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Keith
Rossein, DDS Communicate the value of implant treatment One of the greatest stumbling blocks to dentists when presenting implant-supported restoration treatment plans is a pre-conceived notion of what the patient can afford or is willing to spend. Consequently, it's no wonder when dentists hear, “The patient didn't accept treatment because of the high cost.” Now, that may be what patients are saying, but what they're really thinking is, “This is not a priority for me.” And that's probably because the clinician was unable to communicate the value of dental implants. Priorities The simple fact is that people spend money on what they want, and if they don't have enough money, they find a way to get it. For example, thousands of people, from all economic walks of life, have hair transplants. This procedure is not covered by insurance and can cost from $10,000 - $15,000. Millions of dollars are also spent each year on cosmetic plastic surgery, with the majority of the money coming from the middle class. In addition, $4 billion dollars per year are spent on cosmetic orthodontics. The baby boomers are fueling this surge in cosmetic procedures. Between 42 and 52 years of age, they are now the largest segment of the population. Baby boomers are an ideal age group on which to focus because of their financial standing and priorities that are now more centered on themselves. They are at the peak of their earning capacity and seek to feel and look better. Each year, tens of thousands of college students graduate and leave their parents, now in their 50's, with $20,000 to $30,000 of disposable income. Supply and Demand Economics is governed by supply and demand, both being elastic and subject to fluctuations. If the demand is high and the supply is low, prices will go up, and visa versa. However, it is my contention that even when supplies are plentiful, there is no elasticity of demand when a person perceives they are receiving proper value for their money. The only elasticity is from the dentist's voice box to that person's ears. In other words, it's all in the presentation. Value Why do people pay up to $50,000 for a car when they could have purchased a Hyundai, which also has four wheels and will get them to the same places, for $8,000? It's because luxury cars offer certain benefits, and the consumer has made a choice to spend more for the value they perceive they are getting. Your competition is not other dentists; it is the other choices your patients have as to what they will buy with their disposable income. It's the dentist's job to make the patient see the value of the implant treatment—so that the cost is well worth it! |