The news gets better all the time. In November 2004, an ANZ Bank Industry Brief reported that the Australian dental industry is now worth more than $4.4 billion and continues to grow at a solid pace.
ANZ analysts say a confluence of factors are stimulating expenditure on dental services (7-10% pa), as well as promising greater wealth for individual dentists.
They predict increased demand for services, increased fees, decreased numbers of dentists (less competition), lower operating costs and a change in the presentation of dental surgeries through recent deregulation and outside investment.
Financial forecasters say some dentists will create joint practices with other medical practitioners, sharing resources and distributing costs like reception, advertising and equipment.
Such a shift, they say, could bring even greater growth and prosperity to dentistry, but there is a trend the experts have not yet picked up on.
Many dentists who have already taken a bite of the cherry, enjoying rapid growth in their own practices over the passed few years, have several things in common They have taken advantage of new marketing and promotions opportunities, invested in staff training and built practices that reflect their business ambitions.
Figures collected over 17 years of practice design', show dentists who invest in upgrading and modernising their own rooms show an average increase in turnover of about 40%. Most of this growth is achieved without additional marketing or publicity.
The question to ask, as demand for dentistry increases, numbers of working dentists decline and the market becomes increasingly educated and influenced by fashion and image - is are you getting your share of the profits?
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