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Financial Advice for Difficult Times: 2 Sides of a Coin
Kumar Anshul1,2, Shrey Mehta3
1Manipal College of Dental Sciences, Manipal, Manipal Academy of Higher Education, Manipal, Karnataka, India.
The Journal of Indian Orthodontic Society
|June 30, 2021
Summary
Orthodontists face financial challenges due to the COVID-19 pandemic. This article offers guidance from financial experts to help manage personal finances during these unprecedented times.
Area of Science:
- Financial Management
- Dental Practice Administration
Background:
- The COVID-19 pandemic created a global health and financial crisis.
- Orthodontists, as frontline healthcare providers, are experiencing decreased patient numbers and revenue, alongside potential increased expenses.
- This situation necessitates effective financial strategies for personal and professional well-being.
Purpose of the Study:
- To provide financial management guidance to orthodontists during the COVID-19 pandemic.
- To offer insights from both internal (dental) and external financial experts.
- To help orthodontists navigate financial challenges and optimize personal finances.
Main Methods:
- Consultation with two financial management experts.
- One expert from the dental field, one external.
- Guidance tailored for orthodontists (academics and practitioners).
Main Results:
- The article aims to equip orthodontists with strategies to manage financial uncertainty.
- Focus on optimizing personal finances amidst a dual health and economic crisis.
- Actionable advice for financial resilience in turbulent times.
Conclusions:
- Effective financial management is crucial for orthodontists during the COVID-19 pandemic.
- Expert insights can guide practitioners through economic downturns.
- Proactive financial planning is essential for sustaining dental practices and personal livelihoods.