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You’ve all got a dream for your dental practice. It might be buying your site outright, hiring more staff, doubling your growth or having a practice that’s at the forefront of the technology evolution. Having the right financial support to support your ambitions is crucial.
Michael Copeland, Area Manager at Wesleyan, gives his thoughts on how you can fund the future your practice deserves.
Upgrading your equipment
Improving your practice technology and installing the latest equipment can make a real difference to your business. Adopting new software and equipment can help to boost productivity and make practice life easier. But investing in expensive technology can place a burden on a practice’s cash flow.
Asset finance allows you to spread the cost of big purchases to suit your business. It means you don’t have to dip into your working capital and your bottom line remains unaffected.
Asset finance isn’t limiting either. You can use it to invest in computer hardware or software, dental equipment, commercial vehicles, premise refurbishments or relocations.
The time may come when you want to purchase your own practice or expand and bolt on an another surgery. Acquisition will likely be the single biggest financial commitment you’ll make in your professional journey and getting support from a financial partner that understands the sector, can make a big difference.
We’ve been working with dentists for many years and know buying a practice can be as stressful as it is exciting. From choosing the right business model to determining the best location, there are lots of factors to consider before taking the plunge.
Wesleyan Bank has the expertise to help and can support with flexible loans, dedicated account management and competitive rates to help you get your practice up and running.
Protecting your practice
When you’re part of a busy practice with dozens, if not hundreds of patients, you’re exposed to many risks. Not only do you need to identify them, you need to protect against them too.
A successful practice might own a sizeable property, full of expensive and specialist equipment, all of which should be protected against loss or damage.
For those that employ staff, there is employer’s liability to think about, but it is also worth considering what you would do if some of your team were unable to work for long periods of time. Commercial income protection is purchased by practices to cover their staff. It provides employees with an income if they are unable to work due to illness or injury. It doesn’t replace legal obligations but gives your team an enhanced benefits package and peace of mind should something happen.
Your staff, equipment and premises are crucial to day-to-day operations so making sure you’re protected is essential. No one wants to have to put the brakes on their business goals because of an accident, or a claim that doesn’t pay out what you need, when you need it.
From business records to expenses and tax returns, there are lots of accounting involved in practice management. While it isn’t what you got into dentistry to do, it’s an important part of keeping your business running smoothly.
Every practice will have different needs and have a different bill at tax-year-end too, so it’s important that your taxes are in order for you to realise your ambitions.
Some practices are spreading their tax cost across the year, and avoiding a lump sum payment by using tax finance. Tax finance allows you to make regular instalments to pay off your annual tax sum, and to help manage cashflow.
Whether it’s sorting your taxes into more manageable payments or setting up a simpler process for managing your books, our specialists can help to streamline your accounts.
It’s not just the practice that needs support with their finances. Patients too need help to spread the cost of their routine care. This can be especially important if your practice is transitioning from NHS to independent.
Introducing a new plan might include staff training or new marketing and might need to be done at the same time as a number of other daunting steps like acquiring a new practice, rebranding or diversifying your business. By working with an expert, such as Practice Plan, you can understand all the risks and financial implications of your ambition, and get a plan in place to see it though.
Getting financial advice can also help you to maximise opportunities and achieve your ambitions. Our dedicated specialists will work with you to create a bespoke financial plan that considers your ambitions and is tailored specifically to your business needs. Whether that is short-term cashflow support or longer term investment – we’ll propose what is best for you.
Speak to a member of our dedicated team to see how we could help support your practice today and in the future.
Case study – husband and wife dentist duo launch their dream business
When Oxford House Dental Practice in Milton Keynes came into the sights of Kaival and Shreena Patel, they seized the opportunity to run their own surgery.
As first time buyers looking to borrow a substantial amount of money, and seeking specialist sector support, they turned to Wesleyan Bank who put together a finance solution that suited their needs.
Shreena said: “Raj, our dedicated Account Manager, was keen to get under the skin of what we wanted to achieve, quickly setting up a meeting to discuss the business plan and what we would be able to borrow. The whole experience was a breath of fresh air and it was clear he could see the potential of Oxford House too.”
Kaiva said: “Getting the finance we needed to buy the practice means we’ve realised our dream of running a growing family run business where we can both work together.”
Raj Patel, Regional Healthcare Relationship Manager at Wesleyan Bank said: “They are a young professional couple with ambitious plans and it was great to join them on their journey, towards owning their first practice. Working closely with them we created a solution that covered their borrowing needs and put a solid financial plan in place for the future.”
To ensure the finances for your practice stay on track, please email firstname.lastname@example.org or call 0800 009 3675, quoting reference 22070.
Professional Dentistry is a service provided by Practice Enterprise Ltd. Registered in England & Wales. Company Registration No. 05098852. Registered at MacMillan Building, Parcel Terrace, Derby, DE1 1LY. VAT Registration Number 859246388.