The old saying “May you live in interesting times” never seems to get the old, and halfway through 2022, it’s as applicable as ever.
Anyone who reads the paper is aware of the fears of inflation. In June, the US Dept of Labor released their Consumer Price Index Report, and confirmed that the Consumer Price Index rose 9.1% in the trailing 12 months, which is that largest increase since 1981.
However, more relevant to dental professionals, the index for Dental services increased 1.9% in June, the largest monthly change for those services “ever recorded” since the U.S. Bureau of Labor Statistics began tracking such numbers in 1995, according to the ADA.
This is mainly driven by price increases on materials and paying more to staff.
According to the ADA, a poll in November 2021 showed that personal protective equipment has drastically increased in price with more than half of dentists polled indicating that the price of surgical masks had at least doubled, and nearly 50% indicating that gloves had at least tripled in price.
In addition, “Eight out of 10 dentists reported issuing pay raises for their dental hygienists and dental assistants within the past year, which is reflective of a competitive job market across many industries, including health care,” said ADA President Cesar R. Sabates, D.D.S.
As with many industries, the dental industry is also feeling the double-whammy of supply chain constraints along with higher competition for labor. The goal for every dental office is to stay observant on these trends so that they can make the best decisions to navigate their practice through a changing landscape.
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