Nearly 10% of dental practices—in 2021, downsized their teams in January and February; 27% raised their practice fees.
During the COVID-19 pandemic, many high-contact industries, like the $139 dental market, have been impacted. To understand COVID’s true economic stir, SoftwarePundit, a technology research firm that provides advice, information and tools to help businesses thrive, recently analyzed the proprietary data research conducted by Dental Intelligence.
Dental Intelligence is a dental practice analytics provider that serves over 8,000 dental practices in the United States. The data showed that overall dental practice revenue declined by only 6% year-over-year in 2020. This is much less than the 38% decline predicted by the ADA in June.
The top 10% of practices also performed better in 2020 than 2019 in terms of revenue, average patient value, and patient growth. However, dental hygiene appointments dropped by 47% year-over-year in spring 2020, before recovering in the summer and then dipping in the fall.
According to the data, in 2021, nearly 10% of all dental practices had to downsize their teams between January 15 and February 15, and 27% of the doctors also raised their practice fees during that timeline.