The dental industry in Australia is changing rapidly due to increasing corporatisation, preferred provider arrangements with health funds and the oversupply of dental graduates. What does this mean for the many Australian mid-sized dental practices?
We have partnered with BOQ Specialists and Bstar to bring the BOQ Specialist Dental Practice Research Report 2016/2017 to dental practices in our area. The report aims to help you find out what successful practices are doing to prevent failures, improve their business and grow the value of their practice.
What are the biggest challenges?
The report highlights the concerns that dentists have in this increasingly competitive environment being:
Dentists are aware that they need to become more efficient in their practices. Whilst 77% of dentists believe their practice is not operating at peak efficiency, 62% of dentists believe a growth plan is vital and requires immediate attention yet only 41% of dentists have a plan for growth.
Oversupply of dentists and dental graduates
The oversupply of dentists and graduates has caused concerns in respect of increased competition, finding a competitive advantage and maintaining patient fees.
The increasing corporatisation of dental practices and preferred provider arrangements with health funds has caused concern among dentists who recognise that this is squeezing out free enterprise.
68% of dentists do not have a succession plan with management succession being more important to dentists than ownership succession.
If you would like to obtain a copy of the Executive Summary of the BOQ Specialist Dental Practice Research Report 2016/2017 here’s a link to it here.
We can assist dentists by alleviating their concerns and providing solutions to help prevent failures, grow and improve their practice, minimise risks and plan for succession. Please contact Rachel Hunter of Quill Group to arrange an appointment.