Dentists are facing financial difficulties this year amid rising operating costs, inflation and stagnant reimbursement rates.
Here are seven statistics showing the dental industry’s new economic reality:
1. The cost of dental equipment and supplies increased by 23% since January 2021, while hourly earnings for dental office staff also increased by 23%. Overall inflation during this period has been 27%.
2. Dentists’ confidence in their dental practice dropped in the third quarter, with about half of dentists reporting being “somewhat” or “very” confident in the economic performance of their own practice to the American Dental Association.