Dentists are Bullish on 2017 Practice Revenue Outlook, TD Bank Survey Reveals
TD Bank's survey of 290 dentists and dental practice owners at the
2017 Priorities
Dentists named upgrading equipment as their no. 1 priority this year, with 42 percent stating they will buy or lease new equipment or technology. The survey revealed that dental practice owners are concerned about keeping up with the latest equipment and technology (27 percent), so these investments are critical to providing dental practice owners with improved diagnoses, treatment options and patient communication; same-day dentistry options; and expanded practice efficiency.
Additionally, 27 percent of practice owners cited marketing and advertising as a key area for investment, while 26 percent named hiring additional associates as a focus in the year ahead. These priorities tie to dentists' strategies to increase their incomes. In fact, 38 percent of respondents cited increasing marketing efforts to grow their active patient base as the best option to boost their revenue.
"After several years of lower expenditures, dentists once again are opening their checkbooks to make investments in overall practice health," said
Dental Retirement Plans
When thinking about the future of their practices, 29 percent of respondents said that they are considering buying, selling or merging their practice in the next few years. Longer-term plans for retirement reveal that 32 percent of dental practice owners intend to sell their practice to an associate, while 26 percent plan to sell using a practice transition consultant.
"Although the majority of dentists plan on maintaining ownership of their practices in the near term, the modest uptick in the expected supply of practices for sale is consistent with the nearly full recovery of financial losses incurred from plummeting retirement, investment and real estate values during the economic crisis," Croft said.
Practice Management Trends
Despite their overall optimism for the year ahead, dental practice owners expressed that operational challenges in addition to acquiring and adopting new technology still remain. According to the survey, the most worrisome challenges for dentists are:
- Overhead costs (supplies, rent, lab, taxes, etc.) ― 52 percent
- Staffing costs ― 39 percent
- Expanding patient base ― 37 percent
- Growing production – 25 percent
TD Bank,
Now in its fifth year, TD Bank's
Survey Methodology
TD Bank polled dental practice owners at the Greater New York Dental Meeting held in
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SOURCE TD Bank
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