Nigel Jones explains why the current dental climate has opened up a world of opportunity, particularly for first-time buyers.
As ever, the most recent Christie & Co Dental Market Review makes for a fascinating read and points to a bright future for dentistry in the UK. Of course, you could be forgiven for thinking ‘well they would say that wouldn’t they?’ – but it does chime with my best, in these uncertain times, guess of where we are heading.
The review is peppered with encouraging statistics from the 94% of banks foreseeing an increased appetite for lending into the dental sector in the coming year to the 150% surge in agreed transactions and exchanges in the second half of 2023.
This year is already surpassing the previous year’s activity patterns, which makes even more interesting the growth in the share of transactions for both first-time buyers, forecast to be up from 22% last year to 38% this year, and small groups, forecast to be up from 12% last year to 25% in 2024.
Amidst the doom and gloom about NHS pressures, recruitment challenges and seemingly unempathetic regulators, there are many who might feel that the confidence to which such stats point is misplaced. Indeed, the exhaustion and fear of burn out that is prompting so many in the profession to cut back their clinical hours is confidence-sapping in itself.
Full of opportunity
However, if the energy can be mustered to take a few steps back from the trees, it may be that what those optimistic first buyers see is a wood full of opportunity in the future. At the simplistic level of analysis, the opportunity is created by the fact that there are not enough clinical hours available to cater for the demand for all types of care from patients… and there is little likelihood of that changing significantly for several years to come.
The challenge is more about deciding upon which niche to focus, and to which type of patients to appeal. As the Christie & Co Review notes, that is prompting the development of some innovative practices and resilient business models by those small groups and first-time buyers.
In no way do I seek to trivialise the very real battles for survival in which many predominantly NHS practices find themselves. Similarly, my concern for patients who could fall between the cracks of state-funded and privately-funded dentistry grows daily.
However, I can’t help but agree with Christie & Co when they say in the report that the current market dynamic ‘illuminates the adaptable and diverse nature of the UK dental industry, poised for sustained growth and expansion’.
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, why not start the conversation with Practice Plan on 01691 684165 or book your one-to-one NHS to private call today practiceplan.co.uk/nhsvirtual.
For more information visit practiceplan.co.uk/nhs.