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SEP
28
0

Are You Struggling to Recruit?

Are You Struggling to Recruit?

At the end of 2015, there were 41,095 dentists registered with the General Dental Council (GDC) – a small increase from the previous year.[i] Despite these growing numbers there is evidence to suggest that some practices are struggling to recruit associates. This is particularly true for those offering NHS services.

One of the reasons behind this is a shortcoming of dentists with Performer Numbers, which means there is an undersupply of licensed candidates available to work in the NHS. Obtaining a Performer Number can be somewhat of a long winded and drawn out process with a lot of paperwork involved.

Because the process can be time-consuming and practices are often on a tight schedule, employers can sometimes end up just requesting applicants that already have a Performer Number. As a result, some dentists end up getting overlooked and practices miss out on taking on a promising individual that could have been an asset to the business. Smaller, more rural practices on the other hand are much more likely to offer a job to someone without a Performer Number due to lack of choice. As I’ve seen many times before, though, these practices run the risk of an employee handing in their resignation shortly after receiving their Performer Number to pursue a job in the city.

Because UK dentists automatically graduate with a Performer Number after the completion of their foundation training, there are no restrictions as they enter the world of employment – unless they leave the UK for 12 months, in which case their number is often archived and they are back to square one. In contrast, some foreign applicants have to pass the overseas registration exam (ORE) before they can register with the GDC, apply for their Performer Number and take on jobs. For some, this process can take up to two years and leaves a number of dentists without a job and practices without great applicants.

The other possible reason why practices occasionally struggle to find suitable staff despite a superabundance of dentists is that too many applicants either require mentorship or don’t have enough experience. At the end of the day practices have UDAs that must be completed and if a dentist with little experience cannot meet their allocated target, the practice will end up with a UDA deficit. In my experience, NHS practices also tend to prefer dentists with UK experience and knowledge of the NHS and UDA systems.

Then there is the matter of dentists that are looking to specialise somewhere down the line. It can be difficult for a general practice to take on someone who has ambition to become a specialist, because they are either going to leave or request that they go part-time to practise elsewhere. As such, some businesses are reluctant to take on such individuals, which in turn means they are required to consider applicants that might actually be less suitable for the vacancy.

And that’s not to mention the impact that competition has upon the recruitment process, not just from an associates perspective but also from an employers. To attract the best dentists in the profession, practices are now offering what is known as a golden hello – a one off payment of anywhere between £1,000 and £10,000 to entice them into joining the practice. This is usually tied in with a clause so that if they leave within the first 24 months of their contract, they’ll be required to pay that money back.

We have also noticed a rise in the price being offered to dentists per UDA, which is also likely to attract a high calibre of ambitious dentists. Before, the going rate was £10 per unit in most cities and towns. In an effort to make contracts more appealing to top tier candidates, however, some practices are now offering £10.50 to £11.00 per UDA – and that number could well creep up over the coming months. The other popular financial incentive is to offer commission for referring a patient to the hygienist.

A tactic used by larger, more established practices is to offer more clinical freedom to associates looking for a less regimented work environment. From what I’ve seen, the practices that tend to be most successful are usually those that are more forward thinking in their approach with staff. This includes allowing staff to have more flexibility in their working hours to attend training and to continue with their studies.

It is also important to remember to be forthcoming with applicants about the patients that are on the books, for instance, the ratio of private to NHS, demographics and so on. This can help to give them an idea of what it would be like working for the practice.

With so many factors to take into consideration, recruiting an associate is no easy feat. For that reason it can be prudent to enlist the services of a specialist agency such as Dental Elite. With the right help and expertise, the profession can operate at its full potential.

For more information on Dental Elite visit www.dentalelite.co.uk, email This email address is being protected from spambots. You need JavaScript enabled to view it. or call 01788 545 900

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2927 Hits
MAY
11
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“Definitely Recommend”

“Definitely Recommend”

 

Emma Watkins was recently placed into Portman Healthcare in Faringdon, Oxfordshire as a Dental Receptionist.

Although her use of a recruitment agency was entirely accidental, she had nothing but positive words when asked about her experience. She said:

“While it did come as a bit of a surprise that I had inadvertently used a recruiter, I did find it very useful having someone I could discuss the position with –especially post-interview when I was keen to find out how it had gone.

“What’s more, I enjoyed the fact that I was able to distance myself from the process of arranging the interview and so on with the practice manager.

“Having now used Dental Elite, I wouldn't rule out using a recruitment agency if I was looking to step up the ladder.”

Emma also reflected on whether she would recommend an agency to other professions:

“When you’re working full time, job hunting can be a job in itself. Using a recruiter allows you to find a position without having to apply for separate jobs and without having to do any of the work. For that reason, I would definitely recommend an agency to other professionals.”

To find out more about Emma’s experience with Dental Elite, visit the website today.

 

For more information contact Dental Elite. Visit www.dentalelite.co.uk, email This email address is being protected from spambots. You need JavaScript enabled to view it. or call 01788 545 900

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7512 Hits
FEB
11
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A Role For Everyone

A Role For Everyone

 

Whether you are looking for your first, next or last dentist role, it can be difficult to know which pathway to take.

Experienced and up-to-date with the latest market trends, Dental Elite could help you consider all of your options.

Dental Elite offers a single point of contact service from one of its knowledgeable specialist recruiters and has a vast database to help you find your ideal job.

Corporate or independent, private or NHS, permanent or locum and general or specialist, Dental Elite has a vast range of vacancies available.

If you are looking for something different, Dental Elite could even find you a role within the community, in a prison or on a military base.

To find out more about current vacancies and how Dental Elite could help you, contact the team today.

 

For more information on Dental Elite visit www.dentalelite.co.uk, email This email address is being protected from spambots. You need JavaScript enabled to view it. or call 01788 545 900

  2777 Hits
2777 Hits
JAN
12

Learn to lead

Learn to lead

Patients have more choice than ever. They want excellent dental care and impeccable customer service from the minute they step inside the surgery. For a practice to survive, it must be well-run, with a clear vision that an inspired team works together to achieve.

 

A great practice therefore needs great leadership. There are different ways you can lead people and even if you don’t think these skills come naturally to you, there are simple ways to develop them.
 

Decide what style of leadership is best in your circumstances. It is just as important that a small-to-medium sized practice is as properly run as a larger one, because losing a patient or employee will have a more noticeable impact on revenue. You won’t achieve anything without a plan and having shared vision, which is decided on and supported by everyone, is the first step to becoming a good leader. Recognise that your plans may change as your circumstances do, but be consistent in your long-term goals, so your integrity is not questioned.
 

A good leader will reward the contributions and achievements of the team that supports them; if you can’t do this financially, then share details of good work so people feel valued and appreciated. Real investment in the people that work with you – both professionally and personally - will create a happy, enthusiastic team and reduce staff turnover too.
 

Recruitment decisions that will enrich your practice and complement the team that you already have in post are crucial to your success. The support of your team will help you to make good decisions, including which tasks to delegate. Because you can’t do everything, especially with a full clinical schedule, empower those around you by giving them to the chance to learn and grow. Offer ongoing training and professional development opportunities for those who have voiced their desire to take on more responsibility and evolve their job description.
 

Think about enriching your team and growing your own talent with the new Trailblazers apprenticeship schemes. These programmes are supported by the government but lead by employers, including Mustafa Mohammed, Managing Director of Genix Healthcare and Sparkle Dental Labs, who is dedicated to improving standards and increasing the skills base of the nation. Currently, there are apprentice schemes available for dental practice managers and dental nurses and training individuals in this way has been found to be rewarding and cost-effective.[i] Taking on an apprentice is a fantastic way to tap into aptitude and potential and to create a committed, accomplished and loyal workforce.
 

Although there are different ways to lead, the ability to motivate, inspire and transform are qualities that every good leader needs. Most importantly, having a vision, the integrity to stick with your long-term plan and a team that will help you to fulfill it, is what will set your practice apart from the rest.
 


Follow Mustafa on Twitter @Mustafa_T_M or Facebook www.facebook.com/MustafaMohammed0

For additional information from the National Apprenticeship Service, please visit www.apprenticeship.org.uk.

For any additional information please call 0800 138 6255 or email This email address is being protected from spambots. You need JavaScript enabled to view it. or visit: www.sparkledentallabs.com

 



[i] UK Commission’s Employer Skills Survey (UKCESS) 2012.

 

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2326 Hits
SEP
04
0

Units of Dental Activity Versus Practice Value - It’s a Juggling Act

Units of Dental Activity Versus Practice Value - It’s a Juggling Act

In 2006, the NHS and Primary Care Trusts (PCTs) introduced the current funding system to NHS dental practices based on the amount of Units of Dental Activity (UDAs) completed in one year. Since NHS England took over the responsibility from PCTs in 2013 operating this system, a total of 27 Area Teams replaced the 150 PCTs nationwide.

There is no sign the pressure on practices to reach their UDA targets will ease. In fact, underperforming practices today could be finding the targets even harder to meet; any shortfalls in one financial year are carried over to the next, meaning a ‘rolling’ deficit is a real concern for year-on-year figures. During this financial year, NHS England is also required to reduce running costs by between 10-15%, so if anything a tightening rather than a slackening of the rules on meeting targets is inevitable[i].

In the quarter of the financial year ending December 31st 2014, the NHS published data showing that in England, 88.8 million UDAs had been commissioned. This presented a 0.8% decrease from the same quarter in 2013, equating to 696,000 fewer contracts and also 90,000 fewer contracts than were commissioned in the previous quarter of 2014[ii]. This situation has had a knock on effect that determines the prospect of selling those NHS practices struggling to make the quotas they’ve been allocated. 

The sale of practices with NHS contracts in some areas of the UK has been detrimentally affected where NHS England has over-commissioned dental services. Simply having enough people in a locality to justify a contract hasn’t proven to be reason enough to award one. It doesn’t automatically follow that the community wants more NHS dentistry; they may instead prefer long-standing local private practices, or worse still, not be seeking dental services at all.

Failing to be within 4% of the fixed year-on-year target can be catastrophic, in the most extreme cases practice contracts can be terminated. In examples such as underperformance or closing during contractual hours, NHS England initially serves a breach notice but if the practice then makes any kind of future breach of contract (which may be for an entirely different reason) the contract can be immediately revoked. NHS England will then negotiate a new contract, with less funding. Also, the degree of leniency previously afforded to NHS dentists will diminish with Area Teams having to enforce a harsher approach and breaches of contract are far more likely to be issued this financial year than ever before. In cases of underperformance alone, NHS England may deem that a practice was over-funded for the services being provided and will effectively ask for a refund from the practice (a claw back).

Nowadays, competition is fierce between NHS practices to entice patients through the door so that they have a fighting chance of meeting their UDA targets. This fact contributes towards complicated agreement negotiations when valuing a dental practice for sale. Purchasers (and their financial backers) involved in buying NHS practices must thoroughly research and become assured that the UDA contracts can be maintained and that they have the finances for any necessary improvements to facilitate this. Sellers on the other hand, will want to ensure that the post-completion obligations and liability are kept to a minimum. In short, a shrewd perspective and business plan are two essential ingredients for all involved in the sale of NHS practices. The predicted outcome of patient recruitment plans and any expense involved in them needs to be assessed and built into the valuation of the dental practice for sale.

A claw back of 500 UDA’s is equivalent to a £11,000 reduction in funding (based on average treatment costs) which can seriously undermine profit, so a potential buyer will need these kinds of figures incorporated in the practice value. Essentially, you are on your own in terms of building a patient base, NHS Clinical Commissioning Groups play no part in filling appointment slots. This means examining the practice’s current performance to see if there is room for improvement on reputation and profit.

Action plans cover anything from a complete re-fit of the surgery and reception areas, to designing a trendy website, prioritising SEO and right down to the skill of your receptionist in welcoming patients and putting them at ease. The team at Dental Elite can help you identify key areas to note during the sale of NHS dental practices whilst retaining a realistic view of the changes that actually need to be made to the business; often the simplest aspects such as chairside manner and the comfort of the patient waiting room are the cheaper and most effective alterations needed.

 

For more information and to find out how Dental Elite can value
and assist your practice sale visit www.dentalelite.co.uk, email This email address is being protected from spambots. You need JavaScript enabled to view it. or call 01788 545 900



[i] Local Government Chronicle – NHS England to cut hundreds of posts in restructure by Dave West 30 July, 2014. http://www.lgcplus.com/opinion/health/more-on-health-and-social-care/nhs-england-to-cut-hundreds-of-posts-in-restructure/5073456.article (accessed 28/5/2015).

[ii] NHS UK – Dental Commissioning Statistics, England – December 2014. https://www.england.nhs.uk/statistics/2015/02/05/dental-commissioning-statistics-england-31-december-2014/ (accessed 2/6/2015)

 

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10668 Hits
AUG
16

Find out how to get connected with Munroe Sutton

Find out how to get connected with Munroe Sutton
 

Do you want to know how you can effortlessly increase your patient recruitment? Visit the team from Munroe Sutton on stand M205 at this year’s BDIA Dental Showcase to find out how it can be done.

 

With an ever expanding network of healthcare and insurance institutions, Munroe Sutton can connect you with a truly expansive range of new patients – all eager to benefit from the affordable, high quality treatment you will be able to provide them.

 

By integrating you into a prodigious network of dental care providers, you will benefit from nationwide marketing and quality assurance – meaning more patients will know about you and the excellent service you offer. What’s more, this service is completely free for dentists to join.

 

With over 30 years’ experience and a steadfast commitment to bringing patients and dental professionals together, the team at Munroe Sutton are ready to help you develop your business.

 

Be sure to come and talk to the friendly team about how you can get involved at the BDIA Dental Showcase 2015.

 

For more information please call 0808 234 3558 or visit www.munroesutton.co.uk

  2561 Hits
2561 Hits
AUG
12

Dental Elite: Going the extra mile

Dental Elite: Going the extra mile

With extensive knowledge of the dental market and an excellent single point of contact service, Dental Elite is one of the leading companies in dental recruitment, finance, valuations, acquisitions and sales.

 

“My representative was very supportive and I found it extremely valuable to be able to deal with the same person throughout the whole process,” says one principal from Sussex who recently sold their practice.

“I also recommend Dental Elite,” says Chris Hobley from Northamptonshire. “Their attention throughout the sale and follow up was excellent.”

It is clear to see that Dental Elite strive to go above and beyond in delivering personalised support and assistance. That is why they also go the extra mile to assist with CQC applications, offer advice and insight in EDITDA and use a clear and transparent fee structure.

What’s more, two members of the team will be taking part in this years London2Paris bike ride on behalf of Bridge2Aid, and Dental Elite promise to donate £5 for every set of details taken leading up to the charity event.

To register your details and show your support, visit Dental Elite at stand I135 at the upcoming BDIA Showcase and enjoy a drink in their complimentary wine bar!

 

For more information on Dental Elite visit www.dentalelite.co.uk, email This email address is being protected from spambots. You need JavaScript enabled to view it. or call 01788 545 900

 

  3476 Hits
3476 Hits
JUN
17

Do you need help to recruit perfect people? | Dental Elite

Do you need help to recruit perfect people? | Dental Elite

Dental Elite are experienced dental recruiters who work solely with the dental profession to help practices find the most suitable individuals to engage in locum or permanent positions.

 

With the aim of providing an efficient and effective service to all clients, Dental Elite hopes to become a natural ‘first port of call’ for all your recruitment needs.

 

Dental Elite offers professional advice on contracts of employment or contracts for services (for self employed staff) and can help with any aspect of recruitment.

 

For advice and guidance on helping your practice grow from strength to strength, contact the experienced team of consultants at Dental Elite today.

 

For more information and to find out how Dental Elite can help to recruit the most suitable members of your dental team visit www.dentalelite.co.uk, email This email address is being protected from spambots. You need JavaScript enabled to view it.
or call 01788 545 900

  2587 Hits
2587 Hits
JUN
01
1

Valuations – a science or an art?

Written by Luke Moore of Dental Elite

 

 

Dental practice valuations are often shrouded in mystery but they needn’t be; here we give you an insight into the process behind the numbers.

 

It’s true that since the introduction of business-focused stakeholders into the dental profession, as well as a more concerned credit team in lending banks; the computations behind goodwill valuations require more logic.

 

Demand for dental practices prior to the 2006 NHS contract and the relaxation of the Dentists Act 1985 was far more limited than in the present market. The NHS contract change installed a scarcity value in NHS contracts, restricting competition significantly. With one of the main concerns business owners previously had removed, practice values doubled if not tripled by August 2007.

 

Valuing a dental business is now much more of a thought-provoking process and solely using percentages of turnover as a method of calculation is no longer satisfactory.

 

Alternatively, EBITDA modelling can be used to provide the true operating profit of a dental practice, however, multiplication of a practice’s existing EBITDA does not serve as an accurate calculation of practice valuation either.

 

EBITDA or Earnings Before Interest, Tax, Depreciation and Amortisation, is an accounting acronym that does exactly as it says. The process of calculation involves removing all of the non-cash costs in your accounts such as depreciation and anything that a new practice owner would not continue to incur. Once the EBITDA figure has been established, this is then multiplied depending on the company, market and economic climate.

 

Currently, dental practices are being sold for between four and seven times their EBITDA. This can vary depending on a number of factors, however, generally the lower the perceived risk and the more sustainable the profit is (or is perceived to be) the higher the profit multiplier.

 

Unfortunately calculating this is not as simple as one might think and many practices are far less clear-cut. Practice A and B are radical examples, but even a small difference of £20,000 in projected EBITDA terms can be the equivalent of £140,000 in value.

 

It is also important to remember that your profit and loss EBITDA calculation will not be the same as the buyer’s EBITDA. This is because EBITDA and multiples rely on each other to make the valuation work, for example, five times profit and loss EBITDA might not be as attractive as a purchaser’s adjusted net income at four times. Furthermore, the EBITDA used may not always be your actual EBITDA. When analysing the valuation, it could be that the amount of money you spend on associates, materials, labs, staff and other areas is higher than what other buyers would spend. Therefore the higher valuation may come from a lower valuation multiple, multiplied by a higher projected EBITDA.

 

Calculating the valuation of your dental practice is not a simple procedure and a number of variables need to be taken into account. Working with trusted experts, such as Dental Elite, who can offer you the necessary advice and support is crucial.

 

Dental Elite is the second largest specialist practice sales agency in the country, offering a comprehensive and transparent service. The experienced and knowledgeable team can provide you with a free and non-committal valuation. Following a visit to your dental practice they will provide you with a Healthcheck Report, which demonstrates exactly how they have calculated your practice’s value and how it could be improved.

 

Although dental practice valuations remain as much a work of art as they are a science, understanding the process will reduce the mystery surrounding the calculations. By working with professionals who are experienced and current in dental practice valuations an accurate and transparent valuation will be achieved.

 

For more information and to find out how Dental Elite can help you, visit www.dentalelite.co.uk, email This email address is being protected from spambots. You need JavaScript enabled to view it. or call 01788 545 900

  5951 Hits
Recent comment in this post
Alan Suggett

The mystery of Goodwill valuat...

A very interesting article Luke, it can only help to remove the "smoke and mirrors" from dental practice valuations. The nub of it... Read More
Thursday, 04 June 2015 10:07
5951 Hits

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