A recent survey found that nearly two-thirds of dentists expect practice revenue growth over the next two years amidst an expanding national economy.
The 2017 Dental Practice Survey by TD Bank, released Tuesday, found that more than two-thirds of the 290 dentists surveyed plan to invest in practice upgrades, such as new equipment and hiring staff, as a result of their optimism, according to a statement issued March 21.
Dentists said upgrading equipment is their top priority this year, with 42 percent reporting plans to buy or lease new equipment. Twenty-seven percent of respondents reported concern about keeping up with the latest technology, highlighting the need for upgrades.
In addition, 27 percent of practice owners said marketing and advertising are key areas for investment, while 26 percent said hiring new associates is a priority this year.
Optimism in 2017 follows years of more conservative expectations, Dan Croft, head of Healthcare Practice Solutions at TD Bank, said in the statement.
“After several years of lower expenditures, dentists once again are opening their checkbooks to make investments in overall practice health,” Croft said.
Meanwhile, dentists report concerns about operational challenges. The most cited worries included overhead costs; staffing costs; the need to expanded patient bases; and increasing production.
