How can I be sure my NHS income will be replaced?
Katrina Rees explains how Practice Plan can ensure your practice is financially secure before you leave the NHS.
When a dentist expresses an interest in wanting to leave the NHS for a life in private practice, one of the first questions they ask is: ‘How can I be sure that my income will be replaced?’
This is a completely natural question to have. Quite rightly, dentists want to know they are financially secure if they leave the NHS behind.
When a dentist approaches Practice Plan to discuss the possibility of going private, we work very closely with them from the start of the process to understand their financial status and what would need to happen in order to replace that NHS income.
One of the first things we do is take them through what we call an income replacement calculator. That is a tool designed to crunch the numbers and present us with data. We can then inform the dentist about how many patients they’ll need to replace their income. Along with what level they would need to set their fees at.
Having that data at the very start of the conversion process is key to giving the dentist that assurance over their financial stability. And to showing them how they can build a profitable and sustainable business in the private sector.
Making the move
If you’re thinking of moving to private and want to take the first step, contact the Practice Plan team. They will guide you through how the process works, and help you make the right decision for your future.
The team has experience of helping over 1,500 dental practices to transform the profitability of their business. This is through the combination of a well-populated plan and personalised support. It includes marketing, business advice, events and training.