4 ways buying a dental chair can finance business growth

buying a dental chair

This article is sponsored content brought to you by Credabl.

Kelly Gall

According to a research report by Global Market Insights, the dental chair market is predicted to hit USD2.7 billion by 2028. That’s a lot of dental chairs!

As we’ve entered the third year of the pandemic, many practice owners can no longer wait for “ideal conditions” and need to get on with business continuity. Reviewing your current business plan and strategy should always be top of mind. But it’s times like these that you might ask yourself what your approach to investing in a new dental chair should be. The good news is that the benefits of buying a dental chair can go well beyond its primary purpose. Here’s how.

1. Patient satisfaction equals more business.

The most important factor that patients will judge a practice on will, of course, be the service level. After that, you can bet that the outward appearance of your practice – including how dated or worn your dental chairs are – makes a lasting impression. It can mean the difference between whether they’ll return, as well as the likelihood of receiving word-of-mouth referrals if they are highly satisfied with their overall experience, including the aesthetics and comfort of your surgery.

2. Saving for other expenses or upgrades.

Gradually paying off your new dental chair via finance means you won’t be so out-of-pocket. After all, you’ll likely have several priorities this year such as other dental equipment purchases, new technology or software, even a practice fitout. So it’s nice to have that flexibility. For many practitioners, they also have home loans, which are non-deductible so borrowing less on that side makes better sense for most, rather than paying cash for these types of assets.

3. Leverage the instant asset write-off extension.

A common misconception is that you can only use the instant write-off if you pay cash for the goods. This is not true – eligible businesses can borrow the funds to acquire eligible assets and still receive the benefit, which helps you to claim an immediate deduction for the cost of an asset. The government increased the limit and extended the program as a result of the pandemic and you can buy from multiple sources, multiple times.

4. Get rewarded for your purchase.

Some lenders have partnership arrangements that further benefit their clients, like buy now pay later programs, which are also helpful on cashflow. Another example is Credabl’s Qantas Business Rewards offering, which enables dentists to earn one Qantas Point for every dollar borrowed. This can lead to supercharging your points balance to use on flights, upgrades, hotels, car hire and more. It’s another way that a dental chair purchase can get you one step closer to financing growth and reinvesting into your business. So it’s definitely worth enquiring about these extra benefits when you do your research.  

Kelly Gall is a finance specialist at Credabl with over 15 years’ experience.

Credabl offers a quick, easy and pain-free way for you to get the finance you need. Through simplified, customised and digitised solutions, we ensure that dentists receive the financial attention they deserve in both their personal and professional lives.

You can join Qantas Business Rewards for free via Credabl at credabl.com.au/qbr 

This article is a guide only and does not constitute any recommendation on behalf of Credabl Pty Ltd (ACN 615 968 100) or any of its related bodies corporate (Credabl). The information in this article is general in nature and we have not taken into account your personal objectives or financial circumstances or needs when preparing it. Before acting on this information you should consider if it is suitable for your personal circumstances. Credabl is not offering financial, tax or legal advice. You should obtain independent financial, tax and legal advice as appropriate.

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