Recently, due to yet another round of government aid during this pandemic, many economists have begun to debate how effective the benefits of the Paycheck Protection Program have been in relation to the cost.
In one report from the economists employed by the U.S. Treasury in December 2020, the P.P.P. could have potentially saved up to 19 million jobs! However, several academic economists who have thoroughly studied the program, have concluded that a mere 1.2 million to 3.4 million jobs would be saved by the P.P.P.
These expert academic economists, including M.I.T. economist Mr. David Autor, who led his own case study of the program, stated that a “large chunk” of these funds, allocated to saving small businesses, went to a “very small” percentage of these companies. These companies were also in the least amount of need at the time, or were at very little risk of laying off employees for an extended amount of time.
However, economist Micheal R. Strain from the American Enterprise Institute, believes that the P.P.P. is, in fact, succeeding in its missions to keep businesses open. When the economy does finally recover, these businesses would be able to hire unemployed workers because the program was able to help keep them afloat during this tough time.
For more information regarding the current P.P.P. debate, you can find the full article here: https://www.nytimes.com/2021/02/01/business/economy/ppp-jobs-small-business.html.
Also, I have created a principle to help grow your team and your practice. I call this the Principle of “P.H.U.B.B.” which is an acronym for:
P – Patient Profile
H – Hygiene (or return visit(s) for specialists)
U – Urgent, Necessary or Elective Treatment
B – Billing
B – Benefits Remaining (including non-insurance benefits, such as a time-sensitive promotion, or additional work that can be avoided)
In addition to the Principle of “P.H.U.B.B”, if you would like more information about how to grow your practice without having to rely on government assistance, I strongly encourage you to read my recent article published in Dentistry Today, which you can find here: https://www.dentistrytoday.com/news/todays-dental-news/item/6249-courage-versus-fear-in-dentistry-and-beyond
On behalf of everyone here at Pinecrest Practice Growth, we hope that you have a great year in your practice, and that you continue to grow and succeed in all of your practice’s ventures!