One quarter of practices predict COVID recovery will take less than a year
Four in five practices expect to bounce back from the COVID pandemic within the next three years.
This is according to new research carried out by Frank Taylor & Associates (FTA).
The survey revealed that nearly 60% of practices reported that coronavirus had a significant or severe impact. And 88% admitted making considerable changes to adjust to the new climate.
But after a difficult year, the data suggests the dental profession is feeling optimistic about the years ahead.
While 70% reported changing their five-year plans in response to the pandemic, 80% of respondents believe there is potential for growth – with the same number expecting recovery within three years.
One quarter revealed they saw a potential recovery in just six to 12 months. In addition, one in four revealed plans to buy a practice in 2021.
‘The number of enquiries we’ve had post lockdown has been both a pleasant and encouraging surprise,’ said Lis Hughes from Frank Taylor & Associates.
‘Anecdotally, COVID seems to have precipitated a change in both practice sales and purchases. I guess one thing it gave all of us is “thinking time”, and it would appear that for some, this was the push they needed to buy/sell.’
Never-ending need for dentists
Husband and wife team Anshul Kapoor and Aarti Bedi recently spoke to Dentistry Online about what it was like buying a dental practice during lockdown.
‘People need dentists at the end of the day,’ said Aarti.
‘No matter how we work, no matter how much the contract changes – we’re always needed by the community, by the country, by everybody. Even if we had some obstacles, like we have now, eventually it’ll be okay. It is what it is.’
She says the pandemic allowed us the pair to ease themselves in, adding: ‘I didn’t really know much about business but I’m learning. It’s been quite an enjoyable experience so far because I’ve got the time. In that way, it’s been advantageous.’
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