Many dental practices were already enduring a rough time since before the pandemic. Still, the market dynamic has changed entirely through the pandemic, and we’ve seen the erasure of over $2 trillion from the world economy. In the case of dental practices, a similar state of affairs has been witnessed - resulting in fewer buyers for dental practices across the country.
Let’s take a look at why there are very few takes for dental practices.
A huge byproduct of the Covid-19 pandemic is the loss of jobs for millions of people. This includes not only the regular joes that keep the country’s economy ticking but also the hundreds of thousands of dentistry hopefuls who have now been forced to reassess their career in the wake of the pandemic.
When a majority of the country is at-risk without jobs or, worse, health insurance, a dental ache is the last thing that comes to their mind. Unless the issue is something major, people would rather kick-on despite the pain than consider spending the $$$ they don’t already have.
A dentistry business takes a lot of money to set up and maintain because there are simply too many things to consider - location, equipment, staff, and so on and so forth. When you’re spending hundreds of thousands to make pennies on the dollar, people are bound to rethink how they are going to approach the business or whether they should even consider doing so.
Another key contributor that has recently had a major impact is the risk of contracting the virus. As the country is already at the top of the infection and death rates, people with dental issues will be wary of heading to their dentist. Further, the field of dentistry involves sifting through the mouths of hundreds of patients on a regular basis. With fluids from the mouth known for being the prime spreaders of the virus, people, especially dentists, wouldn’t want to put themselves at the forefront when they can avoid the situation.
All things considered, the pandemic has drastically eroded the dentistry market, which means only the best services offering the best value proposition for patients are likely to see the light of day, at least till the pandemic subsides.