Everyone needs dental care, but there are no shortages of practices promising patients a perfect smile.
The world of dentistry is changing, with huge advances in state-of-the-art technologies and innovations, improved business disciplines, and new ways to optimise the patient experience. It is imperative to stay on top of these evolvements, otherwise you risk being left behind.
New trends in the dental industry emerge frequently. Patients are quick to notice when a practice does not seem current. A clear grasp of the changes in your field provides clients with a sense of reassurance and enhances your credibility as an absolute expert in the field.
Staying ahead of the competition is tough, but when you initiate changes based on what patients want and expect, you are more likely to come out on top.
Realising such high patient expectations isn’t easy, especially when you factor in the overall cost requirements.
Even the most well-established dental practice can falter, which is why it is crucial to do your research on the right practice funding solutions for your business.
Keeping up with the latest dental technology
When people think of dental care, they automatically think of healthy, clean teeth. Although this is a vital service, dental care now involves a wide range of other options too.
As well as examination and hygiene sessions, patients may ask for anything from cosmetic dentistry, veneers, teeth-whitening, braces, Invisalign, dentures, implants, prosthodontics and inlay and on-lay restorations.
This is in addition to the rapid advancements that enable your practice to explore new techniques to diagnose illnesses and identify signs of infection sooner, and in greater detail.
All this technology tends to be expensive, which is where leasing can help.
The benefits of leasing
Rather than withdrawing large amounts of cash and risk pushing your practice into potential financial difficulty, you might consider leasing equipment instead of buying it.
- Leasing enables you to keep up with the latest advancements in your sector and stay ahead of the competition by
- Delivering the highest standards of care to clients.
- Offering a cost-effective way of borrowing dental equipment.
- Only paying for an agreed period.
- Being able to upgrade outdated equipment to higher specification models
- Not worrying about disposing existing equipment.
- Avoiding losing patients to other better-equipped practices.
Leasing vs buying
A common question dental practitioners ask when seeking equipment is whether to buy or lease.
If the equipment that you require for your practice doesn’t quickly depreciate or become obsolete, then purchasing the item in question might make sound business sense.
However, if the opposite is true, then leasing the equipment could be more cost-effective in the long-term.
Should you choose to lease dental equipment, here are some of the financial benefits your practice could take advantage of:
- Fixed Rental Payments: With leasing, you pay over an agreed term, usually up to five years. However, if the equipment is particularly expensive, some suppliers may allow the term to be extended to seven years. These payments are calculated by considering the equipment’s current worth and it’s predicted worth once the agreement matures, plus interest. As payments are fixed, you’re protected if such equipment becomes more popular among dental practitioners and rises in value as a result.
- Tax deductible: When leasing, you may be able to reclaim VAT on a quarterly basis or gain access to other tax benefits. It would be advisable to speak to a specialist independent financial advisor before applying.
- Less risk: As security is taken in the form of the equipment that you’re borrowing, only those items are removed should your practice stop making rental payments. No other equipment or aspect of your practice is affected or liable for repossession.
Thinking about leasing dental equipment?
At Chase de Vere Dental we’re specialists in providing financial advice for dentists.
It’s a reputation we have built up over many years and is championed by our dental profession client base. Our Simplyhealth Professionals endorsement is a badge we proudly wear to reinforce our standing.
In partnership with leading business finance specialists Rangewell, Chase de Vere Dental offer bespoke funding opportunities. We only advise once we fully understand your circumstances and aspirations. If you’re considering leasing equipment for dental business, get in touch to find out how we can help.
Content correct at time of writing and is intended for general information only and should not be construed as advice.