The Rising Cost of Dentistry
There’s no doubt that 2022 has brought about a new era of turbulence. Between the cost-of-living crisis, the energy crisis, the NHS crisis, rising interest rates and reducing supplies, times have certainly become tough in recent months.
Just as we thought nothing could be worse than COVID, we are being pushed to the limits on almost every front of daily life. Household disposable incomes continue to plummet as mortgage rates increase. Fuel costs are through the roof and our weekly supermarket shop nudges closer towards the danger zone.
Britain’s inflation rate is now at a 40 year high. Inflation is pushing 11% year on year, the pound has hit record lows against the dollar and sadly the latest mini budget suggests nothing but more borrowing on the horizon.
As individuals, we are all feeling the pinch, one way or another, however businesses are similarly buckling as costs of operation spiral out of control. For the sake of transparency to our patients we thought it might be useful to explain how the current economic climate is hitting the world of dentistry. It might not do much to change the situation, but we are all in the same boat. It might just be worth looking at the river from a different perspective.
So what exactly is driving the rising cost of dentistry and what can we do soften the blow?
The NHS Crisis
It’s been all to widely reported that public dental care has been in tatters for decades. News of an impending NHS dental crisis is a common feature across media outlets thanks to painfully long waiting lists, staff shortages and crippling targets. It makes for sad reading that so many of the public are forced to resort to DIY dentistry, literally taking their teeth in their own hands in the absence of access to essential dental care.
Sadly, matters have only gone from bad to worse during 2022. The cost of living crisis is forcing people to choose between food on the table or dental care and NHS practices are struggling more than ever to balance the books and remain afloat.
Our mission during this time has been bridge the gap for those who have found it impossible to be seen by the public system or struggle to finance the treatment they require through private practices. We have extended our appointment hours, expanded our clinic network, negotiated the best possible rates from our suppliers and offered as many payment packages as possible to try and ensure that no-one is deprived of essential dental care. We even try to take on as many charity cases as possible to support those who otherwise would spend their lives suffering daily with their oral health due to insufficient financial means.
The whole Banning Dental philosophy is about providing universal, quality dental care to all that need it, not just those that can afford it. However, the latest turn of economic events has made even operating in the private sector of dentistry a financial conundrum.
What is driving the Rising Cost of Dentistry?
Running a dental practice is a costly business, even in the best of times. These are businesses that pay premium rents for convenient high street locations, consume exorbitant quantities of electricity and gas to power lights, scanners, x-rays and essential equipment and rely on the skills of highly qualified professionals to maintain their reputation.
Therefore, just a minor hike in rents, utilities and staffing pushes financial feasibility into challenging waters.
“Since the government’s energy “cap” only applies to private households, health and care providers are exposed to the full surge in energy prices.” (World Socialist Website)
Raw materials have become more expensive than ever to produce and deliver thanks to the evolving energy crisis. According to the British Dental Association lab bills have increased on average by 15% and nearly one-fifth of dentists have seen their utility bills rise by more than 50%.
Staff retention is key in an industry that is only as good as its practitioners. With key personnel struggling with increased living costs, there is a pressure to raise wages in order to retain workers, however this adds additional strain on practices that are already being squeezed in every other area of expenses.
The Banning Response
Despite our best efforts to remain the most accessible and affordable private dentist out there we are simply are not immune to the rising costs that impact of every aspect of our operation.
We have absorbed as much of these increases as possible to remain competitive. We work with an excellent network of suppliers who value our working relationship and honour this by providing us with the best possible rates for their materials and services.
We will continue to provide flexible finance options, interest free repayments and dental insurance coverage to make our services as attainable as possible for those that are feeling the crunch.
We continually monitor the Consumer Price Index to ensure we are running to maximum efficiency in order to maintain our competitive pricing. However we need to keep our practices running to capacity to maintain purchase volumes so that we can pass on the benefit to our patients.
Our intention is to keep prices low, whilst maintaining our quality reputation and accommodating patients of all budgets. Whilst we will do everything in our power to always offer the best value to price ratio, it’s inevitable that at some point, final retail prices may have to budge.
It may all seem like doom and gloom, but in true British spirit it’s time to take a belt and braces approach to riding the wave and we’ll see this blip through to the other side.
If you are concerned about how to cover the cost of your dental care during this rising cost of dentistry, please reach out and speak to us so we can consider how we might be able to help.
