups to systems that are cloud based or internet dependent.
- X-ray via Laptop
- Hard backup taken home regularly
- Analyze your security systems.
- Are you adequately protected?
- Do you have insurance that protects your most valuable asset, your patient and referral lists?
- Keep a hard copy of those lists
- Update them monthly
- Keep abreast of remote technologies and begin incorporating them into your practice so that you can be seen as relevant.
- Live Chat
- Online Scheduling and Payments
No one has the advantage of a crystal ball. What we can do is look at the bigger picture and try to extrapolate, worst case scenarios, and prepare for them. Being prepared is never a bad thing.
The DAILY DOUBLE in this case, is the peace of mind that comes from knowing that you’ve done everything in. your power to deal with the impact of things that are way beyond your power to control.
YOU WIN WHEN YOU PREPARE.
To getting and staying out of JEOPARDY,
P.S. Being prepared today also means doing everything you can to prevent health challenges. In Dentistry, that starts with Musculoskeletal health. There’s no place better to start on your pathway to a healthier clinical existence than with POSTUREDONTICS.
P.P.S. Gratitude comes in many forms. For nearly 40 years, I have been privileged to help the indigent and dentally needy of Jerusalem through my involvement in the DVI clinic. This Sunday evening, we’re celebrating the many wonders of this clinic. Please join me, Dr. Gordon Christensen, Stanley Bergman (CEO of Henry Schein), Olivier Schiller (CEO Septodont), Deans Amid Ismail and Mark Wolf (Temple and U of P) and others as we express our GRATITUDE to it’s founder Trudi Briger and the many international volunteers who’ve made this MIRACLE IN THE MIDDLE EAST possible.