One of the meanings of the word ‘key’ in the English language is ‘essential, fundamental or crucial’ and emphasises the importance of something. Within the dental practice there are key professionals who have the knowledge and skills to create and keep the business running successfully. Without them there is a possibility that it could no longer be a sustainable.

Most people would agree that not insuring their physical assets against danger is irresponsible. Property owners insure buildings against fire, theft, flood and storm damage and business owners will take further cover to replace the consequential loss of profits they may incur while waiting for these assets to be replaced. However, it is not unusual for dentists to overlook their most important assets of all – the people whose skills and knowledge are critical to the existence of the business.

Within a dental practice the expertise and contribution of key people needs to be protected adequately and appropriately to secure the viability of the practice as a whole. Unfortunately many owners and partners overlook this vital cover, which can leave their business in uncertain territory. Many people believe that if their loans are covered they are secure and they can sell the practice if the worst comes to the worst. Problems arise however, when surviving partners cannot afford to pay a deceased estate or when they do not want to or find it difficult to sell their practice.

Lets look at an example: Dr Jones and Dr Smith form a partnership and own a dental practice on a 50/50 basis. They decide to take out a practice loan to extend their building and incorporate some new technology. However, a few years later, Dr Jones is involved in an accident and dies. The practice loan must still be repaid in full but additionally, Dr Jones’ estate includes half of the value of the practice at its current worth and his executors expect to receive his fair share of the business. Assuming the practice is worth £1 million, the estate will legitimately expect £500.000. Dr Smith may not be able to fund this amount of money and consequently, the business is in danger of collapse.

Key-Person Assurance is an insurance policy that can be used to compensate a practice for financial losses that would arise from the death or extended incapacity of an important member of the business. The practice pays the protection and in the event of death or critical illness, a lump sum is paid by the assurance company to eliminate the financial strain on the surviving business partner. In the case of the partnership, described above, the practice would receive the £500.00 enabling the surviving partner, Dr Smith, to pay Dr Jones’ estate and allow him to retain the entire business.

Obviously there are financial implications of the Key-Person Assurance, such as the need to pay the premium. However, it is paid by the business not the individual, which means that tax relief is applicable on the premium and the benefit is also paid out tax-free. So there is really no reason to prevent practice owners from taking out Key-Person assurance. The peace of mind is invaluable and if the worst happens, there are no complications or financial strain on surviving partners, family or estate.

A partnership agreement is also essential when a business is a shared investment. According to the Partnership Act of 1890, if a partnership dissolves the deceased partner’s share may have to be paid to the estate. This could mean struggling to fund thousands of pounds when one of the profit sources of your practice has been lost. Similarly, if one of the partners of a business becomes very ill or disabled the effects can also be destructive. They may need to continue taking a profit from the business when they are unable to practise themselves. Alternatively, they may wish to take early retirement or be bought out. A partnership agreement should document how these circumstances can be resolved for both partners, as well as the business.

For dedicated guidance from Independent Financial Advisers who are familiar with working closely with the dental professionals, consult the experts at money4dentists. They understand that all financial decisions should not be made lightly and are experienced in helping dentists across the UK to overcome the challenges and problems that arise, unique to dentistry.

The key is often used as a symbol of security and throughout history it has also been used to represent the ability to gain access or open up opportunities. Don’t overlook your vital ‘key’ people, who allow you to access indispensible skills and bring value and security to your practice. They need to be protected from unforeseen circumstances to ensure a safe and fruitful future for everyone involved.

For more information please call 0845 345 5060, email This email address is being protected from spambots. You need JavaScript enabled to view it. or visit www.money4dentists.com

The modern world dictates that practice principals need to understand the health of their business just as comprehensively as the health of their patients. They need constant indicators of how effectively and efficiently their business is running to ensure growth and profitability. You may be under the impression that your business is strong due to a high volume of patients, but individual figures, like annual turnover, will give a fairly limited and unreliable representation of your business.

In order to assess the real potential of your practice, it is necessary to create, implement and analyse Key Performance Indicators (KPIs). These are used to evaluate and predict the success of your business, which can be defined by not only profitability but also performance and progress. In choosing the correct KPIs you can measure all areas of your practice in a broader and more accurate way.

Establishing useful KPIs

Once the targets of your business are defined, KPIs enable you create a strategy to reach those goals and then monitor your progress to ensure you stay on the right course. They can help assess the current state of your practice and highlight any areas that need improvement or refinement.

To establish useful KPIs for your practice you can look at the aspects you wish to change, decide how you would like to enhance them and what indicators would demonstrate this progress. The secret to success is in the actions you take as a result of your KPIs – focus on the actions, see the value, enjoy success and build on the momentum from there. By implementing a process rather than making an isolated change, you will get much better results.

What should your KPIs measure?

Your KPIs should measure how effectively your targets are achieved and how efficiently your resources are used to do this.

You can therefore look at your actual and expected sales figures, daily gross income per practitioner or as a whole practice and expenses for activities such as marketing. Overheads such as staff wages, routine product purchases, equipment maintenance need to be kept in mind, but of course cannot be affected by KPIs. Variable costs like dental supplies, laboratory costs and new technologies also need particularly careful management and review with an inventory when production increases. In monitoring what you were aiming to achieve and how close you get to doing so on a regular basis, you can quickly access your financial stability.

KPIs can then be used to measure how well you utilise your practice teams, equipment and funds to attract and engage new patients, collect payment, provide customer service and perform exceptional dentistry, which can all generate referrals and therefore profit. Other non-financial aspects such as chair occupancy, case completion rates, diary utilisation, patient conversation rates, fee collection efficiency and cancellation rates should also be taken into account.

There is no limit to the data that can be analysed, but it is usually advisable to start with less and to increase them as you and your team become accustomed to the new processes in place. It’s important to remember that even basic tracking can yield results and improved outcomes. A balance of the aforementioned areas will provide an accurate idea of your overall practice performance. Such KPIs will help you not only manage your business more effectively on a day-to-day basis, but also predict profits and growth and implement realistic goals for successful future development.

Where do you find the time to monitor all this?

Effective strategies and systems need to be utilised in order for you to implement and monitor your KPIs in a time- and cost-efficient manner. A comprehensive, easy to use computer system is therefore invaluable, and fortunately there are solutions available to you.

An integrated system such as the CS R4 Clinical+ practice management software from Carestream Dental offers complete integration of imaging, case notes and Back Office tasks. The system allows practices to generate patient records and review clinical notes, while keeping track of appointments and chasing accounts. Financial statements, production rates as well as monthly or yearly averages can be reviewed at the touch of a button and it is ideal technology for tracking a range of KPIs while simultaneously operating an efficient dental practice.

For any business looking to expand and grow, realistic targets and effective strategies to achieve these targets are paramount to success. KPIs offer an efficient method for implementing processes to improve a variety of areas, while also enabling you to measure and monitor progress in an accurate and tangible way. From this data, you can create the actions you need to enhance your business.

For more information please contact the experts at Carestream Dental on 0800 169 9692 or visit www.carestreamdental.co.uk

The Government’s Trailblazer initiative is set to improve and develop apprenticeships in 29 different industry sectors across Britain. Owner of Sparkle Dental Labs, Mustafa Mohammed, is leading the way to create a programme designed specifically for dental technicians.

Apprenticeships can give young people the opportunity to learn on the job, building essential experience and practical skills to enable them to become experts in their chosen field. Through high quality training and mentoring, businesses can create a motivated, skilled and highly qualified workforce.

Committed to spreading the word and raising awareness for dental technician apprenticeships, Sparkle Dental Labs recently welcomed a selection of esteemed professionals to its remarkable premises in Leeds. The event, held in celebration of the company’s first year of business, also presented a fantastic opportunity to increase support for the apprenticeships.

MP for Harrogate and Knaresborough, Andrew Jones, was in attendance and commented: “Apprenticeships are one of the most important parts of education in Britain…I believe few sectors will however create as much excitement and as much drive as the dental laboratory industry has, and for that I would like to congratulate everyone involved.”

Delroy Beverley, Chairman of The National Apprenticeship Ambassadors Task Force for Yorkshire and Humberside, further highlighted the importance of the apprenticeship scheme and offered high praise for Mustafa Mohammed and the team at Sparkle Dental Labs: “Crucially, Mustafa has recognised the need to do something… Asking for no personal accolade, he has nurtured this idea and is dedicated to providing a blueprint that shows the Government and other businesses alike, that you really can ‘practice what you preach’. Sparkle Dental Labs is a great example of just this”.

Anthony Knowles, Head of Employer and Delivery Services with the National Apprenticeship Service, added: “The facilities at Sparkle Dental Labs are fantastic – something for Yorkshire to be proud of. I think this is matched by Mustafa’s approach to offer more chances of employment for young people… I would encourage as many business owners as possible to get involved with the scheme”.

The pioneering dental technician apprenticeship will offer an array of advantages for the British public with hugely increased employment opportunities and the chance to ‘earn while you learn’. Boosting the national economy and the UK dental lab industry in particular, participating employers will also benefit from enhanced productivity, lower staff turnover and an increased skill set among the company1^,2.

Sparkle Dental Labs continues to lead the way in training and education. With established orthodontic and implant teams, all work is produced to the highest standard and tuition of the next generation of employees is second to none. To find out more about the laboratory, or about how you can get involved with the apprenticeship scheme, contact the dedicated team today.

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

For more details about Sparkle dental Labs, please call 0800 138 6255, email This email address is being protected from spambots. You need JavaScript enabled to view it. or visit:

www.sparkledentallabs.com

Recently in a study conducted by the Cosmetic Dermatology Journal it was revealed that the number of males using Botulinum Toxin treatments has increased by 258 percent over the last decade.

In general, men do not want to undergo significant, invasive alterations but are more likely to consider Non Surgical Facial Aesthetics (NSFA) to reduce the visible signs of ageing and to make them feel more confident. Often men are interested in reducing the wrinkle lines on the forehead and between the eyebrows to make them appear less angry or stressed and more responsive.

Wrinkle relaxing injections are also used to counter periorbital wrinkles or crows feet, furrowed brows and frown lines. Dermal fillers are able to soften lines and folds and to restore volume to sagging skin. These procedures are non-surgical so patients recover quickly and do not require any time away from work or other commitments.

In order to receive the best possible results, it is vital for both men and women to visit an appropriately trained practitioner with in-depth anatomical knowledge, in a suitable clinical environment. It is vital that the differences between treating males and females, is fully understood. For example, men have much stronger muscle mass on the forehead area than woman and the natural shape of the male eyebrow is not as arched. The usual female brow is situated above the bony orbital margin, whilst the normal male brow is situated below the orbital margin and is perceived as a vital part of masculine presentation. Without this understanding a practitioner might administer cosmetic injections, which could leave their male client looking overly feminised.

Adequate training to undertake NSFA is vital to provide clinicians with the necessary knowledge and confidence to provide first class treatment. Leading facial aesthetics practitioner and trainer Dr Brian Franks is able to offer hands on training courses in Botulinum Toxin, Dermal Fillers, Medical Micro-needling (Dermaroller) and radio frequency. With over 25 years’ dental experience, he has wealth of knowledge as a clinician who has progressed into facial aesthetics and understands the clinical and ethical issues involved.

Cosmetic interventions are a booming business in the UK, worth £2.3 billion in 2010, and this is estimated to rise to £3.6 billion by 2015 with non-surgical procedures accounting for nine out of ten procedures and 75% of the market value[1]. While non-surigcal treatments are highly popular with women, men are now becoming an increasingly important part of the market.

For more information on facial aesthetics treatment, or to find out about training courses, please visit www.drbrianfranks.com, call 020 8446 6518 or email This email address is being protected from spambots. You need JavaScript enabled to view it.

Dr Brian Franks

BDS (U.Lond) LDS RCS (Eng) MFGDP (UK) FPFA ACIArb MEWI

Dr Brian Franks is a Facial Aesthetic clinician, and the Clinical Lead for the MSc in Non-Surgical Facial Aesthetics at the School of Medicine and Dentistry, University of Central Lancashire (UCLan). He is a member of the Health Education England (HEE) Expert Reference Group and Task and Finish Group, helping to establish training protocols for the facial aesthetic / cosmetic industry, as well as the Independent Healthcare Advisory Service (IHAS) and the TYCT Governance Board. He is also the founder of the Dr Brian Franks Facial Aesthetics Training Course Faculty, as well as an experienced teacher and lecturer on the facial aesthetics and dental circuits. Dr Brian Franks Facial Aesthetics Training Course Faculty offers courses from foundation, intermediate and advanced level botulinum toxin and dermal fillers, to medical micro-needling (dermaroller) and radio frequency training.