Advancements in dentistry have accelerated considerably during the last five years due to the explosive growth of new technology. 3D printing, digital radiography and integrated practice management software offer enticing benefits to patients in today’s highly competitive dental market and can support a practice’s strategy to boost efficiency and profitability levels.
Recent developments have seen the introduction of pain-free fillings that allow cavities to be repaired without drillings or injections by way of a new treatment called Electrically Accelerated and Enhanced Remineralisation (EAER). Leading innovations, such as 3D printing, are transforming dental procedures. They enable clinicians to print highly accurate models to simplify patient treatments when fitting bridges and crowns, eliminating time-consuming manual procedures. Meanwhile, the introduction of modern software and mobile apps allow dentists to provide more streamlined patient services.
While the possibilities appear endless, dentists face the conundrum of how to keep up with emerging technology that patients increasingly expect due to the high level of ongoing investment that is required. This challenge is further complicated by the need to make cash provisions for buying essential day-to-day equipment, such as dental chairs and x-ray technology, which can be very expensive to replace.
“Dental practices that fail to invest in new equipment run the risk of falling behind their competitors.”
Dental practices that fail to invest in new equipment run the risk of falling behind their competitors. The knock-on effect can be significant, resulting in both the loss of patients and staff to rival practices due to their eagerness to take advantage of new technological breakthroughs.
Asset finance can help dentists to stay ahead of the curve and directly benefit both their patients and their business’ bottom line. Tailored asset finance solutions include funding for a wide range of dental technology, including software and associated hardware and maintenance services. As a result, dentists no longer have to dip into vital cash reserves and attempt to purchase new items in one lump sum. In doing so, they can spread the cost (usually over one to five years) to protect essential working capital while maintaining their existing banking lines.
Specialist finance providers to dentists, such as Wesleyan Bank, are able to negotiate best value by dealing with dental equipment vendors on a practice owner’s behalf, allowing them to concentrate fully on what matters most to them – running their business.
According to research conducted by the National Association of Specialist Dental Accountants and Lawyers (NASDAL), dental practice values continue to grow which suggests that there has been no effect on the market to date from Brexit. What’s more, goodwill practice valuations have risen by 53% in the last 12 months, with practice values increasing by 26% in the last quarter ending October 2016. Given the current buoyancy in the market, practice owners may consider that there is no better time to invest in their business to ultimately safeguard their long-term future.
“Asset finance solutions can be used to provide funding to refurbish a practice’s premises such as creating a new surgery.”
Asset finance solutions can be used to provide funding to refurbish a practice’s premises such as creating a new surgery, installing WiFi technology in waiting areas or to carry out necessary structural repairs to the building. Certain investments can offer efficiency savings too. The Annual Investment Allowance enables businesses to write off the cost of certain assets against profits in the year of purchase (up to £200,000), bringing much quicker tax relief against capital expenditure instead of spreading the relief over several years.
Technology is shaping our world, and dentistry is no exception. Bespoke asset finance solutions allow you to gain rapid access to the equipment and technology you need, when you need it, to maximise your return on investment by differentiating your services in a way that patients now demand.