Practice refurbishment pays for itself

If I had handed you a magic wand at Optrafair a few weeks ago to supercharge your practice, what would you spend your money on? The likely answer from many practice owners would be ‘clinical equipment and a practice refit’. If I had taken the magic wand away, you would probably tell me that you could not afford this investment but the commercial reality from observing the finances of hundreds of practices around the country is that you probably can not afford not to invest.

Our research shows that a full refurbishment, (the rule of thumb costing 20% of turnover), inspires both your clients and staff to value your practice more and leads to a significant increase in both turnover and profits over a five-year period. As an example, let us take a practice with turnover of £500,000 spending £100,000 excluding VAT on a full refurbishment. In this example, additional turnover of between 10% pa and 15% pa can be achieved over five years, resulting in average annual pre-tax profits of £40,000 per annum. The return on investment of this project over five years would be in excess of 54%, equivalent to £59,460 of post tax profits delivered.