Magdelena Harding, Specialist Financial Adviser at Wesleyan Financial Services discusses what practice owners need to think about when refurbishing their practice.
The transition from NHS to private practice brings with it a whole series of changes affecting everything around you, from your patients, your finances to your work-life balance amongst other things. The journey also provides an opportunity for a fresh start for your business and the perfect moment to give your practice a facelift to demonstrate to your patients that you and your practice are transitioning. Refurbishment plans can be costly – having the right finance partner can be key to growing your practice and successfully making the switch.
Meeting patient expectations
Expectations of patients paying for private treatment differ to those attending an NHS clinic. Patient perception does matter, and opinions are typically formed as a result of the whole patient journey when it comes to pay as you go private patients and plan patients. The dental experience takes longer and involves a detailed clinical consultation - the ergonomics of the practice setting will make a significant difference when it comes to meeting patient expectations of private care.
Signalling change
If you have already been thinking of making improvements - the point of conversion is the perfect time - it’s a very clear visual and experiential signal that things have changed and that you are fully invested in enhancing the service and creating an environment where conditions are optimal for both patients and staff. A high standard of service and comfort is paramount from beginning to end, and demonstrates a clear statement of intention and commitment to the patient. Even if your practice is already private, there will come a time when an update to the general look and feel may be necessary, and equipment will need upgrading.
What does planning a facelift involve?
A full practice refurbishment is a significant investment - it can be extremely costly and will typically involve taking out a loan; and as with any type of large financial transaction, it will involve careful thought and consideration.
When it comes to how much you may need to borrow, it is worth considering two main aspects - both of which are connected. The first is looking at the practice’s brand, which may need refreshing or even, in some cases, re-inventing to reflect the new proposition, this may include marketing literature, a stronger digital presence and new staff uniforms. As part of that, the second aspect could include physical improvements to the practice that not only result in an improved environment, but one that is aligned with the brand in terms of colours, mood and feel.
There are many elements involved in creating physical improvements, from layout and interior design aspects which may include the remodelling of reception and waiting areas to create an inviting and inclusive space, renovating consultation rooms, refurbishing bathrooms and staff resting areas, investing in new signage, furniture and other commodities - for example, water dispensers, hot drink machines, digital display screens, imagery, plants, fresh paint for the interior and exterior of the building; through to purchasing new equipment and investing in the latest technology to be able to perform complex treatments. Have a clear plan in mind.
A commercial business loan
A commercial business loan will make it possible to borrow the necessary funds and to pay them back each month allowing you to fulfil your plans without compromising on your cashflow.
Talking to a Specialist Financial Adviser can help you explore providers that offer business loans specifically tailored for dentists to meet their unique requirements, using their knowledge and experience to work with you.
The right finance partner can be key in facilitating the transition from NHS to private and growing your practice - from covering the costly refurbishment plans, to investing in the latest dental equipment to keep your practice ahead of the competition.
Depending on the provider, payments can be spread over a number of years, helping to ease the pressure on your cashflow whilst allowing you to spruce up your practice.
Some key things to bear in mind:
- Are you using all the space in the practice as effectively as possible? What facilities would you like to offer whilst patients are waiting, i.e., a coffee machine, fresh flowers, music or a screen. When in the consultation room, what would you like your patients to look at on the ceiling?
- Have you got the correct and updated technology to help with your treatment plans?
- Cross check the design to make sure it will help you to achieve all your goals and objectives.
- Get some quotes from suppliers and where possible some recommendations from other practices.
- Financing – ensure you get several quotes for the loan.
- Protecting your loan against death, serious illness and in the event of you being unable to work due to an accident or sickness.
If you are transitioning from the NHS to private practice and would like some guidance on what financial options are available for practice refurbishment, book a no-obligation business funding review with a dental specialist financial adviser at Wesleyan Financial Services by visiting www.wesleyan.co.uk/financial-advice/appointment/or calling 0800 316 3784.
Please note that the FCA does not regulate commercial mortgages.
About Magdelena Harding
Magdelena is a Specialist Financial Adviser at Wesleyan Financial Services, supporting dentists, their families, and their practices with financial planning to secure their financial future.
Wesleyan Financial Services Ltd (Registered in England and Wales No. 1651212) is authorised and regulated by the Financial Conduct Authority. Registered Office: Colmore Circus, Birmingham B4 6AR. Telephone: 0345 351 2352. Calls may be recorded to help us provide, monitor and improve our services to you.
Wesleyan Financial Services Ltd. is working in partnership with Watts Commercial Finance Ltd. to provide a number of business finance solutions.
Authorised and regulated by the Financial Conduct Authority (FCA), Watts Commercial Finance Ltd. is a broker with access to the whole of market.
Wesleyan Financial Services Ltd. will receive commission from Watts Commercial Finance Ltd. upon completion of the loan. The amount of commission received is variable