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ePaper created 2017-11-24, 11:00:53 | version 1.38.0
| opinion business side of dentistry A future path for entrepreneurial dentists Author: Dr Mitesh Badiani, UK It is easy to generalise, but I think that most people would agree that we live in changing—and challeng- ing—times. While technology is moving on apace, pushing all aspects of work and life forward and changing the way that we do even the most ordinary of things, uncertainty lingers over the future of our government, economy and commerce, not to men- tion the foot-dragging negotiations of Brexit or the numerous and frightening affairs overseas. It is diffi- cult to predict which way things will go, whether you look at them a micro or a macro level. Things are no different in dentistry. Disruption is afoot with the old, closed-door approach being slowly replaced by transparency and patient choice. New clinical indicators will increase the pressure to achieve higher quality and outcomes framework scores, and new regulations will ensure that the ‘rogue traders’ who occasionally blighted the name of the service—as they have so many others—can no longer gain a toe- hold, let alone a foot. All this change creates fertile ground for the entrepreneur, and yet they still face a perennial problem with financing their ambitions. It is an unfortunate fact, but at the heart of any business is money. Whatever ethos drives a company, whether in the charitable sector, healthcare, public services, retail, or a brand within the FTSE 100, it can get nowhere without sustainable funding. This is a problem increasingly faced by dental practitioners, especially those looking to expand their business. Ask around, and few dentists will say that they orig- inally embarked upon their chosen career because they wished to go into business. There are far quicker and easier ways to do that. However, for those with a passion for the science, skills and service of dentistry, private practice offers the opportunity to take control and provides that invaluable commodity time. It might also mean specialising in one niche area, diver- sifying practice offerings or expansion through the creation of a portfolio of practices. Each of these op- tions requires funding, but while traditional business loans can be accessible to the single practice owner, the entrepreneurial dentist with an eye on expansion will soon discover the necessity of looking elsewhere in order to finance their plans. The pitfalls of independent dental practice portfolio growth Developing a small portfolio of dental practices brings particular challenges when it comes to secur- ing sufficient funding. Despite the fact that they are free from the restraints that often bind practices that are part of corporate chains, independent practices with multiple outlets face their own issues. Not only do they tend to be too big to sell when retirement beckons—because who can secure that kind of fund- ing?—but it can be next to impossible to raise the fi- nance for further growth or investment. If you cannot find the funds to run a practice well, there is no point in running one at all. 06 roots 4 2017