Dental Practice Financial Services Insights
Delivered January 28, 2020. Contributor: Amy R.
Goals
To create content marketing pieces that increase dental practice financing inquiries by first developing insights into dental practice financing trends for 2020. Some of the trends that seem most relevant include trends in acquisitions, franchising, and streamlining elements (e.g., business operations, team members, new equipment); any information that can help identify opportunities to engage dental practice decision-makers about their financial services needs.
Early Findings
- A growing number of dental practices are using a virtual CFO for assistance.
- Many companies might enlist additional help in reviewing their finances because it has been found that “small businesses lose 5% of annual revenue to fraud. The median loss from a single case of occupational fraud is approximately $130,000.”
- According to Franchise Gator, in 2020, to start a primary dentist franchise the cash required could be ~$50,000, net worth required is ~$250,000, and the total investment would amount to between $209,272 and $479,172.
- In 2019, several trends were identified for dental practice; some of those trends include using social media algorithms to increase engagement with dental patients, continuing to use review sites, 3-D printing, liking the cost-sharing benefits of group practices, using virtual reality during procedures, and using in-house membership plans.
- "Advancement of technology has resulted in the introduction of dental equipment that help to make dental processes almost pain free, hence resulting in more people opting for dental procedures."
In addition to this public search, we scanned our proprietary research database of over 1 million sources and were unable to find any specific research reports that address your goals.
Proposed next steps:
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