A national survey from Bankers Healthcare Group, a leading provider of financial solutions for healthcare professionals, reveals that the most widespread concern among dentists is patients being able to pay for procedures and treatment. Of 413 licensed dentists who either own a dental practice or are independent practitioners and were surveyed in 2018 by BHG, 88% cited patients’ ability to pay is a top concern.
When asked to indicate other concerns within their practice, 86% of dentists said practice revenue, while 80% swept three categories: managing practice finances, patient acquisition, and keeping up with technology advancements.
“It’s clear that dentists want to have better control of their finances in all aspects of the business—whether it’s ensuring patients can pay for treatment or having the means to facilitate the growth of their practice and services by attracting new patients and making smart equipment investments,” said Al Crawford, Co-Founder, Chairman and CEO of BHG.
BHG’s survey also reveals that dentists are actively addressing their concerns or have plans to by the end of 2019. For example, nearly half (48%) already transitioned to electronic medical records; 31% are currently expanding their marketing efforts; 30% have purchased new equipment; and 29% are upgrading office technology.
Within the next year, nearly a quarter (24%) of respondents said they plan to upgrade technology and purchase new equipment, while 23% plan to invest in marketing. When asked what pieces of equipment they plan to purchase, more than half (52%) said x-ray machines, while 30% said operatory chairs and 24% scanners. It’s interesting to note that general dentists are most likely to be looking to purchase a new X-ray machine, while intent to purchase chairs is more common among specialists like orthodontists, pediatric dentists, and oral surgeons.
The data indicated that practice expansion was not an immediate priority for the majority of dentists, but for those that it was, plans include: expand the number of operatories, add new specialties, bring lab work in-house, or expand the number of locations.
BHG’s National Survey of Dentists examines financial concerns, business outlook and social media use across dental specialties in the United States. To learn more about how BHG works with dentists, please visit www.bankershealthcaregroup.com/dentists.
About Bankers Healthcare Group
Bankers Healthcare Group provides innovative, hassle-free financial solutions to healthcare professionals. Since 2001, BHG has provided more than $3.5 billion in financial solutions to satisfied customers nationwide and worked with over 110,000 practitioners. BHG is proud to maintain partnerships with leading healthcare industry associations, and is continually recognized for innovation, growth, and being a best place to work. BHG is partially owned by Pinnacle Financial Partners. To learn more, visit www.bankershealthcaregroup.com, and follow us on Twitter, LinkedIn and Facebook.