If you’re a practice principal you’ll no doubt be familiar with the term ‘exit strategy’. What you may not know is that your plan should be in place at least five years before you actually intend to leave. This gives you time to get all your accounts in order, identify the appropriate exit strategy and identify your personal goals for the future. Not to mention that it will help you secure a smooth exit and gain maximum return on your practice.

If you plan on selling the business as a way of securing monetary funds for retirement, then that time can be used to implement strategies that will help to maximise turnover and profits. Advertising and branding can help with this, as can having a dental practice valuation from a specialist valuations company.

As part of your exit strategy you should also decide whether you want to sell the practice outright or stay on part-time as part of a deferred consideration deal. Admittedly the eventual outcome may be outside of your control, but it’s definitely something to give thought to and plan. Especially if your intention is to depart immediately and settle for a smaller sum, as you may need to start your exit plan even earlier.

Of course, the better the planning, the more likely you are to achieve your personal and business goals. So if your heart is dead set on walking away from the practice and avoiding being tied into a part-time contract for several years after the sale, you’ll need to plan in advance to make that happen. Naturally, it’s best to contact a specialist dental acquisitions and sales agency that can help you to establish the most appropriate exit strategy that matches your objectives.

They will also be able to warn you of potential pitfalls to avoid. For instance, don't make the mistake of taking on fewer patients and reducing working hours too soon. All too often practice principals make this mistake, resulting in stagnation of growth and loss of income. As your profits decrease, so will the practice’s attractiveness to potential buyers and banks.

In regard to your staff, be sure to look at the way in which your associates are remunerated in your exit strategy to create an accurate overview of your practice’s performance and potential. Official associate agreements will be needed as well to protect the goodwill of the practice and assure potential buyers that the clinical team plans to remain with the business for the foreseeable future.

If retirement is on your mind or you’re thinking of moving on, then it may be time to start thinking about an exit strategy. Call Dental Elite for a free valuation, healthcheck and expert advice that will help you to achieve your long-term goals and realise your practice’s potential.

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

By Chris Tapper

Six years ago, I attended a two-day residential course. It was a CPD course I hasten to add, not the usual anger management or ‘appropriate behaviour in the workplace’ type of thing I used to have to attend before they found the right tablets for me.

Anyway, it was very interesting, although I freely admit I never put a single thing I learned into practice – mainly because the dental corporate I work for wouldn’t shell out for the equipment I needed unless I could produce a business plan that proved I could earn them at least a tenner for every quid they invested. But that is by the by.

On the evening of the first day (a Friday if I recall correctly), the ten participants plus the lecturer and two representatives of the sponsoring company, enjoyed a meal in the hotel where the course was being held. After a very pleasant starter and main course, I moved to where a gaggle of four youthful dentists were sitting and enquired as to where they were in terms of their careers. It transpired that all four had graduated from the same Northern dental school and had all been qualified roughly two years. They were all general dental practitioners and had all taken up associateships in NHS practices.

As the most experienced dentist on the course – actually, why mince words, the oldest – I was interested to see if the youngsters were enjoying their chosen profession so far. I think I was trying to vicariously re-establish myself with my early enthusiasm for dentistry.

I posed, what I felt, was a fairly innocuous question to the group:

"How’s it going?"

One female dentist confessed that she cried every night when she arrived home from work, and sometimes did it during surgery sessions. One of the males said he was so anxious about work that he threw up most mornings and that brushing the lingual aspects of his teeth was impossible, while the other female said she had trouble sleeping and had been put on antidepressants six months earlier.

Perhaps the most troubling response was from the other male, who confessed that he had on a number of occasions, thought of ‘ending it,’ having realised that he had made a dreadful mistake in going into dentistry, and couldn’t see any way out. My concern for him diminished a little when I saw that he had an incredibly healthy appetite, demolishing his own rhubarb crumble and a female colleague’s lemon sorbet in less than three minutes.

When I questioned them more closely, the reason for their universal despair was not down to the pursuit of ridiculous UDA targets or the student debts they were saddled with, but the fear of dental litigation.

All four were constantly worried that they would see their careers end either in a GDC meeting, or more likely, through the bad publicity and financial ruin brought about as a result of a civil action facilitated by a dental litigation firm. They felt that the chances of those events happening to them were high, since one of their fellow students had already found himself in the middle of litigation as a result of an NHS root-filling having not worked.

Now that was six years ago, and I would argue that since then, the UK dental profession has slipped into a febrile anxiety that I have never previously witnessed in the 30 years or so that I have been working in dentistry.

Never have I seen dental colleagues (and even strangers) so jaded and so preoccupied with fears of dental complaints and ‘the dreaded letter’ from a certain Northern dental litigation firm.

I will freely accept that I have no scientific evidence for my observations and that my views are based purely on the empirical, but I personally know of no dentist who has not recently entertained thoughts that a patient might ‘turn legal’ if the wind blows the wrong way.

Over the past 18 months, I have been offering support to a close young colleague, being pursued by an extremely aggressive young solicitor (she IS young, I looked her up) who is alleging ‘negligence’ after her client developed dry socket after a routine extraction of an upper first molar. Rightly or wrongly, my colleague decided she did not want to consult her defence organisation and so I have been (rightly or wrongly) equally aggressive in demanding expert witness or consultant reports in support of their absurd claim. So far, the solicitor has failed to provide any evidence of negligence or give any reason why an expert assessor’s report has not been provided. All I know is, it has been fun ‘having a go’ back, but it to me illustrates a sad fact – nobody in the UK-based dental profession is safe from opportunistic punts from patients who want to make a quick quid from the no-win-no-fee mob.

A few months ago, a solicitor I know told me that during a local meeting of his legal colleagues, a speaker said that a lucrative and growing new source of business was dental litigation and that it was “something to think about” since the clampdown on spurious ‘whiplash’ claims and ‘Benidorm Belly’ – where package holiday tourists claim compensation for stomach upsets caused by dubious calamari and fries - had resulted in less opportunity for successful claims.

Recent experience has taught me that dental litigators are a tenacious and avaricious species and are unlikely to give up easily on an area of medical law that they consider to be easy pickings. Certainly, according to my legal friend, lawyers see it as a much easier area to be successful in than medical litigation.

Soon, the cost of dental defence subscriptions will be prohibitive to viable practice, and the profession, once all our European colleagues go back home, will find itself unable to cope with patient demand. What is the answer? Your guess is as good as mine.

Until then, I am going to have a rhubarb crumble and some sorbet.

Ahead of the impending Soft Drinks Industry Levy on 6^th April, one in five UK adults (21%) say that potentially paying a little bit extra won’t bother them if they want a sugary drink.

According to survey figures* released today by YouGov and Simplyhealth, the experts behind Denplan payment plans, just over half of the nation (59%) supports the new tax, but a significant number of people would not be deterred by potential price hikes of sugary beverages. In the same survey, 20% of adults admitted they are addicted to sugar.

Nicknamed the ‘sugar tax’, the Soft Drinks Industry Levy is a completely new measure that comes into force on 6^th April 2018. Plans for the tax were announced in the Government’s 2016 budget in response to the nation’s alarming levels of obesity and poor oral health.

The tax primarily targets manufacturers and importers of sugary soft drinks and encourages them to adjust their recipes and reduce the levels of sugar in their drinks, thereby avoiding the tax or paying a lower level. However, consumers could also be affected and be forced to pay more for sugary drinks if manufacturers decide to not reformulate their recipes and pass on the tax to consumers.

Under the new levy, drinks with a sugar content over five but below eight grams per 100ml will see 18p added to the price of the drink per litre, and drinks containing over eight grams of sugar per 100ml will face an increase of 24p per litre. 

“It’s encouraging to see that the majority of people support the new levy and understand the urgent need to address the alarming levels of obesity and poor oral health – particularly those of children - in the UK,” said Henry Clover, Chief Dental Officer at Simplyhealth, the experts behind Denplan payment plans. “However it’s concerning that one in five people say they would not be deterred by potential price increases of sugary drinks, suggesting that sugary beverages are seen as a staple item in some people’s daily diets. Sugary drinks are a leading cause of tooth decay and acid erosion and offer little to no nutritional value.”

Encouragingly, 53% of respondents in the survey claimed they don’t drink sugary drinks, and 17% would consider choosing less sugary and potentially less expensive options, of which 10% didn’t like the thought of paying extra and 7% who definitely don’t want to pay extra.

“It will be interesting to observe consumer buying behaviour over the next year as well as seeing how many manufacturers have adjusted their recipes,” says Henry. “Reducing access to high sugar drinks options and encouraging people to choose less sugary options is likely to have a positive effect on the nation’s oral health, particularly in children and young adults. Sugary drinks should always be seen as an occasional treat and only drunk as part of a meal. Water and milk are far more tooth-friendly options.”

The survey also revealed that one in four adults (25%) admit to struggling to understand the sugar content on food and drink packaging labels, highlighting that many people may be unwittingly consuming much higher levels of sugar than they realise. Worryingly, amongst these, only 56% of 18-24 year olds knew that honey is a sugar, and only 41% of the same age group knew that molasses, fruit juice concentrates (44%) and maltose (50%) are also types of sugar.

“Confusion over food and drink labelling and a lack of awareness of the recommended daily limits almost certainly contribute to the nation’s high sugar consumption,” says Henry. “It’s important that manufacturers and retailers make it as easy as possible for consumers to know what they’re purchasing and are transparent with their ingredients and labelling. There is also a role for dental teams and other healthcare professionals to help patients understand the effects of a high sugar diet on their health and help them make more informed choices.”

*Online survey conducted YouGov on behalf of Simplyhealth. Total sample size was 5,264 adults. Fieldwork was undertaken between 12th -19th February 2018.  The figures have been weighted and are representative of all UK adults (aged 18+).

About Simplyhealth:

For 145 years we’ve been helping people to make the most of life through better everyday health.  In 2017, Simplyhealth and Denplan united under one Simplyhealth brand and today we’re proud to be the UK’s leading provider of health cash plans, Denplan dental payment plans and pet health plans.

We help over three million people in the UK access the health and care products, services and support that they need, when they need them and at a price they can afford.

• 1m health cash plan customers
• 1.5m patients with a Denplan payment plan
• 6,500 member dentists
• 1,900 member vets
• 879,600 animals covered
• 11,000 corporate clients

We’re proud to donate 10% of our pre-tax profits to health-related charitable activities every year, and this amounted to over £1 million in 2017. Our Simplyhealth Great Run Series partnership raised an additional £42.6 million for charity.

Simplyhealth is a trading name of Simplyhealth Access, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

www.denplan.co.uk

www.simplyhealth.co.uk