Inflation is a significant economic challenge that rears its ugly head from time to time. As dentists, there are a few ways that we can manage these tough times. 

Inflation often accompanies periods of high demand, supply problems, and the infusion of cheap, easy money into the system. People are eager to spend their way to a better quality of life, and this has some positive implications for the dental industry. More than ever, individuals desire new smiles, leading to a surge in demand for dental restorations. Thanks to marketing by major corporations directed at consumers, people are increasingly aware that they don't have to live with unsightly teeth.

However, there's a rough side to this story. As inflation takes hold, our supply costs rise, lab costs increase, and rent skyrockets, especially if we're not in a favorable lease position. Essentially, all operating costs go up, leaving us with more work to do for potentially less profit.

In times like these, it becomes crucial to control our fee schedule. We need to ask ourselves some important questions:

• With inflation at an annual rate of 9%, when was the last time we significantly raised our UCR fee schedule?
• Are we keeping up with the growing demand for higher wages in our office?
• Are we comfortable with continually discounting our fee schedule to the benefit of insurance companies' profits?
• Is the concept of discounting fees hurting our cash flow and overall profitability?

These are challenging realities we must face proactively. Waiting for disaster, financial ruin, loss of employees, or an epiphany about the true cost of dentistry is not a sustainable strategy.

The truth is, your old fee schedule won't keep your profits at desirable levels. To thrive in these challenging times, we must be bold and take control of our fee schedule. Regularly reviewing and adjusting it to align with the current economic landscape is essential. It might be uncomfortable, but it's a necessary step to ensure the financial health and success of your dental practice.

Ultimately, inflation is a formidable force that impacts dentistry just like any other industry. By acknowledging its presence and taking control of our fee schedule, we can mitigate its negative effects and position our practices for long-term success.