How Many Dental Practices Continue To Grow Despite Inflation

With inflation driving the costs of inventory, wages, and lab fees through the roof, private dental practices are feeling the pressure. Practice owners across the country report feeling the strain of increasing prices as they face the challenge of providing quality care at an affordable rate. 

So for many dental practices looking to do more than simply stay afloat in this harsh economic climate, the answer lies in a strategic partnership. An Apex partnership empowers practice owners with the freedom to focus on providing exceptional patient care without the hassle of administrative demands. 

Providers in our family of practices retain complete clinical autonomy, enabling them to focus 100% on providing the best possible patient care while Apex takes care of the rest. From reducing operational costs to maintaining a highly satisfied, fully-staffed team, there are many ways that an Apex partnership can help practices flourish despite the difficulties caused by inflation. 

Here are some of the top ways in which a partner like Apex can keep costs low and profits up. 

An Apex partnership keeps overhead and service costs low.

As inflation rises at rates as high as 8% to 10% each year, providers feel the effects on their bottom line faster than revenue increases can keep up. Costs for essential equipment repairs, PPE, and quality marketing don’t wait for insurance contracts to be renegotiated before increasing in price.

While small tweaks like offering online bill-pay or selling home care products may offer a small revenue boost, there’s no guarantee these improvements will keep up with the crushing rate of inflation. 

That’s why working with a trusted dental partner like Apex can help. We secure corporate group rates with suppliers so individual practices enjoy a slower rise in expenses. Our partners can take full advantage of discounts on everything from repairs and supplies, to lab fees and marketing costs. 

Apex promotes employee satisfaction and retention.

Staff recruiting and retention in the dental industry has been a growing issue for years that was made worse with the COVID pandemic. While labor shortages are partially to blame, the compounding challenges of inflation have driven up wages as well, making it more difficult for practices to hire and keep high-level talent at reasonable salaries. 

According to a November 2022 report from the American Dental Association Health Policy Institute, 94.5% of surveyed private practice dentists find it extraordinarily challenging or very challenging to recruit dental hygienists. Another 30.2% can’t maximize their appointment schedule due to trouble filling vacant staff positions. 

Even when it is possible to fill these vacancies, eight of ten dentists report issuing pay raises for dental assistants and hygienists.

Original source – ADA Health Policy Institute Economic Outlook and Emerging Issues in Dentistry

Original source – ADA Health Policy Institute Economic Outlook and Emerging Issues in Dentistry

However, a partnership with Apex means you gain access to a team with specialized skills for finding and hiring the right team members. In addition, Apex offers competitive salaries and benefits to all of our full-time teammates, thus taking the burden off individual practices when it comes to providing for staff. 

Most importantly, being part of an extensive organization like Apex means more professional development, connection, and personal growth opportunities among team members. 

For instance, all of our partners gain access to our internal communication platform, allowing you and your staff to network and build connections with 650+ other team members in similar roles across our organization. We also enjoy fostering opportunities for in-person networking and professional development. To cap off 2022, Apex gathered all of our team members across the nation to connect, celebrate, and train together in preparation for the coming year. 

From building professional communities to value-driven team incentive programs and  competitive compensation packages, we help our partners build a strong team culture focused on long-term relationships and recognition for hard work. 

Apex alleviates the need for outside financing.

In 2022, many providers struggled to obtain the financial assistance needed for maintenance and growth. Without the budget to invest in new equipment, expand to new locations, or even build a comprehensive marketing strategy, practices will fall behind the curve. 

But an Apex partnership means growth is always within reach for your practice. We know that when practices have the resources to continue to evolve, they’re able to thrive. 

That’s why when it comes to the upkeep and expansion of a practice, Apex provides the necessary capital to upgrade facilities, maintain cutting-edge technology, and market your practice effectively to maintain consistent cash flow despite the challenges of inflation. Our Partner Dentists can then enjoy a profit-share program that rewards clinicians who successfully lead a profitable practice.

Apex partnerships help make dental treatment more accessible to patients.

With costs for dental treatment increasing at unprecedented rates as high as 1.9% in a single month, many patients believe they are unable to afford necessary care. Without additional support, some private practice owners are in-turn unable to offer payment options, leaving patients to deprioritize treatment. 

But being an Apex Partner means your patients will always have access to resources that make treatment more accessible. Our in-house wellness plan gives patients without dental insurance a way to receive needed care at a lower cost. 

Plus, Apex’s strategic partnership with 3rd party financing makes more costly procedures accessible to your patients without forcing your practice to incur  unreasonable financing fees. That way, outstanding patient care is always available for patients despite the economic outlook. 

Could an Apex partnership help your practice reach its potential?

Without the pressures of inflation weighing down on our clinicians, our partnered dentists can focus on what really matters—providing the highest quality care to their patients. You can trust our experienced team of professionals when it comes to helping you build a successful practice that provides an outstanding patient experience every time. Learn more about how an Apex partnership can help your dental practice.