Got some big plans for your dental practice? Maybe you’re looking to bring in more patients or upgrade your equipment.
Whatever your goals may be, one thing is certain – financing is essential. But let’s face it, navigating the world of dental practice financing can be overwhelming.
That’s where this guide comes in. We’ll break down the process in a way that’s easy to understand and give you the knowledge you need to make informed decisions about your business.
We’ll cover:
By following the tips outlined in this guide and working with a trusted company, you can feel confident in your ability to secure the funding you need to grow and succeed.
There are generally two main options for financing your dental practice: Hire Purchase and Finance Lease.
Both options are forms of instalment credit, and they have different benefits.
Hire Purchase allows you to purchase the equipment outright at the end of the agreement. The benefits of Hire Purchase include:
Plus, expenditure may be allowable against taxable profit within your Annual Investment Allowance in the year of purchase to the sum of £200,000 to £1,000,000.
A Finance Lease allows you to use the equipment for a set period of time without owning it. The benefits of a Finance Lease include:
Products and services are subject to eligibility, status, terms and conditions and availability.
When applying for dental practice financing, lenders will look for certain information to assess your application.
For an established practice, lenders may require:
For large transactions, lenders may require annual accounts for the practice and copy bank statements.
If you’re a new start or “squat” practice, lenders will require a comprehensive business plan.
When evaluating a dental practice finance application, lenders take various aspects into account.
They assess the viability of the business and the type of equipment that requires financing. In addition to this, they look into the credit history of the business and its shareholders to ensure that there is no adverse credit information.
Demonstrating the ability to generate the income required to service the debt applied for is also a key consideration.
By analysing these factors, lenders can determine whether the application is feasible and the level of risk involved in approving it.
While dental practice financing can be a key factor in the success of your practice, it’s important to remember that there are other financial aspects to consider as well.
Financing can help with investments such as equipment upgrades and expansion, but it’s also important to manage your cash flow, maintain profitability and plan for unexpected expenses.
A well-rounded financial strategy is essential for the long-term success of your practice. Here are some tips for effective financial planning:
Develop a detailed budget that includes all your expenses, from rent and salaries to supplies and equipment.
Regularly monitor your cash flow to ensure that you have enough cash on hand to cover expenses and take advantage of opportunities for growth.
Make sure you stay on top of your tax obligations to avoid penalties and fines.
Develop a long-term financial plan that takes into account your goals for the future, such as expanding your practice or saving for retirement.
Braemar Finance is an established player in the dental market, with over 30 years of experience.
As part of a major UK banking group and FTSE 250 company, they are able to offer a “local” service to their clients through their seven area sales managers who cover the whole of the UK.
As a direct funder to the dental market, they are not a broker, which means all of the documentation that they would ask you to sign will be in the name of Braemar Finance.
This makes any lines of communication easier as you would not have to go through a third party when talking to the finance provider.
Braemar Finance can comply with a range of staged payments that Eclipse Dental requires for a particular project, and they can pay a deposit on your behalf, which helps to preserve your cash flow.
They have worked closely with us for over 10 years and value the relationship they have with our clients and with the Eclipse Dental team.
At Eclipse Dental, we understand that financing is just one piece of the puzzle when it comes to the success of your dental practice.
That’s why we go the extra mile to help you achieve your goals by introducing you to trusted specialists who can assist you in every aspect of your practice, from design and build to cutting-edge technology.
We are focused on the long-term success of your business, and we are committed to supporting you every step of the way.
I have used them for the first time in recent months for a complicated project in carrying out a practice refurbishment. Eclipse were meticulous and brilliant. Very knowledgable engineers and a beautiful finish to my practice. They really are a family based business who will look after you. Very professional company and will definitely keep using them.
I had my 2 surgery practice completely stripped out and services repositioned with new flooring, new equipment and redecorated. They kept to the agreed time scale and we were up and running in our state-of-the-art new surgery. Thank you Eclipse and I will be using your services again.
I did a lot of research looking for a dental fit-out company before I came across Eclipse Dental. They designed the surgery exactly the way I wanted it to look which suits my requirements perfectly. The final result was phenomenal, just phenomenal!
The engineers that attend our practice are very knowledgeable and always act in a professional manner. If we have an emergency situation John Boyt always tries his best to fit us in. I have no hesitation in recommending Eclipse Dental Engineering to you for all your servicing and breakdown needs.
Eclipse listened to my ideas, they added a lot to them and improved my initial design. They had loads of realistic and creative ideas for a 21st century dental practice! Two surgeries were refurbished on time without any interruption of our clinics.
We would highly recommend the awesome Eclipse team who guided us through the design process, finishing touches and colour schemes. Their ability to combine build works with equipment and dental engineering makes it so much easier and better value.
I am very pleased with the result, it is of a high quality and surpassed my expectations, on the strength of the work done I commissioned some extra wall cabinetry. The whole process was hassle-free and I would be very happy to recommend Eclipse to my friends in the business.
We used Eclipse recently in an emergency as we had equipment failure. They were very quick to respond to our call and were able to get us working again within 2 hours. The engineer was very friendly and professional and I would highly recommend this company.
I would like to express my gratitude to you and your team for your professionalism and prompt response when our dental chair packed up. You attended the same day, removed the damaged chair and installed a rental to allow us to continue practising.
Having dealt with many fit-out companies over the years, Eclipse Dental has been one of the most professional, dependable and sincere companies I have ever worked with. I would not hesitate to use their services again.
Excellent service, Eclipse have worked tirelessly for us and have always come out same day if we have a problem stopping us working. Thanks to all at Eclipse.
Their awareness of CQC regulations regarding equipment relocation and our necessity to minimise downtime was brilliant. We would like to recommend Eclipse Dental to anyone considering a refurbishment or relocation.
Very happy with the service and reliability of the team. From the beginning to the end, everyone was always helpful and very kind. I definitely will recommend Eclipse Dental!
I liked how swiftly the projects were done. Everything was managed, everything was timed and everything was coordinated. And every day we saw something happening. It was very exciting.
The quality of craftsmanship was exceptional—the cabinetry, flooring and all custom elements were made precisely to our specifications and aligned perfectly with our vision for the space.
Brilliant. Just professional! Complete refit of surgery. Flawless.
The boys did well! We didn’t give them much time to prepare but they did a great job, extremely pleased.
We have had the chairs for some time now and are happy with them. They serve what we need them for. The aftercare service is excellent
Eclipse are very flexible and listen to your needs. We are very impressed with the quality of workmanship they delivered. I would not hesitate to continue recommending Eclipse.
Eclipse were always accommodating of any requests and would always go the extra mile. I look forward to working with them for many years to come.
We are delighted with the end result. The practice looks good and, more importantly, works ergonomically and efficiently.
