Practice Plan and Wesleyan discuss how to get started with the transition from NHS to private with some key financial considerations.
When it comes to making a big decision for the future of your practice like moving from NHS to private, knowing where to start is key.For many, top of the list will be identifying and preparing for all the financial impacts this change may bring.
This is a challenging task to undertake alongside the responsibilities of running a busy practice.In these circumstances, having a helping hand from experts can reduce this burden and provide peace of mind that you are making the right decision for your practice’s future. This leaves you time to do what you do best – take care of your patients.
That’s where Practice Plan and Wesleyan Financial Services come into the picture. Between the two companies, you’ll have an army of expertise at your fingertips. The teams have been supporting dentists through the conversion for years.
Replacing your NHS income
From the beginning, the team at Practice Plan can help you understand your financial position. They can also help you work out exactly how many patients you’ll need to replace your NHS income.
Having that data at the start of the process will provide reassurance over your financial stability. In some cases, it can help you decide whether the transition is actually viable for you.
If the time is right for your practice, Practice Plan will then support you the whole way through the process. They can show you how to build a profitable and sustainable business in the private sector.
Protecting your personal finances
Moving from NHS to private won’t just impact your practice financially. There are key areas in your personal finances that will need to be identified and replaced. This will ensure you won’t be left vulnerable or at a disadvantage compared to working under the NHS.
A specialist financial adviser at Wesleyan Financial Services can handle the complexities that come with replacing the NHS pension scheme, sick pay and outlining further estate planning requirements that you may need after losing death in service benefits and the dependants’ pension.
Many dentists may want to delay this until the dust has settled on the practice or patient list conversion. However, it’s best to be aware of the ‘cost of delay’ and other risks that come with putting this area of financial planning off for another day.
Find out more in the above video.
Seek support from specialists
To secure your personal finances, you can speak to a specialist financial adviser at Wesleyan Financial Services as part of a no-obligation financial review by visiting wesleyan.co.uk/dental or calling 0800 316 3784.
Please note: Advice in relation to inheritance tax planning is not regulated by the Financial Conduct Authority.