The latest Lloyds TSB Commercial Banking Healthcare Confidence Index has found that confidence amongst dentists increased when looking at the short term (next 12 months) but fell to a new low when considering their long term future over the next five years.
Two thirds of NHS dentists are not confident that the proposed new NHS dental contract will be adequately funded. 84 per cent of private dentists would not consider taking on NHS work - compared to 62 per cent in 2012.
Dentists are not confident in the future business prospects of their profession when they look five years ahead, despite being more positive over their immediate futures, according to the latest Lloyds TSB Commercial Healthcare Confidence Index.
Short term optimism has risen amongst dentists since last year, showing an improvement in positive sentiment from a net balance of nine to eighteen, while long term confidence has dipped from a net balance of -60 to -77.
While studies show that NHS dentists are currently more profitable than private practices, one third (33 per cent) say that this will ‘probably not’ be the case in five years’ time - a 10 per cent increase from 2012, while a further third (33 per cent) are not sure, a slight reduction from 35 per cent last time.
Despite an overall rise in business confidence in the last six months, increased financial pressures are set to impact on the dental sector, with 93 per cent (compared to 77 per cent in 2012) of practitioners saying that they expect to see these concerns increase in the next five years.
Commenting on the survey results, Ian Crompton, Head of Healthcare Banking Services at Lloyds TSB Commercial Banking, said: “Last year we thought it was encouraging to see overall confidence returning to the dentistry sector.
“It seems that this positive momentum has continued if we are only talking about 2013, but if you look ahead to 2018, confidence levels are lower amongst NHS dentists – most likely as a result of uncertainties over the new contract. Whilst this uncertainty may lead to a lack of investment in the short term, this is likely to recover once there is clarity regarding the contract, thereby alleviating confidence over the longer term.
“We have a successful history of advising and supporting businesses in the healthcare sector, in a range of disciplines. Our team of relationship managers has a strong knowledge and sound understanding of the challenges facing these businesses and we are determined to ensure that they remain financially fit for the future.”
A contributor to the Lloyds TSB Commercial Banking Healthcare Confidence Index, Jas Matharoo, director at Nice Teeth Ltd, said: “The increased financial pressures are inevitable. Dentists know that they are going to have to fight harder for contract values and that times are getting harder, but being aware and being prepared are two different things.
“Once the latest NHS contracts have been negotiated things may well settle down and optimism may return. The sector needs financial assurances based on their contracts, and the ability to deliver them to return to confidence. We haven’t enjoyed stability for a long time.”
The Healthcare Confidence Index was first published in August 2011 and is now in its fourth wave. It aims to provide an insight into the attitudes and opinions of primary healthcare providers; GPs, dentists and pharmacists, over the next one to five years.