How AI will Change Running a Dental Practice

Unlocking the Power of AI: Revolutionising Dental Practice Management

Artificial intelligence (AI) is changing the way we live, work, and do business. It’s having a big impact on various industries like education, healthcare, and finance. One field that is benefitting from AI is dental practice management. AI is helping dental practices streamline their operations and enhance patient care. It’s changing the way dental practices work by automating administrative tasks and predicting patient needs. In this post, we’ll explore how AI is used to manage dental practices and how it can improve patient outcomes, increase efficiency, and generate more revenue. If you’re a dentist looking to enhance your practice management, keep reading to discover how AI can create new opportunities for your dental practice.

The role of AI in revolutionising dental practice management

Artificial Intelligence (AI) is changing the field of dentistry too. It can handle lots of information and do complex tasks, which is why it’s being used to manage dental practices. AI offers dentists and their teams opportunities to be more efficient, accurate, and provide better patient care.

Traditionally, managing dental practices required a lot of manual work and human judgement. But AI has become a valuable tool that streamlines operations, improves diagnosis and treatment planning, enhances patient communication, and overall improves the dental experience.

AI is great at automating administrative tasks like scheduling appointments, reminding patients, handling billing and insurance claims. It does these tasks quickly and accurately, freeing up valuable time for dental professionals to focus on giving the best care.

AI algorithms can analyse huge amounts of patient data like medical history, X-rays, and treatment outcomes. By finding patterns and insights, dentists can make more accurate diagnoses, create personalised treatment plans, and predict potential oral health issues before they become serious. With AI technology, dentists can provide proactive and preventive care, leading to better patient outcomes and satisfaction.

AI is also improving patient communication and engagement. Chatbots and virtual assistants powered by AI can answer common questions, provide educational materials, and even schedule appointments. This not only increases patient satisfaction but also reduces the workload on dental staff, allowing them to focus on more critical tasks.

Furthermore, AI helps dental practices optimize their operations and resource allocation. By analyzing patient flow, appointment patterns, and staff efficiency, AI algorithms can identify bottlenecks and inefficiencies. Practice managers can then make data-driven decisions to improve workflow and staff schedules. This leads to increased productivity, shorter wait times, and a smoother patient experience.

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Understanding the challenges faced by dental practices

Running a dental practice comes with its own set of challenges that can hinder efficiency and growth. Understanding these obstacles is crucial for utilizing the potential of AI and improving dental practice management.

One major challenge faced by dental practices is appointment scheduling. It can be difficult to keep track of a full schedule with multiple patients and different types of appointments. Manual planning processes often lead to errors, double bookings, and significant delays for patients.

Patient engagement and communication are also problematic for dental practices. It can be inefficient and time-consuming to keep patients informed about their appointments, treatment plans, and preventive care. Lack of effective communication can result in missed appointments, low patient satisfaction, and ultimately, loss of revenue.

Managing dental records and information presents another obstacle. Traditional paper-based systems are not only cumbersome but also prone to errors and data loss. Retrieving patient records becomes a time-consuming process, affecting the overall efficiency of the practice.

In addition, efficient management of dental supplies and equipment is essential. Lack of proper equipment or supply shortages can lead to disruptions in patient care and unnecessary delays.

These challenges highlight the need for innovative approaches to simplify dental practice management. AI-powered technologies can revolutionize the way dental practices operate by addressing these challenges and improving overall efficiency and patient satisfaction. AI has the potential to automate appointment scheduling, send automated reminders to patients, implement electronic health record systems, and optimize inventory management. Embracing AI in dental practice management can result in improved efficiency, increased revenue, and enhanced patient experiences.

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The potential of AI in solving dental practice management issues

It’s amazing how artificial intelligence (AI) can revolutionize dental practice management. With advancements in technology, AI has become a powerful tool that can address various challenges faced by dental professionals and streamline their daily tasks.

One significant challenge that AI can tackle is appointment booking. Traditionally, dental practices have handled appointments manually, which can be time-consuming and prone to errors. However, AI-powered systems can automate this process by intelligently analyzing patient information, dentist availability, and other factors to schedule appointments efficiently. This not only saves time but also ensures optimal use of resources and improves patient satisfaction.

AI can also play a crucial role in enhancing treatment planning and diagnosis. AI algorithms can assist dentists in making more accurate and well-informed decisions by analyzing a large amount of patient data, such as X-rays, dental records, and medical history. This can result in better patient care, fewer mistakes, and improved treatment outcomes.

Moreover, AI can improve patient communication and engagement. AI-powered chatbots can instantly answer common questions, schedule appointments, and make personalized recommendations. This enhances the patient experience, reduces wait times, and increases customer loyalty.

Additionally, AI can streamline administrative tasks like billing, inventory management, and insurance claims processing. By automating these processes, dental practices can save time and resources, allowing their staff to focus on more critical aspects of patient care.

While AI in dental practice management is still in its early stages, its potential is immense. We can expect AI to become increasingly important in transforming dental practices, increasing efficiency, and providing improved oral healthcare to patients as technology continues to advance. By incorporating AI into practice management, dental professionals can enter a new era of innovation and productivity.

Streamlining appointment scheduling and patient management with AI

Managing a dental practice can be complex and time-consuming in today’s fast-paced world. Dental professionals face numerous challenges, including patient management and appointment scheduling. However, with the advancements in artificial intelligence (AI), these challenges can now be overcome more efficiently and effectively than ever before.

One area where AI is transforming dental practice management is appointment booking. In the past, dental practices relied on manual scheduling, which often led to double bookings, missed appointments, and unhappy patients. AI-powered scheduling systems have eliminated these issues.

AI algorithms analyse various factors, such as dentist availability, patient preferences, and treatment durations, to automatically schedule appointments in a way that maximises efficiency and minimises conflicts. This reduces wait times and ensures smooth appointment experiences, saving time for dental professionals and increasing patient satisfaction.

Furthermore, AI can assist in patient management by organising and analysing large amounts of patient data. By using AI algorithms, AI systems can identify patterns and trends in patient data, allowing dental professionals to make more informed decisions regarding treatment plans and personalised care.

For example, AI can help identify patients at higher risk for certain dental conditions based on their medical history, lifestyle factors, and genetic predispositions. By proactively addressing potential issues and providing individualised preventive care, overall oral health outcomes for patients improve.

Additionally, AI-powered chatbots can enhance patient communication and support. These virtual assistants can provide instant responses to common inquiries, such as information about treatment options, post-operative care instructions, and appointment availability. By automating these interactions, dental practices can free up staff resources and improve patient engagement, even outside of office hours.

In conclusion, AI has the potential to transform dental practice management by streamlining appointment booking, optimizing patient management, and enhancing communication. By harnessing the power of AI, dental professionals can unlock new levels of efficiency, productivity, and patient satisfaction, ultimately revolutionizing the way dental practices operate in the modern era.

Enhancing patient communication and engagement through AI-powered tools

Artificial intelligence (AI) is transforming various industries, including dental practice management. One area where AI is making a significant impact is in improving patient communication and engagement.

In the past, dental practices relied on phone calls, emails, and face-to-face interactions to communicate with patients. However, these methods often proved to be time-consuming and inefficient. AI-powered tools are changing the game by streamlining communication processes and providing a seamless experience for patients.

One way AI is enhancing patient communication is through the use of chatbots. By integrating intelligent virtual assistants into dental practice websites or mobile apps, patients can easily ask questions, schedule appointments, or get immediate support. Chatbots offer quick and accurate responses, reducing the need for patients to wait on hold or wait for a reply to their messages.

Moreover, AI-powered tools can analyse patient data and preferences to personalise communication. For instance, dental practices can utilise AI to automatically send appointment reminders, follow-up messages after treatments, or even oral health tips tailored to each patient’s specific needs. This level of personalised communication improves patient satisfaction and fosters a stronger relationship between the patient and the dental practice.

Additionally, AI enables dental practices to engage with patients through voice-controlled assistants. Using smart speakers, patients can access educational content, receive guidance on post-treatment care, and ask questions about oral hygiene. These voice-activated assistants allow patients to stay connected with their dental office in a convenient and interactive manner, ultimately leading to improved oral health outcomes.

By utilising AI-powered tools for patient communication and engagement, dental practices can enjoy several benefits. These include increased patient satisfaction, personalised experiences, and improved efficiency. As the dental industry embraces the potential of AI, it becomes evident that it is reshaping how dental practices manage patient interactions and prepare for a technologically advanced and patient-centred future.

Leveraging AI for accurate diagnosis and treatment planning

In the field of dentistry, the use of artificial intelligence (AI) has brought about a significant breakthrough in diagnosis and treatment planning. By harnessing the power of AI, dentists can now achieve more precise and effective results than ever before.

AI algorithms have the ability to analyse large amounts of patient data, such as medical history, X-rays, and clinical notes, with impressive accuracy and speed. This allows dentists to detect even the smallest dental conditions or abnormalities that might be missed by human observation alone.

Furthermore, AI-powered software can provide valuable insights and recommendations based on the analysed data to assist in treatment planning. By considering factors like patient preferences, clinical guidelines, and best practices, AI algorithms can create customised treatment plans that improve both patient outcomes and practice efficiency.

The ability of AI to learn and adapt over time is one of its greatest advantages in dental practice management. As more data is fed into the system, the algorithms continuously improve their diagnostic accuracy and treatment planning capabilities. This enhances patient care and allows dentists to stay at the forefront of their field by leveraging the latest advancements in AI technology.

Additionally, incorporating AI into dental practice management can streamline workflows and reduce human error. By automating routine tasks and integrating AI-powered systems into existing practice management software, dentists can save valuable time and resources while ensuring consistent and reliable results.

It is important to note that while AI is revolutionising dental practice management, it is not meant to replace the expertise and skill of dental professionals. Instead, it serves as a powerful tool that complements their knowledge and experience, assisting them in providing superior patient care and achieving improved outcomes.

By embracing the power of AI, dental professionals have the potential to usher in a new era of innovation, precision, and efficiency in diagnosis and treatment planning. With the help of AI, dentists can elevate their practice to new heights, benefiting both their patients and their own professional growth.

Automating administrative tasks and improving efficiency with AI

Artificial intelligence (AI) is a game-changer in many industries, including dental practice management. One of the great advantages of AI in this context is its ability to automate administrative tasks, streamlining operations and improving overall efficiency.

Traditionally, dental practices have had to deal with tasks like appointment scheduling, patient record management, and billing. These tasks are not only time-consuming but also prone to human errors. However, with the power of AI, these processes can be automated, allowing dental professionals to focus more on patient care.

AI-powered systems can intelligently handle appointment scheduling by analysing the availability of both the dentist and the patient. AI algorithms optimise scheduling by considering various factors, such as treatment duration and required equipment, to maximise efficiency and minimise patient wait times.

Another area where AI can revolutionise dental practice management is patient record management. With AI-powered systems, patient records can be digitised and organised in a structured manner. This enables quick access to patient information, including medical history, treatment plans, and progress. AI algorithms can analyse this data to provide personalised treatment recommendations based on patient-specific factors, ultimately improving the quality of care provided.

Moreover, AI can simplify the billing process by automating tasks such as insurance checks, claims processing, and payment reminders. This not only makes it easier for dental staff to perform their jobs but also reduces the likelihood of payment processing errors or delays.

By automating these administrative tasks, dental practices can achieve significant time and cost savings. This allows dental professionals to focus on providing exceptional patient care and enhancing the overall dental experience, as resources can be allocated more effectively.

In conclusion, the impact of AI in dental practice management cannot be underestimated. By automating administrative tasks and improving efficiency, AI empowers dental professionals to streamline operations, provide better patient care, and ultimately revolutionise the way dental practices operate. Embracing AI technology can usher in a new era of efficiency and effectiveness in dental practice management.

Click here to read our article on COVID-19 and the healthcare industry: what has changed?

Addressing concerns and misconceptions about AI in dental practice management

Like any new technology, there are often misunderstandings and concerns when it comes to AI in dental practice management. However, it’s important to address these concerns and provide accurate information in order to fully understand the potential benefits and capabilities of AI in this field.

One common concern is the fear that AI will replace human dental professionals. While AI can automate certain tasks and streamline processes, it is not meant to replace the expertise and judgement of dental professionals. Instead, AI serves as a powerful tool to assist and enhance their work, allowing them to focus more on patient care and complex procedures.

Another misconception is the belief that AI is too complex or expensive to implement in dental practices. However, thanks to advancements in technology, AI is now more accessible and user-friendly than ever before. Many dental practice management software now incorporate AI features that are specifically designed to improve workflows, enhance efficiency, and provide valuable insights for better guidance.

Additionally, some may have concerns about the security and privacy of patient data when using AI in dental practice management. It is crucial to select reputable software vendors that prioritise data security and comply with industry regulations. Strong security measures, such as encryption and access controls, can help protect patient data and maintain confidentiality.

Lastly, the accuracy of AI in diagnosis and treatment planning may raise questions. While AI algorithms are constantly improving, they are not meant to replace the diagnostic skills and experience of dental professionals. Instead, AI can assist in analysing large datasets, identifying patterns, and providing insights to support more informed decision-making.

By addressing these concerns and misconceptions, dental professionals can embrace the potential of AI in practice management. It allows for more efficient operations, better patient care, and staying at the forefront of technological advancements in the field. AI has the potential to transform dental practice management, empowering dentists and practitioners to provide exceptional care in an increasingly digital world.

Embracing the future: Steps to incorporate AI in your dental practice

Incorporating artificial intelligence (AI) into your dental practice can completely transform the way you manage and treat patients. AI has become a powerful tool that can improve various aspects of your practice, from patient scheduling to treatment planning, thanks to advancements in technology. Here are some steps to help you embrace the future and successfully integrate AI into your dental practice.

Identify areas for AI integration: Start by assessing your current workflows and identifying areas where AI can make a significant impact. This could include automating appointment scheduling, streamlining administrative tasks, analysing scans or X-rays, or enhancing patient communication.

Explore AI solutions: Once you have identified the areas for AI integration, research different AI solutions available on the market. Look for reputable companies that specialise in AI for dental practice management and have a proven track record of successful implementations. Consider factors like ease of use, compatibility with your existing systems, and the level of support provided.

Implement AI gradually: Introducing AI to your practice doesn’t have to be an all-or-nothing approach. Start by implementing AI in one area of your practice, such as automated appointment reminders or improving patient communication. This way, you can gradually familiarise yourself and your team with the technology and assess its impact on your workflow.

Train and support your team: As you bring AI into your practice, it’s important to provide adequate training and support to your team. Ensure that everyone understands how to use the AI tools effectively and how it can enhance their daily tasks. This will help maximise the benefits of AI and ensure a smooth transition for everyone involved.

Click here to read our article on building a dental team

Evaluate and monitor performance: Regularly monitor and evaluate the effectiveness of the AI tools you have implemented. Assess whether they are improving the patient experience, increasing efficiency, and achieving the desired outcomes. Make any necessary adjustments and stay updated on new AI technology updates.

By embracing the future of AI and carefully planning, implementing, and evaluating its integration, you can unlock its potential to streamline operations, enhance patient care, and take your dental practice to new heights. It has the power to transform the way you manage your practice and provide exceptional dental care.

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AI can play a significant role in enhancing marketing efforts in a dental practice

Using AI can greatly improve the marketing efforts of a dental practice. Here are a few examples of how AI can enhance marketing strategies:

Data analysis and customer segmentation: AI can analyze large amounts of data from sources like patient records, website analytics, and social media. By finding patterns, AI can segment the target audience more effectively. It can identify potential leads and create personalized marketing campaigns based on patient preferences, behaviors, and demographics.

Personalized marketing campaigns: AI-powered algorithms can generate customized marketing content, such as emails, social media posts, and ads. By using patient data and preferences, AI can create personalized messages and offers, leading to higher engagement and conversion rates.

Click here to read our article on email marketing for dentists

Chatbots and assistants: AI-powered chatbots can provide instant responses to patient inquiries on websites, social media platforms, or messaging apps. They can answer frequently asked questions, schedule appointments, provide basic dental information, and even offer personalized oral health recommendations. This improves customer satisfaction and streamlines administrative tasks.

Click here to read more about should you use social media in a dental practice?

Predictive analytics: AI can analyse historical patient data to predict future behaviours and outcomes. By identifying trends and patterns, AI can anticipate patient needs and preferences. This allows dental practices to anticipate demand and adjust marketing strategies accordingly.

Image analysis and treatment planning: AI can analyse dental X-rays, scans, and images to assist in treatment planning and diagnosis. By providing accurate and efficient analysis, AI can enhance the patient experience, contribute to better treatment outcomes, and even be used for patient education and case presentations.

Online reputation monitoring and sentiment analysis: AI can track brand reputation and monitor patient sentiment through online reviews and social media platforms. This data helps dental practices identify areas for improvement, address customer concerns promptly, and leverage positive feedback for marketing purposes.

Optimization of marketing campaigns: AI can analyse real-time performance of marketing campaigns, enabling dental practices to make data-driven decisions. By monitoring key metrics such as click-through rates, conversion rates, and engagement levels, AI can provide insights and suggestions to optimise marketing efforts for improved results.

Click here to read our article on how to market your dental practice online

It’s important to remember that while AI can enhance dental practice marketing, it should be used in conjunction with human expertise. Dental professionals and marketing experts should collaborate to develop effective strategies and ensure that AI applications align with ethical considerations and patient privacy regulations.

Click here to read more about Marketing to Millennials for Dentists

How AI tools (like ChatGPT plugins) can help analyse and suggest solutions for SEO or website issues for dental practise

In a dental practice, AI tools like ChatGPT plugins can help analyse and suggest solutions for SEO or website issues. Here’s how they can be useful:

Website analysis: AI tools can analyse the structure, content, and performance of a dental practice’s website. They can identify issues like broken links, missing meta tags, duplicate content, slow page loading times, and other SEO-related problems. By examining the website, AI can create a comprehensive report highlighting areas that need improvement.

Keyword research: AI tools can help identify relevant keywords and search terms that potential patients might use when looking for dental services. By analysing search patterns and user behaviour, AI can suggest optimal keywords to target in website content, blog posts, or meta tags, thereby improving the website’s search engine visibility.

Click here to read our article on how to create a website for dentists

Content optimization: AI tools can assist in optimising website content for search engines. They can analyse existing content, suggest improvements to enhance keyword usage, recommend formatting changes, and provide insights to improve readability and user experience. Additionally, AI can suggest topics for blog posts or articles to increase traffic and help identify content gaps.

Competitor analysis: AI tools can analyse SEO strategies and competitor websites. They can identify keywords, backlinks, or content strategies that competitors are using successfully. Dental practices can use this information to gain a better understanding of their industry’s competitive landscape and make well-informed decisions regarding their own SEO strategies.

SEO performance tracking: AI tools can monitor the SEO performance of a dental practice’s website over time. They can track key metrics like search rankings, organic traffic, and conversion rates. AI can assist dentists and marketers in understanding the impact of their SEO efforts and making data-driven decisions to enhance performance by providing regular reports and insights.

On-page optimization tips: AI tools can provide real-time suggestions for on-page optimization while creating or editing website content. For example, as a dentist writes a blog post, an AI module can analyse the content in real-time and suggest improvements to optimise headings, meta descriptions, or internal linking to ensure best SEO practices are followed.

Voice search optimization: AI tools can help dental practices optimise their websites for voice search queries. With the rise of voice assistants like Siri, Alexa, or Google Assistant, AI can analyse conversational search patterns and suggest content improvements to align with voice search queries and provide answers to common dental questions.

Click here to read more about SEO for dental websites in 5 steps

It’s important to remember that AI tools can provide valuable insights and suggestions, but they should be used in conjunction with human expertise. Dentists and marketers should interpret the insights provided by AI tools, apply their industry knowledge, and make informed decisions to truly enhance their SEO strategies.

We hope you found our blog post on using AI for dental practice management helpful and inspiring. Embracing AI can revolutionise how dental practices operate as technology continues to advance. By automating administrative tasks, streamlining patient management, and enhancing diagnostic capabilities, AI has the potential to greatly improve efficiency, accuracy, and patient satisfaction. We encourage you to stay informed about the latest developments and collaborate with experts in the field as you consider implementing AI solutions in your dental practice.

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Grow Your Dental Practice with Samera

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You’ll get access to exclusive discounts on the consumables, products and equipment you need to build and grow your dental practice. You’ll also get exclusive discounts from our Alliance Partners, covering everything from HR, IT and legal services to utilities, compliance and dental technology.

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More on Growing a Dental Practice

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COVID-19 and the Healthcare Industry: What has Changed?

We are all aware of the challenges and issues that COVID-19 has thrown up for businesses with its impact on cash flow, income and costs. Businesses are having to change the way they work and deal with clients, customers and suppliers. Additionally, they are having to consider the costs of this, as well as the costs of purchasing additional equipment, whether that be PPE or equipment to facilitate new ways of working. 

Lenders have been besieged with applications form their client base for CBILS and Bounce Back Loans and they have had to deal with an ever-changing lending criterion introduced to them by a third party.

Governments have reacted to the challenge with financial packages, tax deferments and furlough schemes unheard of in our lifetime.

What about commercial finance brokers?

But what about the Brokers, how has this affected them?

Aside from the obvious impacts in some firms of furloughing staff, suddenly there’s no more hot desking, suddenly there’s working from home and Zoom calls instead of meetings. What other challenges are they facing and what challenges are yet to appear?

With some lenders closing their doors to new business and others dealing with a large client base seeking assistance – how has that affected brokers?

Our experience of this is that it has been more difficult (but not impossible) to place business, especially in the property market, as firms reduced capacity and some changed lending criteria. The good thing is that is now being reversed, with valuers starting to go out again and firms opening and now, in some cases, increasing their lending criteria. 

Action Point

COVID-19 has challenged commercial finance brokers to adapt to remote work, navigate tighter lending criteria, and find ways to place business amid changing market conditions.

COVID-19 and the healthcare industry

In the healthcare market, most clients have put purchases on hold. The good news is that they are on hold, not cancelled, and these will proceed now with the sector returning to work. 

If we look at the dental sector as an example, the period for which dental practices have been closed has, in some cases, proved useful for the dentists. It has allowed them time (which they generally do not have)  to review and reflect on what they want from their careers and whether they want to buy, sell or start up a practice.

For us as Brokers, this has resulted in a high number of enquiries and conversations around what they can obtain in the way of finance, and a lot of conversations around the steps required to start a practice. 

Action Point

The COVID-19 pandemic has led many in the healthcare sector, especially dentists, to pause and reconsider their career paths, resulting in increased inquiries about finance options for buying, selling, or starting a practice.

Samera continues to raise finance for healthcare.

We at Samera worked with 6 clients last year to set up squat dental practices, providing them with guidance as to what they needed to do to be successful. This has enabled them, with the assistance of bounce back loans, to weather the crisis. Since the pandemic, we have now started working with another 4 clients to establish squats.

Completions on business purchases have continued and enquiries regarding new purchases have been slow but are now picking up quickly, with several new purchases now ongoing.

So, overall things are good. The main challenge to brokers at present is the focus of the lenders. For a long period while dealing with CBILS and bounce back loans, the major healthcare lenders were focused on dealing with their customer base and the applications they were receiving from them to assist them with their cash flow issue. 

Most lenders are now open for new business but one or two are still not able to deal with non-banked applications, as their credit teams are still dealing with the Covid issues. This will change over the next few weeks and business will be returned to normal.

Action Point

Samera has successfully assisted six clients in establishing squat dental practices last year, and four more since the pandemic, utilizing bounce-back loans to navigate the crisis. Business purchases continue, with a resurgence in inquiries and ongoing transactions, signaling a positive trend. The main challenge for brokers is lender focus, with many initially preoccupied with CBILS and bounce-back loans. Most lenders are now open for new business, though a few are still adjusting, expecting a return to normal operations soon.

What are the challenges going forward?

So, what will be the challenges going forward? Will lenders have the same appetite for the healthcare sector that they had pre-Covid 19? Will the impact of social distancing, the need for new equipment and the constraints put on time bring a big change to the market?

The sector will always be needed, demand will be high and over the past few years has been growing substantially. New entrants to the market due to the demand and profitability of the sector will always be there. Once businesses adapt to the new way of working, they will again be successful. 

Review your business

What is needed is a review of how you work in healthcare and what you need to go forward. Do you need to borrow to buy new equipment, fund changes to your business premises, whichever part of the sector you work in? Businesses need to work with their accountants and advisors to gauge the impact on their business and act now to ensure they can deal with those changes. 

Brokers have the contacts within the banking industry to assist businesses and ensure that they get the right finance in the right structure. Use the experience of the brokers, especially those with extensive banking experience, as they know how the lenders think and what they need.

Action Points

  • Adapt and Invest: Healthcare businesses must adapt to new operational standards post-COVID-19 by investing in necessary equipment and modifying premises to comply with health guidelines.
  • Strategic Planning: Conduct a thorough review of business operations with the help of accountants and advisors to gauge the pandemic’s impact and prepare for future changes.
  • Secure Financing: Utilize the expertise of brokers with banking experience to secure financing for essential investments, ensuring the business can adapt and grow in the new normal.

Click here to read our article on How to finance a healthcare business.

Surviving a Financial Crisis

Our healthcare business consultants are experts at helping medical health providers and their businesses survive a financial crisis. We can help with cash flow management, raising finance and optimising your accounts and tax structure.

Book a free, no-obligation consultation with one of our team to find out more about how we can help you and your business.

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Dental Valuations 2.0

In this webinar Arun discusses the valuation of UK dental practices and how he believes they have fallen by up to 40% due to the current COVID 19 crisis.

Sell your Dental Practice with Samera

If you’re thinking about selling your dental practice then Samera can help make sure that you find the right buyer and the best price for your business. If you want to get the best price possible when you sell your dental practice, you need to build the value and grow the revenue to ensure you get the best return on your investment.

Book your free consultation to find out how you can grow the value of your practice before you sell.

More on Selling a Dental Practice

For more information please check out the articles and webinars in the selling a dental practice section of our Learning Centre, like our guide on How to Sell a Dental Practice in 9 Steps.

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Dentistry In 2020: The Year Of Collaboration

On the 17th March, 2020, my wife Smita closed her private dental practices, like many, due to COVID 19. Just before she left her Wandsworth practice, the telephone rang, and it was somebody wanting to buy her successful private dental practices.

Metaphorically, the paint had not even dried, yet someone had the gall to say “I know dental practices are struggling right now, would you like to sell yours?” – Unbelievable.

Smita being Smita, was shrewd enough to find out who the buyers were and understand their cunning plan, and once she had gathered enough information, she let rip.

It’s safe to say they won’t be calling soon again.

Since then, I have heard from other clients experiencing similar stories too.

Why?

Well there are well financed investors, sitting on cash, ready to invest into dentistry, during COVID 19. They are seeking fearful scared dentists wanting to make a rushed exit during these troubled times.

Some of you may be tempted, but before you do, hold fire.

If your practice was struggling, or you were planning to retire soon pre COVID 19, fair enough, it may be an opportunity to exit, but if your practice was growing and flourishing it’s pretty likely you will be taken to the cleaners.

Post COVID 19

The very recent survey carried out by the BDA highlights the concerns of dentists of the financial viability of their dental practices post COVID 19. Many feel they may not be financially viable by the time the lockdown has ended.

In contrast, in the last few years, investors have been piling into the Dental market (globally) and its pretty likely this will continue, even in a new era of dentistry.

No doubt, infection control procedures will change, and funding will be required to make the necessary changes, but once the lockdown ends, I expect it’s going to be busy in dental practice. People still need dentists, not cruise holidays, so whilst the type of dentistry you may be doing will differ, there will be a need and expect demand to be strong.

So why would you sell a successful business, just because of a 3-6 month sabbatical? You wouldn’t unless you were getting top dollar.

I would urge you to resist the temptation to sell at a discounted price, just to get out of dentistry. The vultures are out to try and obtain a deal, but it’s important you hold your ground, and come back strong once you re-open, as you will re-open.

Working Together

As someone who has been entrenched in dentistry for almost 20 years, as an advisor, but also co-owner of clinics, the goal for me has been to help dentists improve their businesses through offering a better patient experience. 

Whilst selling your successful practice maybe a short-term fix, I propose an alternative arrangement whereby independent dentists work in collaboration to overcome the challenges they face.

You don’t need to sell the practice you have worked at for many years, just because this temporary though significant break in business has occurred. 

You can maintain your autonomy, brand, team culture while collaborating with others and outsource the parts of your dental practice that would benefit from scaling. 

For example, a dental collaborative could be formed whereby all the owners retain ownership of their practice and they outsource certain services for a fee including:

  • Supplies at reduced rates due to economies of scale
  • Accountancy and payroll services at reduced rates due to economies of scale
  • Marketing support (including websites) at reduced rates due to economies of scale
  • Continuing education

Then in the future, when it does come to selling your practice, if all of  the owners have opted in to a collaborative sale , the exit multiple they achieve on sale would be considerably higher than if they sold now, or alone in the future.

Such an approach ensures dentists retain control of their own businesses, develop them the way you want to, and ensure the team culture is protected and the level of patient care you have created is maintained – all very valuable. We want you to retain your autonomy and stay in the driving seat.  Right now, it might seem like an easy option to just sell and drive off into the sunset . But at what price ?

Collaboration

Today’s changing Dental landscape requires independent practice owners to evolve. By working together, not in competition, in such a scenario outlined, allows such practices to offer the services they desire, whilst creating real value in their business.

Now is NOT the time to exit, now is the time to come together.

The Numbers ALWAYS Tell The Story – Safety In Numbers

An alternative way to look at this is through the numbers. In the current market, an opportunistic buyer may offer a low-ball price, say 3x EBITDA (cash profit), whilst prior to the crisis this may have been nearer 5-6x.

Translated into hard numbers, for example. A dental practice with an EBITDA of £200,000 may now be achieving a price of say £600,000 (3x EBITDA), but if they can ride out this period of uncertainty and rebuild, the value can go higher maybe up to nearer £1.2m (6x EBITDA).

However, by collaborating in such an arrangement I have detailed above, prior to COVID 19 a group of dental practices would routinely sell for multiples in excess of 10X EBITDA (£2m for a £200,000 EBITDA practice), so the question has to be, do you sell yourself short now, or ride out the wave and build your business to achieve a much higher multiple in the future? Groups of practices will always attract a much higher multiple!

The larger the collaboration (the number of practices), the higher the value. 

Grow Your Dental Practice with Samera

Join the Samera Alliance buying group today for free to save money on your consumables and assets, increase your profits and grow your dental practice.

You’ll get access to exclusive discounts on the consumables, products and equipment you need to build and grow your dental practice. You’ll also get exclusive discounts from our Alliance Partners, covering everything from HR, IT and legal services to utilities, compliance and dental technology.

Join for free. Save money. Grow your dental practice.

More on Growing a Dental Practice

For more information on growing a dental practice, check out the articles and webinars in our Learning Centre, like our guide on How to Grow a Dental Practice.

Make sure you never miss any of our articles, webinars, videos or events by following us on Facebook, LinkedIn, YouTube and Instagram.

COVID-19 Business Update and Next Steps to Take

Surviving a Financial Crisis

Our healthcare business consultants are experts at helping medical health providers and their businesses survive a financial crisis. We can help with cash flow management, raising finance and optimising your accounts and tax structure.

Book a free, no-obligation consultation with one of our team to find out more about how we can help you and your business.

For more information financial crises and your business, including more articles, videos and webinars check out our Learning Centre here.

Make sure you never miss any of our articles, webinars, videos or events by following us on Facebook, LinkedIn, YouTube and Instagram.

Tax Avoidance Promoters Targeting Returning NHS Workers

HMRC has recently released warnings to returning NHS workers regarding tax schemes currently being offered to some. 

Workers returning to the NHS to assist with the current COVID-19 crisis are, in some cases, being offered access to tax avoidance schemes, and HMRC is strongly warning against joining any such scheme.

How to tell if you have been offered a tax scam

There are several ways for you to tell if a scheme you have been offered is a tax avoidance scam. 

Contact Samera directly and we can advise on whether a tax scheme you have been offered is legitimate, or an avoidance scam. 

HMRC have guidance on their website to help you understand what these scams look like: https://www.gov.uk/guidance/tax-avoidance-promoters-targeting-returning-nhs-workers-spotlight-54

Citizens Advice also have information on their website on how to spot a scam: https://www.citizensadvice.org.uk/consumer/scams/check-if-something-might-be-a-scam/

Surviving a Financial Crisis

Our healthcare business consultants are experts at helping medical health providers and their businesses survive a financial crisis. We can help with cash flow management, raising finance and optimising your accounts and tax structure.

Book a free, no-obligation consultation with one of our team to find out more about how we can help you and your business.

For more information financial crises and your business, including more articles, videos and webinars check out our Learning Centre here.

Make sure you never miss any of our articles, webinars, videos or events by following us on Facebook, LinkedIn, YouTube and Instagram.

COVID 19 Update and Essential Leadership Skills

In this webinar I discuss the current situation for Dentists regarding COVID 19 plus the Essential Leadership Skills required!

Click here to read our blog on How to finance a healthcare business.

Surviving a Financial Crisis

Our healthcare business consultants are experts at helping medical health providers and their businesses survive a financial crisis. We can help with cash flow management, raising finance and optimising your accounts and tax structure.

Book a free, no-obligation consultation with one of our team to find out more about how we can help you and your business.

For more information financial crises and your business, including more articles, videos and webinars check out our Learning Centre here.

Make sure you never miss any of our articles, webinars, videos or events by following us on Facebook, LinkedIn, YouTube and Instagram.

7 Business Actions Every Dental Practice Must do in a Lockdown

In this webinar recording, Arun discusses 7 Actions all Dental Practice Owners must now do in this downtime.

Click here to read our article on How to finance a healthcare business.

Surviving a Financial Crisis

Our healthcare business consultants are experts at helping medical health providers and their businesses survive a financial crisis. We can help with cash flow management, raising finance and optimising your accounts and tax structure.

Book a free, no-obligation consultation with one of our team to find out more about how we can help you and your business.

For more information financial crises and your business, including more articles, videos and webinars check out our Learning Centre here.

Make sure you never miss any of our articles, webinars, videos or events by following us on Facebook, LinkedIn, YouTube and Instagram.

How Your Team Will Get You Through COVID-19

I refer to “The Infinite Game” by Simon Sinek which is available on Amazon.

Remember, team loyalty goes both ways.

Surviving a Financial Crisis

Our healthcare business consultants are experts at helping medical health providers and their businesses survive a financial crisis. We can help with cash flow management, raising finance and optimising your accounts and tax structure.

Book a free, no-obligation consultation with one of our team to find out more about how we can help you and your business.

For more information financial crises and your business, including more articles, videos and webinars check out our Learning Centre here.

Make sure you never miss any of our articles, webinars, videos or events by following us on Facebook, LinkedIn, YouTube and Instagram.

Dental Practice Valuations

In this webinar, filmed during the first lockdown, Arun discusses how the valuations of dental practices in the UK have been affected and why now is the time to capitalise.

Sell your Dental Practice with Samera

If you’re thinking about selling your dental practice then Samera can help make sure that you find the right buyer and the best price for your business. If you want to get the best price possible when you sell your dental practice, you need to build the value and grow the revenue to ensure you get the best return on your investment.

Book your free consultation to find out how you can grow the value of your practice before you sell.

More on Selling a Dental Practice

For more information please check out the articles and webinars in the selling a dental practice section of our Learning Centre, like our guide on How to Sell a Dental Practice in 9 Steps.

Make sure you never miss any of our articles, webinars, videos or events by following us on Facebook, LinkedIn, YouTube and Instagram.