Rising Confidence reported amongst Dentists as Private Dental Care Increases
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- Published: Thursday, 15 May 2014 11:43
- Written by News Editor
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Continued recovery in the UK economy is driving a rise in confidence amongst dentists and a move towards more private dental care, according to the findings from the latest Lloyds Bank Commercial Banking Healthcare Confidence Index.
- For the fifth Lloyds Bank Commercial Banking Healthcare Confidence Index in a row, dentists are the most optimistic about the overall future prospects of their profession when compared to GPs and pharmacists
- 80 per cent of dentists are concerned that the impending NHS dental contract will be inadequately funded
- Over two thirds (69 per cent) of dentists are planning to grow their business in the next five years to combat this
Combined confidence in the profession has risen from a net balance of -29.5 to -18, which is the most positive result recorded in the history of the Index. Dentists’ short-term confidence has also increased from a positive net balance of 18 to 23, in a reflection of growing optimism in the industry within the last six months.
Dentists are continuing to show concerns over the funding arrangements for the proposed new NHS dental contract, with just 12 per cent confident it will be adequately funded, in line with dentists’ sentiments six months ago. Whilst long-term confidence has risen slightly from a net balance of -77 to -58, the uncertainty around the impact of the contract and what it will mean for the future is damaging morale within the profession.
The Index shows a significant shift in the provision of dental care, with 61 per cent of practitioners planning to offer private services to patients and 63 per cent of dentists now expecting private practices to be more profitable then NUS surgeries in five years’ time, compared to just over a third (38 per cent) six months ago.
Take part in the next Healthcare Confidence Index visit www.healthcareconfidenceindex.co.uk
With the changes sweeping through primary healthcare 69 per cent of dentists are planning to grow their business over the next five years to combat the expected increase in financial pressures reported by 87 per cent of the dentists questioned (93 per cent in the fourth wave).
More than half (54 per cent, compared to 55 per cent last time) of dentists expect their practice profits to increase over the next 12 months, whilst over a third (34 per cent) would encourage their son or daughter to enter the profession, a drop from 43 per cent last time.
Ian Crompton (pictured below), Head of a Healthcare, SME Banking, Lloyds Bank Commercial Banking, said: "Primary healthcare is experiencing unprecedented change, with some professions rising to the challenge and others wary of the impact this will have on their budgets and service provision.
"The wider economy uplift has boosted dentistry morale, with dentists continuing to hold the position as the most confident profession in the short-term for the fifth wave running. It is interesting to see the noticeable shift in the number of dentists expecting private practices to again become more profitable than NHS, particularly as the funding structure of the new contract remains unclear, which is resulting in innovation amongst dentists looking for alternative avenues to help grow their business."
A contributor the Lloyds Bank Commercial Banking Healthcare Confidence Index, Jas Matharoo, Director at Nice Teeth Limited, said: "Dentists are bracing themselves for the impact of the new NHS contract, and as we emerge from the recession they are planning to build their practices to put themselves in a strong position to overcome any potential fallout from future contract allocations.
“With younger, forward thinking dentists entering the market and exploring ways to offer new services cost-effectively, it is set to be an interesting few years in the sector. "
The Healthcare Confidence Index was first published in August 2011 and is now in its fifth wave. It aims to provide an insight into the attitudes and opinions of primary healthcare providers; GPs, Dentists and Pharmacists, over the next one to five years.
To view the full Lloyds Bank Commercial Banking Healthcare Confidence Index please visit www.lloydsbank.com/healthcare and to take part in the next Healthcare Confidence Index visit www.healthcareconfidenceindex.co.uk
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