Economic Survey – What is it?
This survey is now conducted every three years on a rotating schedule between the provinces who work with Impact Economic Consultants. We would like to refresh your memory, or if you have never participated in this survey, we would like to explain what the process involves and what you will receive in return.
What is involved in participation?
The Economic Survey process requires you to complete a questionnaire, submit a copy of your most recent Income Statement(s) and Balance Sheet provided to you by your accountant, and participate in a 15-minute in-office meeting with an Impact representative. You may be wondering why we ask for your financial statements or feel uncomfortable divulging this sensitive information and we hope to clarify that. We assure you that this information is kept strictly confidential and does not leave our office. Our internal network of computers, where our database is stored, does not have access to the internet and therefore is unable to be hacked. Impact has never had a breach of confidentiality.
The meeting you will have with Impact is to review and collect the survey and financial statements and to ask any questions that pertain to the data. If all the information is complete and accurate the meeting will be very brief.
What is the information used for?
Impact uses this information directly in the development of the Suggested Fee Guide for each province. This survey is very important for determining overall practice expenses as a percentage of gross revenues and understanding how these expenses are changing over time. It is also important for us to see how each line item is changing over time, such as staff salaries, rent, dental supplies, etc., so that we can make the appropriate adjustments to the Suggested Fee Guides.
What do you receive?
For your participation you will receive a Comparative Practice Report. You will be able to see how your practice compares to the others in the province for your gross, expenses, net, expense-to-gross ratio, and hourly production comparisons. You will receive practice expense comparisons by line item; key ratios such as wage expense as a percentage of gross; historical changes in your practice; financial comparisons by years in service, area, etc.; and many other useful metrics.
We urge you all to participate and to contact Impact or your Association/College/Society if you have any questions or concerns. The schedule for the next survey in your province is as follows:
- British Columbia – 2020
- Nova Scotia / Prince Edward Island – 2021
- Saskatchewan / New Brunswick – 2022
We look forward to meeting you!