Thefinancial crisis of 2008, also known as the global financial crisisor the world economic crisis is believed to have begun in 2007 as aresult of increased mortgage defaults in America. The financialcrisis of 2008 was considered the worst since the great depression in1930. Through this, the economic growth and development of the UnitedStates werelimitedsince the calamity led to increased unemployment (Bean35).Despite the financial crisis of 2008 that created uncertain futuredentistry, the case brought activemarketing strategies that helped in the effective reduction of thefinancial burden on dental patients
Thecatastrophe also led to the failure and collapse of various leadingbusinesses and financial institutions such as banks in the country(Davies).Despite the effort of the American national government to prevent thecrisis’s further threat on large financial institutions through thebailout of banks, the country’s stock market continued to dropacross the globe.
can bedefinedas a medical branch that iswidely usedin the study, diagnosis, prevention and treatment of variousconditions and disorders such as an oralcavity. Thecase is doneto help strengthen the structures and tissues among individuals(Suddick& Harris 136).Due to the constant industrial revolution dentistry has beensubjected to someexponential changes. The fundamentalpurpose of this paper is to provide a clear and detailed discussionof dentistry and its impact on a country’s economic growth anddevelopment. In achieving this, the paper will openly incorporatesubjects such as the economy(American recession) to provide adequate information in thediscussion of dentistry and the economy. By doing this, the essaywill vastly enhance the reader`sperception and understanding ofthe study topic “dentistry and the economy.”
Thegreat recession is one the main economic factors that has beenconsidered to have the mostsignificantimpact on dentistry. Although global growth and development of healthsector in America has openly fostered an increase in competition aswell as enhanced the availability of health resources within themarket, the great recession has streamline the clinical quality ofdentistry. It has improvedthe efficiency ofthe medical practice of dentistry. Through this, the medical practiceof dentistry canensure a well-run business due to its ability to achieve adequategrowth due to the new economy that has beenfosteredby the country’s economic recession.
Dueto the financial crisis, also known as the great recession, that hitthe United States economy, the financial state of the dental industryhas become bleak.According to a recent study conducted by the American DentalAssociation (ADA) the American financial crisis of 2007-2009 fosteredadismalfinancial state of the dental industry (Kincade).
Sincethe early 2000’s the dental industry has exhibited limited growth.Its net income which is to measure the wideprofit margin of the dental practice has deteriorated since thebeginning of the great economic depression of 2006. In the dentalpractice, the increased decline in the net income is brought about byan array of different social and cultural factors. These factorsinclude the decreased utilization of the dental care among the adultpopulation (Sinkin).That is, lack of adequate useof the dental care as a result of the uncertain economic future ofthe country has created a gap between the concept of dentistry andpatients due to increased medical cost. As a consequenceof this, there exists a decreased demand on the desire and need fordental care, a concept that has vastly weakened the American economy.Importantly, it should be noted that there has been an increasedfinancing by the lower paying public programs and a change in theprocedure mix in the dental expenditures. The decrease in the dentalexpenditure per capita began years before the economic recession thathit the American Society(Sikka & Savin).
Asa result of this, the number of individuals with no dental benefitvastly increases due to a declining of utilization of dental care.Further, thenumbersof different medical insurance bodies have exerted increasedreluctance in providing an alternativemedical plan to dental patients. Because of this, the dental patientpopulation projects a lower sense of production for the dentistrypractice, a factor that has made it hard to ensure the improvement ofthe country’s general economic growth.
Consequently,it can bearguedthat the vastdepression of the American financial crisis of 2008 has created newand improved market opportunities for the dental care. The greateconomic depression of 2008 has created activemarketing strategies that helped in the effective reduction of thefinancial burden on dental patients. For example, the Americaneconomic recession of 2008 has offered adequate competitiveopportunities for dental care, thereby increasing resourceutilization process. Dental health care has been able to identify newbusiness opportunities and collaborative efforts with insurancecompanies. As a result, doctors are not only able to focus onattracting and retaining patients through consistent product andservice marketing but also provide an affordablemedical plan to patients.
Inconclusion, this essay provides a detailed demonstration of theimpact of the financial crisis of 2008 of the growth and developmentof dental care. According to the paper,the economic recession in America has exerted both negative andpositive energy on dental care. For example, although the financialcrisis of 2008 created uncertain future dentistry, it created activemarketing strategies that helped in the effective reduction of thefinancial burden on dental patients
Bean,Charles R. "Economic and monetary union in Europe." TheJournal of Economic Perspectives 6.4(2011): 31-52. Print.
Suddick,Richard P., and Norman O. Harris. "Historical perspectives oforal biology: a series." Criticalreviews in oral biology and medicine: an official publication of theAmerican Association of Oral Biologists 1.2(2013): 135-151. Print.
Davies,Justine. Global Financial Crisis – What caused it and how the worldresponded. 2014. Web,
Kincade,Kathy. ADA study: Dentist’s incomes hurt by more than a recession.2012. Web.
Sinkin,Michael. TheEconomy and its Effect on Your Teeth. 2013.Web.
Sikka,Vijay., & Savin, Gustaf. The Impact of the Financial Crisis onthe U.S. Dental Industry. 2016. Web.