Throughout the COVID period, the practice was closed for just under three months. Fortunately, we were able to furlough staff. We were not able to claim the business rates relief as we are classified as a medical practice.
Due to the cash position in the business, we were able to get through the three months. We have since taken out a bounce-back loan of £50,000 to add some cash support to the business in case it is needed. The interest rate is very low at 2.5%, and the loan can always be repaid if we do not need it.
We took a pro-active approach to lockdown and launched a new service for ‘online consultations’. This led to over 100 online consultations for cosmetic dental treatments such as Invisalign and Dental Implants while people were at home locked down.
Finally, we re-open
We re-opened the clinic on June 6th in line with national guidance from the GDC.
Since then, we have been fully booked with patients and have gone off to a great start to recovery.
The consultations we carried out during lockdown have paid dividends, and we are now dealing with a windfall of new patients for high-value items. This has led to August is one of the best on record with a turnover of £89,000.
We have a very profitable pipeline of treatment lined up for the coming months and are expectant that the figures will make a full recovery.
One final benefit of lockdown is that we have seen a massive surge in new patients joining due to many NHS practice still being closed. This is great news as these new patents will help increase revenue for years to come as they come to see us annually.
The business is in great shape and on our way to a full recovery sooner than expected.