Feedback from a survey on the impact of COVID on the dental profession has provided some optimism for 2021. The research consisted predominantly of practice principals, from a cross section of the UK. Clearly the last year had been a strain for all, with nearly 60% reporting the pandemic had either a significant or severe impact on their business, with 88% being forced to make considerable changes to their working practices.
As well as the understandable short-term impact on their plans, 70% reported their strategy for the next five years had also changed. But the profession appears to be optimistic for the future of the dental sector, with a solid 80% of respondents confirming that they believed there is still a potential for growth; one in four confidently declaring plans to buy a practice in 2021.
There was also positivity in the profession’s prediction over how long it might take to fully recover from the pandemic, 80% expecting a bounce back in the next three years (with an optimistic 25% believing that recovery was possible in 6-12 months). Lis Hughes from Frank Taylor & Associates concurred with the findings, “The number of enquiries we’ve had post lockdown has been both a pleasant and encouraging surprise. Anecdotally, COVID seems to have precipitated a change in both practice sales and purchases. I guess one thing it gave all of us is ‘thinking time’, and it would appear that for some, this was the push they needed to buy/sell”.