Is good oral health important at workplaces? More so than you might think — since it’s been proven people who take care of their mouth, teeth and gums not only have fewer dental issues, but better overall health.

According to the National Association of Dental Plans, 77 percent of Americans have dental coverage through an employer, public program or plan they purchased themselves, which means they’re more likely to:

  • Visit the dentist regularly
  • Bring their kids to the dentist
  • Get needed dental treatments in a timely manner

On the flip side, the 23 percent who don’t have dental coverage aren’t likely to do any of those things, and they may even resort to drastic measures — like pliers, chisels, and whiskey. Recognizing that, some dentists are providing these people with financing options that encourage them to visit regularly.

 

A Market Trending Upward

The dental industry as a whole has been growing at annual rate of 2.4 percent since 2014. Total revenue for 2019 is expected to be $138 billion, and both the number of practices and employees — around 186,000 and more than one million, respectively — are predicted to continue rising. While opportunity exists for practices to grow, a significant threat also looms.

First the good news. As income levels increase, people are more likely to visit the dentist or purchase high-margin cosmetic procedures. Per capita disposable income is expected to increase in 2019, representing a potential opportunity for the industry. Although health insurance and government health programs pay for a portion of dental services, patients are financially responsible for a considerable portion of their dental expenditures; their out-of-pocket payments represent the second-largest source of industry revenue, an estimated 38.6 percent.

Now the threat. According to the American Dental Association, while children and adults are experiencing declines in cost barriers to dental care, seniors — who’ll need more maintenance due to declining dental health, which could include dental implants and other cosmetic dental procedures — are contending with increases. If those age 65 and older who need care aren’t ultimately able to access it, that limits revenue growth.

 

The Need for Funding

Dentists, just like their M.D. colleagues, are doing more than caring for patients, but also running a business. Ensuring they have the necessary capital to cover overhead — which includes payroll, equipment and other office expenses — can provide stressful, especially for those dentists still paying off the student loans that allowed them to complete dental school.

New practices may need to buy all their supplies and equipment, train new staff, and purchase computer systems and software for recordkeeping, payroll, invoicing, and all other administrative needs. Growing practices may need to upgrade their equipment, buy more supplies, hire more staff, and even open up a new location. Struggling practices may need relief from lagging patient payments.

 

Loan Types

Two loan types in particular are often of interest to dental practices:

  • Working capital loans — Secure cash to pay for anything that helps you support your ongoing operations — expenses like payroll, taxes, equipment and supplies.
  • Lines of credit — Have access to cash when you need it, so you’re able to take advantage of growth opportunities, stay current with technology and get through potential slow times.

 

Why Clear Skies Capital

Traditional funding sources like banks have lots of hoops to jump through and a lengthy application process that more often than not results in a “no.” At Clear Skies Capital (CSC), we focus on saying “yes,” helping dental practices get access to the funds they need instead of being stymied by the challenges presented by traditional financing.

Our streamlined funding process includes very little paperwork, and approval can occur within 24 hours, even for those with less than perfect credit. We offer 24-hour access to funding, flexible terms up to 48 months, and a fixed payment and interest rate — and don’t forget the interest on our loans is tax-deductible. It might sound too good to be true, but it’s not; we’ve been in this business for many years, helping many dental practices.

 

The Takeaway

If you own a dental practice, you know it’s important to be able to fund your steady growth and evolve as necessary to stay competitive. Not having access to capital shouldn’t be the reason you remain stagnant. CSC has worked with many dental practices, so we’d love to share our expertise while investigating financing alternatives with you. Get started today! Discover how much you qualify for today.

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