Demonetization and its impact on dental practices.
Dentists need not worry about demonetization at all. If it succeeds it will be good for economy in the long run. There will be some transient inconvenience , however things are expected to improve very soon.
Please see the following two images which explain the effects of demonetization.
Most dental treatments are elective and paid by the patients from their disposable income. Since there is now less disposable income dental practices will be affected for some time. However practice revenues are expected to return back to normal soon.
However dentists must now look into following points.
1) In the days to come the number of digital transactions are bound to increase. Therefore start accepting payments digitally. Install a swipe machine in the clinic. It doesn’t cost much and is greatly preferred by patients also. You may charge an additional 2% for payments for credit card if you so desire. I prefer to write it off. Also start accepting payments by PayTM etc.
2) If the demonetization succeeds the real estate prices are bound to come down. So this is the right time to plan buying your apartment or a shop.
I would suggest that dentists keep on accepting old Rs. 500/- and Rs. 1000/- notes till around December 20th. Remember you can deposit old currency in the bank till December 30th.
Even after December 30th you can still deposit old currency but only in Reserve Bank of India branches.
You can pay for issues of DENTISTRY TODAY by old currency.
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Thanks & best regards,
Dr. Veerendra Darakh.