A third of dentists optimistic about growth, despite COVID-19 setbacks
Almost a third of dentists are expecting their businesses to grow this year, despite COVID-19 setbacks.
There is no doubt that dental practices have been hit hard by the outbreak, with the majority of surgeries shut between the end of March and June. Despite increased expenses and reduced incomes linked to prolonged closures and reduced patient numbers after reopening, 31% of dentists surveyed by Braemar Finance said that they expected to expand their business in the coming year. Over 60% expected to stay the same, with 5% suggesting that there was a likelihood of contraction.
One of the key contributory factors is staffing levels. While 51% of participants will be keeping the same number of employees, 44% are planning to reduce staff numbers. Just 3% of dentists plan to hire more staff members.
Although many dentists are optimistic about expansion, fewer have expectations to increase revenues. Just 18% of those surveyed said they were confident of increasing their income in the next year, and 62% expected a fall in revenues.
The survey also revealed that a quarter of dentists expect the economy to recover quickly, while 26% believe that the worst is yet to come.
The poll suggests that many dentists are optimistic about the future, despite times being tough for the profession at the moment. As practices start to welcome patients back, it is hoped that they will be able to adapt to a new way of working and gradually increase incomes as measures continue to be eased.
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