An industry we’re very familiar with is Dentistry. It’s rare these days to see an industry where there are no major players. Dentistry is one such industry and the growth is significant.
Industry revenue is expected to rise at an annualised 3.8% over the five years through 2018-19, to $10.0 billion. This includes anticipated growth of 2.3% in the current year. Is your business planning on that growth or growth that’s higher than national expectations?
We’re seeing first hand that there are a few reasons why Dentistry is performing well.
Australia’s ageing & growing population has supported the Dental Services industry over the past five years. In contrast with other health services, the Dental Services industry is predominantly privately funded. While most individuals pay for dental check-ups and procedures with their own income, some use private health insurance extras cover to subsidise the cost. Rising private health insurance uptake has stimulated industry growth, as patients with private health cover are more willing to visit their dentist regularly and undergo expensive procedures.
There are some industry threats for sure but the opportunities seem to even them out. We’ll go into this more next week.
The post Business Alert at 9:00am With CVA – Growth Industry appeared first on Clear Vision Accountancy Group.
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