Confident dental sector forecasting improved profits and growth
Confidence is on the up among dentists, but remains in negative territory. Three quarters of dentists expect profits to improve in the next year, with fewer expecting financial pressures to grow. Four in five are planning for growth, either by setting up new sites, buying additional units, or staying where they are. Resistance to corporate ownership is widespread, but ultimately it is seen as an inevitability.
Confidence among dentists has bounced back after going into decline last year, with renewed growth plans and expectations of better profits, according to new research released today.
The ninth Lloyds Bank Commercial Banking Healthcare Confidence Index is the latest annual survey of GPs, dentists and pharmacists on the outlook for their industry, using a blended figure of short-term and long-term projections to measure overall business confidence.
On a scale from -100 to +100, dentists’ confidence has improved year-on-year, and up from -10 in 2017 to -2 now. The previous year saw dentists’ confidence fall for the first time in the history of the Index, with a decrease of five points.
Planning for growth
Improved confidence sits alongside more bullish profit expectations, with the number of practices expecting business profits to increase over the next 12 months growing from 65 per cent to 74 per cent, and fewer dentists expecting financial pressures to grow (down from 81 per cent to 75 per cent YoY).
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