Are you reviewing the financial stability of your dental practice while grappling with annual clawback anxieties? Are your associate dentists facing pressure from not hitting UDA targets, which could ultimately impact their income?
Many dentists feel pressure to reach NHS targets that don’t provide the return needed to run a commercially viable business. But a solution exists to break free from the annual NHS clawback cycle. Read on as we lay out effective strategies to escape the clawback trap and how to transition towards a successful private dentistry model.
Assess the impact of NHS clawback
The first step towards breaking the cycle of NHS clawback is to understand the financial impact it would have on your dental practice. We often see dental practices that do not factor significant clawback for the year ahead into their budget. This lack of planning results in having to find funds quickly, often resulting in increased borrowing.
NHS does NOT provide financial security
The rise in clawback cases highlights that the NHS system is not financially viable for many. The hoops a dental practice must jump through and the targets they must achieve to retain the funds given, reveal a more complex and demanding system that adds pressure. That pressure can be lifted when converting your practice to private dentistry.
Consider the private dentistry route
Shifting towards private dentistry can provide more control over your practice’s financial future. By relying less on NHS income, you can set your own fees and focus on providing the care required without the limitations imposed by NHS regulations. You could also be more prosperous with fewer patients on the books. This would allow more time during your working day to deliver exceptional care.
Financial analysis of your practice
Some dental plan providers, such as Patient Plan Direct, can calculate realistic long-term financial projections, which would be acquired from a newly established private patient base. This would begin with an open and honest discussion on current workloads/pressures and clawback issues.
Clearly defining the reasons for seeking alternative, more sustainable income solutions, allows your chosen practice plan provider to specify what targets must be achieved for a successful NHS to private conversion.
Capitalise on dental practice plans with your NHS patients
We specialise in dental practice plans, which are vital when converting from NHS to private dentistry, as they provide a steady income stream. We are experts in driving the sign-up of your existing NHS patients to new private plans, so you meet your projected targets. Additionally, we know how best to attract new private patients to your practice.
Adjustments in practice
Transitioning to private dentistry involves adjustments within your practice too. Our conversion experts spend time supporting a practice team by developing strong communication and promotion techniques. This gives them the knowledge to deal with any patient queries (including objections from existing NHS patients!) with confidence. We know some team members may struggle with the change in practice, so we help them consider life beyond the NHS conversion and how this will be beneficial to both them and to patients.
Communicate the benefits to patients
We will arrange communication to your patients about your upcoming NHS conversion. We also advise you to utilise various marketing channels to showcase the benefits of choosing your practice for private, affordable dental care. Our tried and tested methods have seen practices overachieve their original patient target.
If you’re interested in an initial exploratory meeting to escape the clawback merry-go-round, rest assured that there are no obligations to engage our services but we’d appreciate the opportunity to examine the unique factors of your practice and perform a comprehensive viability analysis. This analysis will allow us to project the financials and determine the necessary milestones for a successful conversion.
Drop us a line here and we shall be in touch to arrange our first meeting.