Please welcome Dr.
Adrian Codel, a CDS member and general dentist who practices on
Chicago's north side. Today Dr. Codel discusses how dentists can
exchange dental care for other services through a bartering
Clean house for clean teeth.
That's right, when I clean a patient's teeth, I get my house
cleaned. That is because I have incorporated bartering into my
dental practice. By definition "barter usually replaces money as
the method of exchange in times of monetary crisis, when the currency is
unstable and devalued by hyperinflation."
While hyperinflation may not be the case today, I believe monetary
Now I am not talking about a handshake deal where services are
directly exchanged. I am talking about bartering as a great
marketing tool using organized barter and trade associations. In
this case, you sign up for a trade association. Someone else who
belongs to that association sees you listed and makes an
appointment. They owe you $500 for the procedure. Instead of paying
cash, $500 is transferred from their barter account to yours. Now
you have $500 to spend on any item or service within the
organization, regardless of what services the patient provides.
Now, if this patient is happy she may refer you two cash-paying
patients and post a nice review on Yelp! Your traditional marketing
model and discounts were not needed.
So how do you spend the $500? Here are some examples of things I
have used my barter/trade dollars on. For my practice: dental labs,
ink and toner, document shredding, clinical equipment repair, floor
refinishing, message on hold system even OSHA training and
compliance. For personal use: limo service, Lake Geneva hotels,
restaurants, concert tickets. That's right, I even have my own
entertainment concierge that can get me sporting, theater and
concert tickets, all through barter.
The income is taxable as revenue and proper documentation is
received by year's end. The downside is that you need to decide how
often or when you want to schedule these patients. I have noticed
some dentists allow appointments during off-peak hours. Others only
allow 1-2 patients at a time until treatment is completed. You can
also dictate what percentage of treatment is barter and what
percentage is cash. This covers lab expenses, for instance. It took
me several months to figure out how to spend the "money" but now I
find it fun and a little bit of a treasure hunt. There is a minimal
transaction fee in order to keep the barter organization
Admittedly, it is not for everyone, but since the dentist can
control the exposure and frequency, it is a fun, low-cost way to
attract patients and reduce the amount of cash being taken out of
your business bank account.
The two organizations I am most familiar with are: Art of Barter, which
is restricted to the Chicago area, and IMS, which is nationwide.
Posted by: rjustus4u (email@example.com) on 05/16/2011
go to www.favorpals.com to do your bartering. it's safe/secure, reliable and completely free. check it out. good luck.
Posted by: Anonymous (firstname.lastname@example.org) on 05/16/2011