Lehman Bank Collapse Will Impact Your Practice

Yesterday, (Monday, September 15) I spoke with a doctor from Westchester County, NY and he was one of several persons who mentioned the Lehman Brothers investment bank collapse. He told me his practice is in the heart of Lehman country and he is preparing his practice to weather the storm.

I wanted to tell this doctor that EVERYONE is in Lehman country, but I knew that he was on the front lines of this particular crisis and that he deserved special consideration.

With the failure or near failure of 3 storied financial institutions (Bear Stearns, Merrill Lynch and Lehman Brothers) the US economy is now struggling through the most significant financial crisis since the Great Depression.

The truth, everyone I talk with is feeling the effects of the tightening of credit and the loss of consumer confidence. One large Orthodontics supplier reported starts using their appliance are down 20% this year, another multi-practice executive reports that doctors who once had August and July sales that netted them $50K per month were in a cash crisis this year without enough money to pay their overhead.

How is it impacting your practice?  E-mail and let me know…

Be Smart!
B2