Nigel Jones considers why private dentistry is growing in appeal following the release of recent practice valuation reports.
There have been a couple of practice valuation reports recently highlighting the growing appeal of private dental practices. Given the economic context in which the country currently finds itself, some have expressed surprise that this is the case. For me, it seems the opportunity to take more control of a practice’s fortunes will clearly be attractive to some.
Supply and demand
For a start, there is the supply/demand imbalance. Sure, the cost of living crisis is likely to have a softening effect upon patient demand, particularly for elective cosmetic dentistry. However, the restrictions on supply continue. Although efforts are underway to increase the number of overseas dentists on the register, as well as therapists and hygienists, this will take some time to catch up with the trends for dentists going private, part time or both.
While this imbalance persists, the providers of private dental care should be in the position of being price makers rather than, as shown by the annual wait for contract uplift announcement about NHS contract uplifts, price takers. Such financial freedom can allow for a more effective response to the challenge of attracting and keeping clinical team members.
Of course, success in this regard is not just about the money on offer to a potential associate. A couple of years ago, the owner of a small dental group with a high dependency on the NHS told me that his organisation was having to hone their HR skills and become specialists in dental recruitment in order to survive.
That in turn means becoming absolute experts when it comes to reading and deciphering the small print of NHS contracts, associate agreements and visa requirements if only for the purpose of educating new recruits, especially those from overseas. If those finer details are missed or not fully understood, it could have unwelcome or even catastrophic implications. The fear of a misstep in this bureaucratic swamp can foster a feeling of losing control, whereas part of the appeal of private dentistry can be its relative simplicity.
Are there any downsides of private dentistry?
Of course, there is the need to develop greater sophistication when it comes to business skills such as sales, marketing, pricing and managing the patient journey to achieve a successful uptake of treatment plan recommendations. Also, in addition to commercial risk, legal and regulatory considerations remain at the forefront of the minds of those in the private sector.
However, there is a sense of being more in control of how best to mitigate those risks, especially against a backdrop of growing uncertainty when it comes to the delivery and relative value of NHS contracts. No wonder then that some practice acquirers view private dentistry as a safer haven than the increasingly choppy waters of the NHS.
If you’re considering your options away from the NHS and are looking for a plan provider who will hold your hand through the process at a pace that’s right for you, you can start the conversation with Practice Plan today by calling 01691 684165 or to book your one-to-one NHS to private conversation at a date and time that suits you, just visit practiceplan.co.uk/nhsvirtual.
If you’d like to find out more about introducing a plan, and how Practice Plan can help you, visit practiceplan.co.uk/nhs.
This article is sponsored by Practice Plan.
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