Iain Stevenson, head of dental at Wesleyan Financial Services, shares two key areas that are often left vulnerable when it comes to the financial security of a dental business.
Sometimes the biggest risks are the ones you don’t know about.
In dentistry, you would be forgiven for thinking of protection as synonymous with insurance. However, it’s best to think about your practice protection in the same way you would approach your patients’ general dental care – with a holistic treatment plan.
Just like when you would educate your patients on the best ways to maintain their oral hygiene and the consequences of not sticking to a consistent routine, it’s important to stay educated and up to date in terms of finances and financial risks that can often be unique to the world of dentistry.
‘Equally important’
Identifying risks to your business and what that means for your bottom line is crucial – after all, prevention is better than cure. However, it is an area of financial planning that can fall by the wayside when the demands of a busy practice take over.
The reality is that the time you sacrifice to this financial planning area can be the most rewarding when that rainy day comes – the day when you’ll be financially prepared.
Remember, just as a patient needs to consistently keep up their routine, partaking in consistent check-ups of your practice’s protection requirements is equally important.
Insurance policies provide a cure for when things go wrong. But without the right guidance and education, how will you identify the right policies, cover and legal requirements in place to truly make your practice a financial fortress?
Seek specialist advice for finances
Perhaps in these scenarios, the help of a financial adviser who specialises in dentistry can lighten the load – reducing the time, hassle and stress of identifying the risks and putting the prevention measures in place.
If you need further support when it comes to identifying hidden risks to finances you can book a no-obligation financial health check with a Specialist Financial Adviser at Wesleyan Financial Services by visiting www.wesleyan.co.uk/dental or calling 0800 316 3784.
Advice is provided by Wesleyan Financial Services Ltd.
‘WESLEYAN’ is a trading name of the Wesleyan Group of companies.
Wesleyan Financial Services Ltd (Registered in England and Wales No. 1651212) is authorised and regulated by the Financial Conduct Authority. It is wholly owned by Wesleyan Assurance Society. Wesleyan Assurance Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Incorporated in England and Wales by Private Act of Parliament (No. ZC145). Registered Office: Colmore Circus, Birmingham B4 6AR. Telephone: 0345 351 2352. Fax: 0121 200 2971. Calls may be recorded to help us provide, monitor and improve our services to you.
