Cosmetic dentistry has already seen significant growth in recent years, but is the profession primed for even more in 2015? There are signs that practices are positioning themselves for just this kind of growth, and making significant investments to enhance their services and broaden their appeal, with many practices now looking to leasing as a means to cover the cost.
Research by Mintel predicts growth of around 21% in cosmetic dentistry over the five years to 2018, creating a potentially profitable growth market and something no practice will want to miss out on. Moving into advanced techniques such as laser cavity detection and dental implants requires cutting edge technology, which doesn’t come cheap, but this isn’t the only cost consideration.
Practices offering these kinds of new services may also need to upgrade their IT systems and make improvements to modernise and refresh the practice environment if they are to attract new private clients. Consumers now expect online appointment booking facilities and text alerts, and first impressions about practice surroundings are almost as important as the services on offer.
Looking to alternatives
Funding this kind of investment requires careful consideration. Like many businesses, dental practices may no longer be able to rely on their banks for lending in the same way they did prior to the credit crunch, and many are increasingly looking to alternatives.
Our research recently found that the amount of capital dentists loaned to their own practices jumped by more than three-quarters last year, as some choose to fund the investments they need from personal finances. However, in a partnership scenario particularly, this approach can be risky, and it’s far from the only alternative option available.
For many, leasing is a much more appropriate way for dentists to procure the technology they need to offer the range of services private clients are seeking in 2015. Leasing allows them to access cutting-edge equipment immediately, without huge up-front costs, and instead spread the investment over a period that suits their individual practice needs.
We have also found that our quick decision times, allowing dentists to go from application to installation in a matter of days, has been particularly popular in the profession. For practices that have made the decision to invest in cosmetic dentistry technology, the ability to move forward quickly is vital. Those forced to wait with plans on hold might miss out on the best opportunities to build their private client bases, and lose out to competitors.
In a competitive market, no practice can afford to let funding become a barrier to growth, which is why every dentist should explore the possibilities offered by leasing.
LDF regard the dental profession as a core market, and one in which we are keen to grow our provision of funding. To find out how we can tailor an agreement that fits your practice perfectly, contact LDF today.