Online Supply Marketplace’s Dental Practice Customers Need Protective Supplies and Funding Assistance to Resume Operations
CARY, NC - May 5, 2020 - Net32 Inc., the leading online dental supply marketplace, today released a survey that reveals how dentists are managing their practices amid the COVID-19 pandemic. More than 1,000 dental practices across the U.S. participated and 90% of respondents were owner dentists, sharing insights on their changing business practices, worries and needs. The results provide an inside look at the current state of the dental industry, which is facing unprecedented challenges.
Pat Cassidy, DMD, MPH, CEO of Net32, co-founded the company to provide industry leading pricing, transparency and service. Net32 empowers tens of thousands of dentists to run healthy practices while significantly reducing their overhead costs. “I wanted to hear how fellow dentists are navigating the unique business challenges we’re facing with the COVID-19 pandemic,” said Dr. Cassidy. “These findings reveal important industry insights, which I hope will help dentists more confidently navigate their path forward.”
The survey found the majority of practices are open by appointment only (68%), while 20% are fully closed, leaving 12% of practices open for emergency care only. Of the practices that are fully closed, the reasons for closing are below. This data illustrates that dentists are concerned with how they can best protect themselves, team members, and patients while maintaining profitability.
• State mandate - 83%
• COVID-19 risk to the dental team - 70%
• American Dental Association (ADA) recommendation - 67%
• Lack of adequate personal protective equipment (PPE) - 46%
• Federal recommendation - 32%
• Not viable financially - 24%
90% of dental practices said they are concerned about procuring PPE and other supplies in order to get their practices up and running safely:
• 75% N95 face masks
• 50% surgical face masks
• 50% hand sanitizer
• 40% disposable gloves
• 40% liquid sterilant
• 20% barrier film
• 20% protective eyewear
• 17% chair covers
• 10% no concern, we are fully stocked for restart
• Common free form responses include: Face shields, gowns, air purifiers, UV treatment, and COVID-19 test kits
Additional key findings include:
• Many dental practices (70%) have implemented layoffs, while 30% have retained all their staff. Only 11% of dental practices retained all their staff at full pay.
• Dentists are planning to rely heavily on government assistance programs to help them get through the shutdown, while nearly half (46%) are dipping into their personal savings to save their practices.
• 70% plan to seek government assistance
• 46% plan to use personal savings
• 25% plan to use business savings
• 15% plan to seek traditional bank loans
• 3% plan to use 401K (or similar retirement savings)
• Of those practices that are seeking government assistance, almost all are applying to the Paycheck Protection Program (PPP), while many others are hoping to receive Economic Injury Disaster Loans (EIDL).
• 91% are seeking support from the PPP
• 69% are exploring EIDLs
• 26% are hoping for payroll tax relief
• 16% are looking into SBA Loan Subsidies
• Other topics covered in the survey include:
• What are dental practices focused on professionally during shut down and eventual restart?
• General thoughts on COVID-19 effects to dentists’ personal and professional lives
• Thoughts and concerns on the future of dentistry
• Training needs and financial impact of new infection control requirements on dental practices
• Practice certification and implementation for rapid COVID-19 testing (dentist concerns and Dr. Cassidy’s perspective)
The survey was conducted by Net32 via Google Forms and completed on April 25, 2020 among 1,094 dental practitioners across the United States. To download the full survey results and explore more resources for dentists, visit Net32’s Coronavirus Resource Center at http://net32.com/pub/covid-19.
About Net32 Inc:.
Co-founded in 1997 by CEO Dr. Pat Cassidy, DMD, MPH, Net32 Inc. is the leading online dental supply marketplace. The company is a pioneer in developing innovative technologies that power its online comparison shopping platform. Net32 leverages technology and world-class customer service to empower dentists to run healthy practices while significantly reducing their overhead costs. The company is based in Cary, North Carolina. To explore Net32's flagship single-point comparison marketplace, visit http://www.net32.com.