Economic Woes & Dentistry?

[lululime]

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Hey everyone, do you think that the state of the economy now (or to come) will impact dentistry? Or even admissions to dental school? This is just a speculative thread to get our minds off our application status while we take a look at the bigger picture.

For one thing, my parents tell me that people tend to go back to school for higher education or to pursue other fields when the economy is bad. Does this make getting into dental school more competitive?

Also, is it true that dentists suffer in a bad economy? My dentist told me once that dental insurance/treatment is one of the first things that people remove when they need to budget. 😱

Thoughts? Opinions?

 

[Jackson-Ave-Dental]

Hey everyone, do you think that the state of the economy now (or to come) will impact dentistry? Or even admissions to dental school? This is just a speculative thread to get our minds off our application status while we take a look at the bigger picture.

For one thing, my parents tell me that people tend to go back to school for higher education or to pursue other fields when the economy is bad. Does this make getting into dental school more competitive?

Also, is it true that dentists suffer in a bad economy? My dentist told me once that dental insurance/treatment is one of the first things that people remove when they need to budget. 😱

Thoughts? Opinions?

That is true because people hope that by the time that they finish whatever schooling that they are doing, the economy will be at least in a better state than when they started school.

Also, yes dentists do suffer in a bad economy. On the list of health care needs to do, teeth is the last thing most people think about... Although getting your teeth cleaned is still going strong in bad economies or at least better than operative dentistry haha.

 

[chippy]

because most dentists practice in a private practice, we're not going to suffer as much as physicians though. and if you plan to live/practice in a rural area, you're going to have business and money coming out your ears. don't worry too much.

 

[dentalWorks]

Hey everyone, do you think that the state of the economy now (or to come) will impact dentistry? Or even admissions to dental school? This is just a speculative thread to get our minds off our application status while we take a look at the bigger picture.

For one thing, my parents tell me that people tend to go back to school for higher education or to pursue other fields when the economy is bad. Does this make getting into dental school more competitive?

Also, is it true that dentists suffer in a bad economy? My dentist told me once that dental insurance/treatment is one of the first things that people remove when they need to budget. 😱

Thoughts? Opinions?

I think it will. Think about it, when the economy is doing bad, which jobs still retail their 6-figure potential? Usually healthcare related fields.

The counter argument ofc is that.... the low end 6-figures you earn isn't enough to pay off the professional loan debts (if it starts to exceed 500k ~ and believe me, it will, 10 years from today, I wouldn't be surprised if dental schools cost jumps between 500-700k)... I think only then, people will realize that, certain healthcare fields just aren't worth it anymore.

IMO, dental school competition will increase until one of the following:
a) tuition becomes REALLY ridiculous (yes even more so than today)
b) economy starts to shift and you'll get another I.T boom (like the one we had between 1999-2000).
c) socialize all areas of medicine (okay this one will never fully take place in the U.S)

 

[7 Iron]

Hey everyone, do you think that the state of the economy now (or to come) will impact dentistry? Or even admissions to dental school? This is just a speculative thread to get our minds off our application status while we take a look at the bigger picture.

For one thing, my parents tell me that people tend to go back to school for higher education or to pursue other fields when the economy is bad. Does this make getting into dental school more competitive?

Also, is it true that dentists suffer in a bad economy? My dentist told me once that dental insurance/treatment is one of the first things that people remove when they need to budget. 😱

Thoughts? Opinions?

Yes, the down economy hurts dentists, just like it hurts everyone. Some dentists are better than others at weathering the recession... though I've shadowed several places and none of them were in trouble financially.

And the way I think about it: if people put off their dental treatment needs when money is tight, the floodgates will open once again when the economic recovery takes hold 🙂

 

[rccostner]

c) socialize all areas of medicine (okay this one will never fully take place in the U.S)

i don't know....re-elect the current president and i think he might be willing to take another crack at it. i sure hope it doesn't happen though.

 

[crax]

I've shadowed 5 dental practices this summer, and they all say this summer is the slowest summer they have ever seen. Things are REAL bad, people are out of jobs, retirement funds & pensions lost, healthcare benefits and unions being eliminated.

As far as dentistry is concerned, if youre living withing your means i dont think any financials should ever be a worry. And i dont think competition would increase too much, dentistry is a field available to a small group. And that small group has to have worked towards it for ~3 years (orogo, genchem, phys, bio, DAT, LOR, shadowing, applications). I wouldnt think this volatile market/poor economy would shift too many people towards dentistry, aside from a few who may be "on the fence".

 

[dentalWorks]

I've shadowed 5 dental practices this summer, and they all say this summer is the slowest summer they have ever seen. Things are REAL bad, people are out of jobs, retirement funds & pensions lost, healthcare benefits and unions being eliminated.

As far as dentistry is concerned, if youre living withing your means i dont think any financials should ever be a worry. And i dont think competition would increase too much, dentistry is a field available to a small group. And that small group has to have worked towards it for ~3 years (orogo, genchem, phys, bio, DAT, LOR, shadowing, applications). I wouldnt think this volatile market/poor economy would shift too many people towards dentistry, aside from a few who may be "on the fence".

I've heard the "slow talk" as well... and many of them aren't financially effected that much. They might make 50-100k less than their better years, but many dentists just adapt their business to current economic conditions. If its slow, they layoff staff, if it gets slower, they schedule less staff and have them multitask more. Its the staff whom (most of the time) get the short end of the stick when economic times are bad.

 

[crax]

I've heard the "slow talk" as well... and many of them aren't financially effected that much. They might make 50-100k less than their better years, but many dentists just adapt their business to current economic conditions. If its slow, they layoff staff, if it gets slower, they schedule less staff and have them multitask more. Its the staff whom (most of the time) get the short end of the stick when economic times are bad.

Very true, and yea i wouldnt by any means say they are doing poorly, hope it didnt come off that way. When you charge $200/3Dcone use im sure youre doing fine.

 

[lululime]

I think it will. Think about it, when the economy is doing bad, which jobs still retail their 6-figure potential? Usually healthcare related fields.

The counter argument ofc is that.... the low end 6-figures you earn isn't enough to pay off the professional loan debts (if it starts to exceed 500k ~ and believe me, it will, 10 years from today, I wouldn't be surprised if dental schools cost jumps between 500-700k)... I think only then, people will realize that, certain healthcare fields just aren't worth it anymore.

IMO, dental school competition will increase until one of the following:
a) tuition becomes REALLY ridiculous (yes even more so than today)
b) economy starts to shift and you'll get another I.T boom (like the one we had between 1999-2000).
c) socialize all areas of medicine (okay this one will never fully take place in the U.S)

Yeah...the thing about loans....Will it be more difficult to get bank loans now?? =/

 

[mc719]

In my opinion, dentistry is one of the best areas to go into at this time with the economy for several reasons. Firstly, with healthcare moving more towards the socialized end of the spectrum as a previous poster mentioned, there may be more people who can afford the dentist because the govt. will be paying for it. Secondly, I don't see the field getting saturated like many other fields have in this economy because there are limited spots in dental schools. Finally, dentists who own there own practice won't have to worry about being laid off; during slow times their employees are the one's who have to worry about being downsized, the dentists just have to deal with a smaller income for a while. For all these reasons I also think that dental school will be much more competitive than in past years.

 

[dentalWorks]

Yeah...the thing about loans....Will it be more difficult to get bank loans now?? =/

difficult obtaining the "good" loans = yes (the unsubsidized)

But the graduate plus (with raging 7.9% interest) is like limitless. You'll always be able to get this loan, only problem is, you don't want too much of it.

 

[KittySquared]

Yeah...the thing about loans....Will it be more difficult to get bank loans now?? =/

Loans are being cut. Tough to borrow money now.

 

[larryguy1960]

subsidized loans are gone 2012. Watch the news.

Student loan bubble is the next to burst, and it will rival the housing bubble.

There are millions of people out there that have this idea that a college degree = prosperity. They go to NYU, become music teachers/art directors, and flirt with poverty for their entire lives.

Besides people entering finance/healthcare, undergraduate degrees are losing value. This will slowly trickle up to professional schools, as you see with certain dental schools. No offense to anyone applying to these schools, but to take full loans to go USC/NYU type schools, I sincerely think you're making a horrible decision.

 

[AllahIsGreater]

lol all this problem rised from interest. if only people listened to God and stayed away from it. anyways i have worked with a recent graduate from NYU she was an internaition student who applied. she said you can pay of your loan in 4 years. so dont screw around and you can do it, God Willing.

 

[Noble6]

Unsubsidized loans are gone 2012. Watch the news.

Student loan bubble is the next to burst, and it will rival the housing bubble.

There are millions of people out there that have this idea that a college degree = prosperity. They go to NYU, become music teachers/art directors, and flirt with poverty for their entire lives.

Besides people entering finance/healthcare, undergraduate degrees are losing value. This will slowly trickle up to professional schools, as you see with certain dental schools. No offense to anyone applying to these schools, but to take full loans to go USC/NYU type schools, I sincerely think you're making a horrible decision.

You mean subsidized loans. (which you don't get a ton of for dental school anyway)

 

[dantemac]

The first part of the post, which said that in bad economies people cut their dental insurance/care....Correct me if I am wrong, but we have reached an all-time high for % of the population that regularly sees the dentist. Could have sworn I read that somewhere...

 

[larryguy1960]

You mean subsidized loans. (which you don't get a ton of for dental school anyway)

You're right my mistake

 

[lululime]

The first part of the post, which said that in bad economies people cut their dental insurance/care....Correct me if I am wrong, but we have reached an all-time high for % of the population that regularly sees the dentist. Could have sworn I read that somewhere...

I suppose it depends on people's situations. If its not at all affordable they forgo it completely and tough it out as long as they can. As well, people would opt for cheaper options such as extractions instead of root canals, even if it means losing valuable molars.

 

[Jackson-Ave-Dental]

In my opinion, dentistry is one of the best areas to go into at this time with the economy for several reasons. Firstly, with healthcare moving more towards the socialized end of the spectrum as a previous poster mentioned, there may be more people who can afford the dentist because the govt. will be paying for it. Secondly, I don't see the field getting saturated like many other fields have in this economy because there are limited spots in dental schools. Finally, dentists who own there own practice won't have to worry about being laid off; during slow times their employees are the one's who have to worry about being downsized, the dentists just have to deal with a smaller income for a while. For all these reasons I also think that dental school will be much more competitive than in past years.

You don't see the field getting saturated?... It already IS unless you're living in places where the cows go MOO.

 

[budda10000]

The recession will impact your business. Depening on where you live it could affect you badly. Here in sacramento area the dentist i interned w/ plus one that is a family friend both suffered a ~20% decline in business. Now given the state of most other businesses I would say dentists fair much better. Also you can always try to trim your bottom line in an economy like this. The more shrewd dentist might cut benefits for employees or simply hire new ones at lower wages. Crappy economies means people are willing to work for less.

 

[yappy]

I feel like people go back to school for things like nursing, DH, physical therapy assistant, PA (maybe), or respiratory therapy. I doubt many people, who have an unrealted four year degree (or none at all), a family, mortage, or CC debt will decide to commit to a min of 6 - 8 yrs of school.

There will be some that opt for a doctoral training program (+ residency in some cases) but not that many. I imagine there are more people who are just struggling to get their financial house in order in the short term. They will most likely need a job, any job, rather than trying to make it through an extensive educational program like dentistry.