Financial pressures bite for dental practices as revenues fall and costs escalate due to Covid
The Begbies Traynor Red Flag Alert has found that 16 per cent of UK dental practices are feeling financial pressures as they face the latest round of restrictions from the government after only recently starting to reopen.
As a sign that some in the sector are battling to survive, the latest Begbies Traynor Red Flag Alert research, which tracks the numbers of UK businesses in ‘significant’ financial distress, shows that 1,740 UK dental businesses now fall into this category – a rise of four per cent within the past year.
With just over UK 12,000 dental practices in operation, this highlights that around 16 per cent of all UK dental practices are currently in financial trouble.
However, with the closing of court activity and the government decision to give companies a stay of execution during the health crisis, the reality is that for many sectors, including dental practices, the true extent of the financial damage suffered has not been fully revealed yet.