APR
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Taking on a young manager

Taking on a young manager

 

 

Technology continues to evolve bringing new challenges and opportunities to dental practices. The role of the practice manager in particular has changed considerably, and now requires candidates with increasing knowledge of IT systems[i].

 

Taking on younger candidates can be an ideal way to meet the changing demands of the job and usher in the sort of diversity that is required. Many companies welcome young employees, while others tend to avoid them, opting for more mature and experienced individuals[ii]. However, while there are advantages and disadvantages of recruiting from either age group, the changes dental practices are and will continue to face favours the younger generation who are more readily able to understand and apply technology into business.

 

Good dental practices operate on a hierarchical system with patients’ interests and the dentist at the top and other members of the team supporting them to enable the practice to run to its optimum capacity1. The manager has to help deliver the most efficient service possible and contributes significantly to the smooth running of the business. With the increase in laws and regulations in recent years, there has also been a huge rise in administrative work, which the modern day practice manager must complete in a timely manner, along with their other duties. Implementing new IT systems and advanced technology can reduce time spent on mundane tasks, allowing the manager more time to provide support and direction to the team.

 

Having young employees can bring in fresh perspectives, providing new ideas and solutions to enhance workflow and meet the changing demands. They are often more adaptable, have an abundance of energy and a natural thirst for knowledge, which can inspire colleagues around them and invigorate the workplace. Hiring a young person can also give practices the opportunity to have a greater influence in the kind of employee they become2.

 

Youngsters can provide an inexpensive way to grow the workforce, particularly when taking on an apprentice. In recent years there have been significant improvements made to the UK’s vocational education and training systems, as well as an increase in government funding for apprenticeships, especially in England[iii].

 

Through well-developed pathways, apprentices can learn the skills in the workforce that go beyond general employability. The schemes allow individuals to gain essential experience in the workplace by learning from real professionals and thus acquiring industry-specific knowledge. Senior staff will be able to work with the new recruit to encourage common values and good ethics from the outset, giving them a chance to truly understand the practice. Having learnt from current team members, the practice manager will be more able to deliver a high performance in line with the practice’s strategy, goals and values3.

 

Currently, practices can benefit from offering individuals the Apprenticeship in Dental Practice Management. Barnet and Southgate College is a lead provider of the scheme and offers intake for the programme periodically throughout the year, with the next start dates on: 4th May, 6th July and 14th September 2016 with other dates to follow. Find out more today about this exciting scheme and start building your business for tomorrow.

 

For more information on the Apprenticeship in Dental Practice Management, please contact Barnet and Southgate College:
www.barnetsouthgate.ac.uk

0203 764 4333
employer@
barnetsouthgate.ac.uk

www.facebook.com/barnetsouthgate

twitter @barnetsouthgate



[i] Gorman, S. (2007). Vital guide to dental practice management. Vital, 4, 19-20.

[ii] Creative & Cultural Skills. Why hire a young person? Available online 20th August 2013: https://ccskills.org.uk/careers/blog/why-hire-a-young-person [Accessed 31st April 2016].

[iii] Apprenticeships that work: A guide for employers. Available online February 2012: http://www.cipd.co.uk/NR/rdonlyres/86EA8E62-F078-4B3D-9B90-4BE6562E7E6A/0/5733ApprenticeshipGUIDEWEB.pdf [Accessed 31st April 2016].

 

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4808 Hits
MAR
16
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Leadership and Management Skills

Leadership and Management Skills

 

 

The Apprenticeship for Dental Practice Managers has recently commenced at Barnet and Southgate College, London. Employers have the opportunity to train staff members on this fantastic new course, which aims to develop candidates’ ability to lead and support the workforce, manage a practice competently and drive the business forward.

 

The first 6 months of the apprenticeship programme is dedicated to the Level 4 ILM certificate in Management and Leadership covering three skill domains – leadership, management and communication. Dentabyte is delighted to be involved in delivering this nationally recognised qualification – a tremendous asset for any dental practice manager and a chance to progress into a number of career pathways. Here the renowned healthcare lecturer, Seema Sharma, explains how this section of the course will be structured:

 

“I am conducting the ILM Certificate part of the apprenticeship programme with full workshop sessions. These workshops encompass the three skills development domains but are cleverly wrapped into a project format and conveniently designed into three core units.

 

Understanding the managers role

The first unit will teach apprentices the specific responsibilities of middle managers to enable a dental organisation to achieve its goals. They will learn how communication and interpersonal skills affect managerial performance and how to assess personal development opportunities to improve their own managerial performance.

 

Managing a complex team activity

The second unit will show learners how to plan a complex team activity, communicate information effectively and how to lead a team. Candidates will need to organise efficient operational practice systems including elements such as:

- setting SMART objectives

- planning and delegating work

- allocating resources efficiently to produce reports and meet deadlines

- monitoring, evaluating and improving individual and team processes

- developing advanced IT skills to meet requirements in their management role

 

Leading innovation and change

This unit will teach apprentices how to improve through innovation. It will cover interpreting and presenting data, negotiation skills and overcoming barriers to change in order to improve compliance, patient care and business growth.

 

“Trainee managers will complete an assignment for each of the three areas. This could include completing a work-based assignment, a reflective review, a practical task and report or a group discussion and write up. It is hoped that during the ILM Certificate programme each trainee will learn one topic in depth whilst completing their own project and also gain an overview of how they can approach the other topics from their peers.”

 

The Level 4 ILM certificate in Management and Leadership is Phase 1 of the apprenticeship programme. Candidates are then required to compose a portfolio of evidence of practical skills gained, before end point assessments take place. All aspects of the course have been structured and designed by leading employers working within the dental sector to ensure that delegates meet the standards required to become valuable, leading members of the dental team.

 

“I will closely supervise the first assignment and then candidates will be required to complete further projects (eight in total) for their portfolio, with the support of their mentors,” continues Seema. “Along with the workshops, delegates will be expected to conduct independent study with access to email and telephone support from myself as well as online resources from the Dentabyte Learning Zone and the ILM Learning Zone.”

 

Barnet and Southgate College is running the Apprenticeship for Dental Practice Managers periodically throughout the year and the next start date is 16th March 2016, with more dates to follow.

 

For more information on the Apprenticeship in Dental Practice Management, please contact Barnet and Southgate College:

 

www.barnetsouthgate.ac.uk

0203 764 4333

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

www.facebook.com/barnetsouthgate

twitter @barnetsouthgate

 

For more information on content and assessment, please contact me on This email address is being protected from spambots. You need JavaScript enabled to view it.

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4485 Hits
MAR
16
0

Positive news for dentists in the Budget

Positive news for dentists in the Budget

 

Jon Drysdale of Chartered Financial Planners, PFM Dental, assesses today’s Budget. Headlines may focus on the fragility of the economy and the need to further cut public spending The Chancellor offered positive news on personal finances which could benefit dentists.

 

·         Higher rate tax threshold to rise from £42,385 to £45,000 in April 2017. The majority of dentists are higher rate tax payers and will therefore feel the benefit. 

·         Many dentists employ their spouse and will take advantage of the tax-free personal allowance to rising to £11,500 also in April 2017. 

·         Annual Isa limit to rise from £15,000 to £20,000. This is a welcome increase to the alternative savings vehicle for those dentists no longer funding personal pensions (due to lifetime and annual allowance limits). 

·         Dentists trading as a limited company will welcome the changes to corporation tax, cut from 20% to 17% by April 2020. This may somewhat offset previously announced increases to dividend tax effective from April. 

·         Reforms to business rates will mean 6,000 small businesses pay no rates and 250,000 have their rates cuts from April 2017. 

·         Dentists buying a practice with a freehold property are likely to be affected by changes to commercial stamp duty – 0% rate on purchases up to £150,000, 2% on next £100,000 and 5% top rate above £250,000. The freehold of a dental practice is often valued at less than £250,000 so this could be an advantage to many buyers. However, buying a larger freehold practice, especially one in the south east, could make you worse off.

 

The much anticipated changes to personal pensions and tax relief didn't transpire - but we already expected that didn't we?

 

A more detailed appraisal of the 2016 budget will shortly be available at pfmdental.co.uk

  5934 Hits
5934 Hits
MAR
10
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GSK Talking Points in Dentistry Show 2016 – now open!

GSK Talking Points in Dentistry Show 2016 – now open!

 

The 2016 Talking Points in Dentistry lecture series, presented by the Sensodyne® brand, offers tailored sessions for different team members to maximise relevance for the whole dental team.

“The personal and social impact of dentine hypersensitivity”

Lecture one: for dentist, hygienists and therapists 

Professor Peter Robinson BDS MSc PhD FRACDS FDSRCS FHEA FFPH – is Head of School and Professor of Dental Public Health at the School of Oral and Dental Sciences, University of Bristol.  Professor Robinson’s research interests include the evaluation of oral health care and the impact of oral conditions on everyday life.

Lecture title - Measuring the effect of dentine hypersensitivity on everyday life

Professor Barry Gibson BSc MMedSci PhD – Professor in Medical Sociology and Head of Academic Unit of Dental Public Health. His research interests include medical sociology and oral health related quality of life. Professor Gibson was involved in the development of an OHQoL measure for assessing the impacts of dentine hypersensitivity.

Lecture title - The changing meaning of dentine hypersensitivity: understanding the social dynamics of the concept

 “Dealing with nervous patients”

 

Lecture two- for dental nurses and other practice staff

Professor Tim Newton – Professor of Psychology as Applied to Dentistry at King’s College London Dental Institute. Professor Newton has worked in the behavioural sciences in relation to dentistry for over 20 years and his particular interests include the management of dental anxiety.

Lecture title - Psychological approaches to dental anxiety: A proportionate approach

Brid Hendron – Brid has worked in general practice for many years and has a specialist interest in relaxing nervous, anxious and phobic patients. Many practitioners have enlisted her help communicating with patients and she lectures extensively throughout the UK.

Lecture title - “Be not afraid” - practical tips on caring for anxious patients

 

 

This year’s venues include:  

 

5th May                                                Hastings Europa                      Belfast

12th May                                              Watford Colosseum                Watford

17th May                                              GSK House Brentford              London           

19th May                                              ICC Birmingham                     Birmingham

 

 

BOOK YOUR TICKETS NOW! – VISIT http://talkingpoints2016.eventbrite.com

 

Not able to make it to a venue?

 

This year a special bitesize video of the speaker’s lectures will also be available shortly after the event at www.gsk-dentalprofessionals.co.uk

 

We look forward to seeing you at the 31st year of Talking Points in Dentistry! 

  8695 Hits
8695 Hits
MAR
10
0

Get involved in National Apprenticeship Week - 14th to 18th March 2016

Get involved in National Apprenticeship Week - 14th to 18th March 2016

 

Designed by The National Apprenticeship Service, this special week celebrates the positive impact that apprenticeships have on individuals, businesses and the wider economy. It highlights how apprenticeships can help businesses across all sectors ‘rise to the top’ with young, enthusiastic talent and invites employers to get involved.

Apprentices follow a comprehensive work-based programme and work towards a recognised qualification that is relevant to your business. You can harness fresh new talent to your team or use the schemes to develop the skills and experience of existing employees.

In dentistry, newly approved, employer led apprenticeships are available for:

 

·         Dental Nurses

·         Dental Practice Managers

·         Dental Laboratory Assistants and

·         Dental Technicians

 

With almost 9 in 10 of every employer that takes on an apprentice reporting benefits to their business[1], there has never been a better time show your support.

The National Apprenticeship Service has set up an online tool – Pledge-o-meter for businesses to share their apprenticeship and traineeship pledges – get involved and show your commitment at:

www.gov.uk/government/topical-events/national-apprenticeship-week-2016

 

Find out more about dental apprenticeships at one of the
TRAILBLAZERS LAUNCH EVENTS

on March 16th at Barnet and Southgate College -
www.barnetsouthgate.ac.uk and
on March 17th at the University of Bolton University - www.bolton.ac.uk/dentalapprentice

 

For additional information from the National Apprenticeship Service, please visit: www.apprenticeships.gov.uk



[1] Skills Funding Agency. Key facts about apprenticeships: available at www.gov.uk [Accessed 7th March 2016]

 

 

  5208 Hits
5208 Hits
MAR
03
0

Great value deals from Belmont

 
Source better value with Belmont: update your practice with any of Belmont’s 'Below-the-Patient' Treatment Centres and receive exclusive FREE equipment and upgrades.
 
 
Cleo II

1. FREE NSK Nano 95LS Contra Angle (RRP £1,244.00) * 

2. FREE upgrade to 900 LED Series unit-mounted operating light

* Applies to 'E' versions only. 
 
 
tbCompass
 

1. FREE NSK Nano 95LS Contra Angle (RRP £1,244.00) *

2. FREE NSK Varios 170 LED Ultrasonic Scaler *

3. FREE upgrade to 900 LED Series unit-mounted operating light
* Applies to 'E' versions only. 'A' versions will be supplied wth NSK Varios 170 non-optic Ultrasonic Scaler in the case of offer 2

 

Voyager III
 

1. FREE upgrade to 320 LED unit-mounted operating light 

2. FREE NSK Varios 170 non-optic scaler with every Voyager III Treatment Centre

 
Full offer details here: 
 
Visit Belmont at Stand K90 at the Dentistry Show, 22nd & 23rd April 2016, NEC Birmingham. 
 
 
 
  4015 Hits
4015 Hits
FEB
26
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Revealing occlusion

Revealing occlusion

 

Dr Andy Lane is one of the UK’s foremost experts on dental occlusion and he will be delivering a seminal session on this commonly misunderstood field as part of Step Education’s exceptional new learning programme. Here, he details a few of the points he will be discussing… 

 

“The relationship between all the components of the masticatory system in normal function, dysfunction, and parafunction, including the morphological and functional features of contacting surfaces of opposing teeth and restorations.” (Jablonski 1982).

 

This is an accurate definition of occlusion, but what we’re really concerned about when we study this field, and in particular, how we apply those principles in practice, is great dentistry. That’s dentistry that is appropriate and timely; looks good and feels comfortable; lasts as long as possible; needs as little maintenance as possible; and causes as little damage to other structures as possible.

 

“Occlusion” is a funny word, as in dentistry it means the way teeth bite and function together, but it’s also related to the word occluded, another word for closed, or hidden. Let’s face it; occlusion seems to be a subject that remains pretty closed and hidden to a lot of dentists doesn’t it?

 

Occlusion is really the secret of great dentistry. When we learn to understand occlusion fully we begin to understand that patients have been giving us multiple clues, both spoken and unspoken, that we may have missed over the years.

 

When designing the courses I have been involved with since 1985 in the UK, Niles Guichet and his Associates in NGA Seminars wanted to make very high-end, high quality, comfortable, long-lasting, aesthetic, functional, valuable dentistry available to all at affordable prices, not just to the super-rich in Hollywood as it had been. Great dentistry for all? It’s a noble goal.

 

The key to that kind of dentistry, the cornerstone, the guiding principle if you like, is occlusion. Without a thorough knowledge of occlusion much of what we do in dentistry is more unpredictable, open to chance, and potentially a lot more stressful. Occlusal principles provide the road map; they increase the certainty of knowing where you are, where you’ve been and where you’re going to end up.

 

As such, occlusion relates to almost every aspect of work that a dentist can carry out:

 

Diagnosis and Treatment Planning: To provide great dentistry we have to consider the role of occlusion in the aetiology of disease and the effect that occlusion will have on the prognosis of any intervention.

 

Fillings: Whenever we restore a tooth we have to assess how well that restoration will restore the function of that tooth, including any contacts with opposing and adjacent teeth. Failure to do this might result in heavy contacts that cause pain, fractures or mobility, or spaces that create instability.

 

Extractions: Whenever a tooth requires extraction we need to assess whether the resulting space will create instability in the occlusion. We must ask ourselves: A) if an extraction will affect function? B) are we removing the only tooth in contact on that side of the mouth? C) if so, what will be the consequences of that action?

 

We will also need to ask ourselves if the muscles of mastication or temporomandibular joints are healthy enough to allow you to perform a difficult extraction (e.g. a third molar) without causing an exacerbation of joint or muscle problems?

 

Orthodontics: Any form of orthodontic intervention will have a potentially major impact on the way teeth contact and upon the function of muscles and joints; it’s a form of full mouth reconstruction after all.

 

Crowns, bridges, veneers, implants, dentures: Whenever we provide advanced restorative solutions for patients, we’re certainly going to be changing the functioning surfaces of teeth most of the time. It is, of course, essential to have an understanding of the existing occlusal scheme and the occlusion that will be required in the new restoration in order to either conform with it or to plan a reorganized occlusion.

 

Occlusal Disease

It is commonly considered that the primary cause of dental disease is infection, resulting in periodontal disease and caries; certainly this is the focus of undergraduate training in most universities around the world. There is, however, a much wider range of diseases and symptoms that can be caused by, or are related to, occlusion. This is particularly true when parafunction, occlusal disharmony or a combination of both is present and those changes are enough to move the body beyond a position of adaptation and coping into a diseased state.

 

The range of such diseases will normally reflect the weakest link in the chain for that individual, so a similar cause may result in a wide variety of effects.

The weak link could be in muscles, joints, teeth or supporting structures. When the muscles are least able to adapt the result might be a headache, when the teeth and muscles adapt the jaw joints might suffer, and when the joints, muscles and periodontal tissues are able to adapt well, in the presence of parafunction, the teeth will wear away.

 

Occlusion is important in all aspects of dentistry, and by understanding the fundamental principles of this field, we can ensure better practice in our everyday provision of better dentistry.

 

To learn more about Step Education visit www.stepeducational.com, email This email address is being protected from spambots. You need JavaScript enabled to view it.

or call on 0800 130 3573

 

Andy Lane MPhil, BDS, DGDP(UK)

Andy qualified from the University of Bristol in 1978, was awarded the Diploma in General Dental Practice in 1993, gained a Master of Philosophy degree for research into the aetiology of caries and the properties of light-cured materials at the University of Manchester in 1999 and won the Manchester Postgraduate Dental Society Award for research, also in 1999.

He now works full time in general practice, has been fully private since 1991 and his practice recently became part of the Portman Healthcare group. Andy has been amalgam-free since 1991, and currently spends approx. 50% of his time providing fixed appliance orthodontics and treating chronic pain conditions of the head and neck on referral.

Andy is the head of Stockport Dental Seminars, which has provided training in occlusal principles since 1981, and was co-founder of the British Society for Occlusal Studies in 1986. As secretary of the society for 10 years he organised many postgraduate training courses, bringing many of the world's foremost experts in the field of TMD to the UK for the first time. 

Other positions held include founder of Private VT, Dental Vocational Training Advisor in General Dental Practice (NW Region), UK Chairman of the American Equilibration Society, Founder and Chairman of Dental Relief for Romania Appeal, leader writer for Dentistry Monthly magazine and founder/editor of the Biological Dentistry newsletter.

Andy's main hobby is classic rally driving and he is noted for having won Europe's toughest event, the Land's End to John O'Groats Reliability Trial, 4 times.

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7079 Hits
FEB
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Thank you! An excellent response from practices asking to trial the NSK iClave mini

Thank you! An excellent response from practices asking to trial the NSK iClave mini

NSK recently offered GDPUK users a trial of their new autoclave - https://www.gdpuk.com/resources/professional-services/entry/1503-would-you-like-to-trial-a-state-of-the-art-autoclave

 

Practices are now in the process of being notified if they’ve been selected to trial the NSK iClave mini, which will be delivered to them shortly. Over the next two months we will keep you updated with the progress these practices are making and at the end of the trial we will publish a roundup of the feedback we have received.

 

We are confident the trial practices will find the NSK iClave mini really useful as it is the perfect handpiece autoclave and is small enough to fit even the smallest decontamination area. Complying with Europe’s Class S sterilisation standard, the iClave mini sterilises even the invisible parts of handpieces, and with a footprint approximately the size of an A4 piece of paper the iClave mini fits into the smallest space possible.

 

The iClave mini delivers up to 12 ‘dry’ handpieces in less that 12 minutes using direct-heating technology. This is coupled with a sophisticated design of the control panel and excellent visibility, with ease of use and day-to-day maintenance in mind.

 

The NSK iClave mini:

·         Small enough to fit in the smallest spaces

·         Effective sterilisation for hollow instruments

·         Fast and compact but with large capacity

·         User-friendly and easy to operate

·         Perfect solution for quick handpiece turnaround

 

The NSK iClave mini is small enough to use anywhere!

 

If you would like more information about NSK’s care and maintenance range contact Mark Beckwith on 07900 246529 or visit www.nsk-uk.com

www.myNSKdecontamination.co.uk

 

www.nsk-uk.com

Twitter: @NSK_UK

Facebook: NSK UK Ltd

  4790 Hits
4790 Hits
FEB
09
0

Going paper-free delivers rewards says recent survey in leading industry journal

Going paper-free delivers rewards says recent survey in leading industry journal
 
 
According to published research featured in a recent issue of BDJ in Practice, 84 % of businesses recently surveyed achieve a commercial payback within 18 months of going paperless, with a further 26% achieving this within just six months of adopting a paper-free approach.
With other benefits highlighted including improved ability to service customers and increases in overall productivity, it makes sense to review what’s on offer to your practice from practice management software solutions in 2016.
 
As one of the UK’s fastest growing dental practise management software solutions and with nearly thirty years market experience, Systems for Dentists are well positioned to help forward thinking dental practices revolutionise their business with smart practice management software thinking in 2016.
 
And the latest version of their cutting edge technology is already creating a buzz with a growing number of UK dental practices contacting them to explore the benefits of going paperless in 2016.
 
And as just one increasingly popular paperless option, Wireless Signature Pads, from Systems for Dentists allow patients the ability to simply click, send and review mandatory documentation, from medical histories right through to consent forms. 
The core benefit; translated in time and money savings is achieved through the completion of current manually signed forms instead being digitally created and captured, meaning an end to the necessity to collect and file signed paper records for those opting to take up signature pad technology in the future.
Available as an integrated component of Systems for Dentists V6 practice management software, and also as a standalone systems feature -  growing demand from interested dental practices already suggests CEO Ryszard Jurowski and his team are getting their approach to new software development for Dentists in the UK just right.
 
“We’ve been delighted with the increased take up of our Wireless Signature Pads. The availability and acceptance of these present both choice and money and time saving solutions for dental practices looking to achieve even greater efficiencies and improve their patient experience further in the future”.
“Having listened to the feedback of our client base, the availability of new wireless signature pads is simply a natural extension of our commitment in ensuring we respond to and continue to serve our marketplace with value added products and services that deliver sustainable impact and make a positive difference to their patient’s experience”.
 
And referring back to the published research article in BDJ in Practice, 2016 could be the perfect time to embrace going paperless, with organisations fast coming round to the idea that digitising content has both financial and operational benefits, stands to improve productivity and delivers return on investment.
 
And with Wireless Signature Pads and the availability of supporting systems solutions to embrace going paperless in 2016; those looking to take advantage of the latest technologies to make a digital imprint with their practice management ambitions definitely have real options to enable them to take advantage of the paperless revolution.
 
Backed by years of rich market knowledge, Systems for Dentists look perfectly poised to offer what’s required to help Dentists throughout the UK to continue to push the boundaries where going paperless is concerned.
 
And with a market drive predicated on staying at the front of the development curve for proactively developing intuitive software and value added solutions, coupled with an attractive offer, Systems for Dentists look set to continue to deliver to market a noticeable difference to systems efficiency and dental practice management for those looking to put their practice at the forefront of the latest technological advancements.
 
 
 
For further information contact:
Nathan Ross at Systems for Dentists on 
0845 643 2828
 
GDPUK also run a Forum for users of the software - https://www.gdpuk.com/forum/systems-for-dentists
 
  4254 Hits
4254 Hits
FEB
01
0

Would you like to trial a state-of-the-art autoclave?

Would you like to trial a state-of-the-art autoclave?

In conjunction with NSK, GDPUK are offering 3 lucky practices the opportunity to trial and review the new NSK iClave mini - NSK’s smallest and lightest autoclave

The NSK iClave mini is the perfect handpiece autoclave and is small enough to fit even the smallest decontamination area. Complying with Europe’s Class S sterilisation standard, the iClave mini sterilises even the invisible parts of handpieces, and with a footprint approximately the size of an A4 piece of paper the iClave mini fits in to the smallest space possible.

The iClave mini delivers up to 12 ‘dry’ handpieces in less that 12 minutes using direct-heating technology. This is coupled with a sophisticated design of the control panel and excellent visibility, with ease of use and day-to-day maintenance in mind.

The NSK iClave mini:

·         Small enough to fit in  very small space

·         Effective sterilisation for hollow instruments

·         Fast and compact but with large capacity

·         User-friendly and easy to operate

·         Perfect solution for quick handpiece turnaround

The NSK iClave mini is small enough to use anywhere!

For your chance to be one of just three practices to trial and review the NSK iClave mini for 2 months FREE of charge simply send an email with your details to This email address is being protected from spambots. You need JavaScript enabled to view it. and they will be in touch to let you know if you have been selected.

Chosen practices will have the opportunity to use the NSK iClave mini free of charge for 2 months and then be asked to complete an online questionnaire and telephone interview. After the trial period these practices will be offered the opportunity to buy the NSK iClave mini at a discounted price.

 

For more information on NSK’s care and maintenance range contact Mark Beckwith on 07900 246529 or visit www.nsk-uk.com

www.myNSKdecontamination.co.uk

www.nsk-uk.com

Twitter: @NSK_UK

Facebook: NSK UK Ltd

  5904 Hits
5904 Hits
DEC
01
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High street mortgage lenders shun new associates

High street mortgage lenders shun new associates
 

A review of the top five lenders on comparison website Moneysupermarket.com revealed they will not lend to newly self-employed dentists regardless of income. Chartered Financial Planners PFM Dental undertook the review and found that self-employed dentists without at least two years of accounts were barred from obtaining a mortgage.

 

Jon Drysdale of PFM Dental commented: "We based our review on a first-time buyer wishing to borrow £180,000 for a house purchase of £200,000. The majority of dental associates would easily afford the repayments and they have virtually guaranteed job security. The good news is that specialist dental advisers are aware of lenders happy to accept mortgage applications from newly qualified associates."

 

Around 1,000 dentists have now completed Foundation Training in the current academic year and the majority will start associate positions during August and September. The move to self-employment usually results in an immediate uplift in income, causing many dentists to think seriously about their first property purchase.

 

Jon Drysdale is an independent financial adviser for Chartered Financial Planners PFM Dental. He specialises in pension and wealth management advice exclusively for dentists.

 

For more information visit www.pfmdental.co.uk

  4292 Hits
4292 Hits
OCT
29
0

Our Plan Provider Transfer Experience

Our Plan Provider Transfer Experience

Dr Bob Ballard and Hema Dhingra of Ballard and Tucker Dental Practice in Bedfordshire explain the positive impact of transferring their dental plan to Patient Plan Direct.

At the beginning of 2014 we set ourselves a realistic target of growing our practice turnover and profitability. As part of this exercise we looked at every cost centre in our business to try and identify where we could potentially cut costs and increase profitability. One area that stood out the most was the administration fees that we were paying to our plan provider at the time. Nearly 10% of our plan income month on month was eaten up in administration fees, so we set out to explore alternative solutions to running our practices dental plans.

Discovering Patient Plan Direct

We looked at other plan provider propositions in the market and were attracted to Patient Plan Direct thanks to their low and flat administration fees, strong reputation, administrative efficiency and experience of managing lots of successful plan provider transfers.

In meeting with one of Patient Plan Direct’s business development team we were not only put at ease regarding the management of the transfer process and what was involved, but were also impressed with the advise we received around growing our plan base further which was inline with our overall objectives.  

We were so confident the transfer and on-going plan growth strategy was the right move for the practice and our patients that we committed there and then.

With almost 400 plan patients we stood to save over £8,000 per annum (£40,000 in the next five years) in administration fees year on year as a result of the transfer.

Patient retention as a result of our transfer

We were understandably nervous initially that transfer would result in some patient drop off. However, Patient Plan Direct fully managed and fulfilled the mailing to patients and supported us throughout the transfer process to ensure retention was maximised. The communication of the transfer to patients was presented in a positive manner to ensure patients were assured that the move was in the best interest of both the practice and our valued patients in the long term. 

As a result of the effective management of the transfer we lost literally a handful of patients, no more than we would normally expect as a result of the annual fee increase we had always been encouraged to apply year on year by our old plan provider.  

A revised plan strategy and subsequent growth

Once our transfer was underway we applied the strategic changes Patient Plan Direct recommended. Previously we had only offered and promoted to patients a capitation (care) based plan. We felt we had exhausted the promotion of such a plan proposition to our patient base. As such, we opted to introduce a simple, value driven maintenance plan as a new option for patients. This was in line with current consumer habits and market trends which Patient Plan Direct explained to us.

Once we had determined the best plan structure and price point that would prove beneficial and attractive to patients and profitable to the practice, we completed a full team training session with one of Patient Plan Direct’s experienced business development managers. The session ensured the whole practice team was clear on the overall objectives, recognised the benefits of the plan to both the practice and patients and ensured everyone was confident in speaking about and promoting the plan.

One year on from when we completed our plan provider transfer we have increased our total plan base by a further 50% representing a significant increase in plan income month on month. Moreover, the plan continues to grow week on week. We now have even more loyal patients at the practice that have committed their oral health care to us for the long term.

Assessing your dental plan provision

We would encourage other practices with dental plan patients to ensure they keep on top of their plan administration cost analysis and be aware of what fees are being applied month on month by their respective plan provider.  Since our transfer we have realised the fees we were paying to our previous plan provider didn’t represent value. As a result of transferring to Patient Plan Direct we are now confident our costs are minimised and we have access to expert advice and support as and when required to ensure we can reach our long term objectives thanks to the support of our dedicated business development manager, a user friendly and comprehensive administration portal and helpful client services team.

 

Patient Plan Direct is a plan provider offering a low cost plan administration fee of £1 per patient per month (inc. VAT and Worldwide Dental A&E cover).  Patient Plan Direct has helped practices across the UK successfully transfer their existing dental plan from other plan providers, benefiting from significant cost savings and first-class support.

Web: www.patientplandirect.co.uk

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Tel: 08448486888

  4553 Hits
4553 Hits
OCT
19
0

A wealth of experience joins Patient Plan Direct

A wealth of experience joins Patient Plan Direct

Winchester based Janice Charlton has joined cost effective and technology embracing plan provider – Patient Plan Direct, heading up the business development team in the South of the UK. Janice brings to Patient Plan Direct a wealth of experience specifically in the dental plan market and strengthens the plan provider’s overall proposition as the company continues to experience significant growth.

Following an initial career on the clinical and practice management side of dentistry, Janice moved to the trade side of the industry in the early 90’s and has worked in the dental plan market specifically for over 17 years. Janice has supported hundreds of dentists and their teams in introducing and developing successful dental plans; whether that’s offering plan membership alongside private fee-per-item, transferring an existing base of plan patients from another plan provider or indeed taking steps to offer private dental plans as an alternative to the NHS.

Simon Reynolds, commercial director of Patient Plan Direct explains; “As we continue to evolve and build on our strong reputation as the low cost/first-class support plan provider, Janice brings to the mix a unrivalled level of experience and knowledge that will benefit the practices we already work with in further developing and growing their respective dental plans, as well as other practices looking to take advantage of working with Patient Plan Direct and maximising the profitability of their dental plan.”

Janice Charlton added; “I was attracted to joining the Patient Plan Direct team after taking the time to understand more about their service proposition and technology. Patient Plan Direct’s streamlined, fully practice branded and web based approach to dental plan administration along with the support and advice that is delivered for £1 per patient per month is the right fit for so many practices both clinically, financially and operationally.

“I’m really looking forward to spreading the word and letting more practices take advantage of Patient Plan Direct whatever their objective; transferring from another plan provider to make significant cost savings, launching a plan for the first time or making a move away from the NHS.”

 

Patient Plan Direct is a dental plan provider now working with over 300 practices across the UK that is recognised for its cost effective approach to dental plan administration and support as well as its innovative web-based technology, continually developed with the future of dentistry in mind. 

Web: www.patientplandirect.co.uk

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.   or  This email address is being protected from spambots. You need JavaScript enabled to view it.

Tel: 08448486888

  3724 Hits
3724 Hits
AUG
06
0

A new partnership: Patient Plan Direct & Chrysalis Finance

Dental plan provider Patient Plan Direct has partnered with Chrysalis Finance to promote a solution to offering patient finance that is quick, simple, low cost, sophisticated and unique.

Plan provider Patient Plan Direct and Chrysalis Finance have joined forces to market their respective services to the dental community. Both companies share the same ethos of embracing technology, making life simple for dental practices and ensuring a practice can maximise the profitability of the dentistry they deliver.

Chrysalis Finance recently launched their unique approach to offering patient finance that takes away the head ache and requirement of a practice obtaining a consumer credit licence directly with the Financial Conduct Authority (FCA).

As Chrysalis Finance is authorised with full permission as a principal firm by the Financial Conduct Authority, a dental practice is able to become an appointed representative of Chrysalis Finance, as such taking away any regulation, risk or authorisation responsibilities for a practice.

This is a new genuine forward step within the industry and Chrysalis Finance is the first finance company to offer this service to dental practices, enabling them to focus on growing their business and not yet more compliance and regulation.

This unique approach is made even more attractive thanks to the super quick and simple set up, unbeatable subsidy rates, first-class dedicated support, payments made quicker than any other finance provider and some of the best acceptance rates in the market.

Simon Reynolds, commercial director of Patient Plan Direct, explained; “We are very pleased to be announcing our partnership with Chrysalis Finance. We identified demand from the practices we work with for access to a first-class and simple patient finance facility that attracts low subsidy rates, enabling a practice to maximise the income they retain when providing treatment through finance.

“This is exactly what Chrysalis Finance is able to deliver, which is made even better because of their unique authorisation with the FCA taking away the head ache of a practice needing to obtain and pay for their own licencing.”

Chris Baldwin, Head of Sales at Chrysalis Finance, added; “Our unique approach to enabling a practice to offer patient finance quickly, simply and at low cost mirrors Patient Plan Direct’s approach to enabling a practice to run and develop a successful patient dental plan. As such, a partnership was a very obvious strategy and we look forward to supporting each other in helping more practices throughout the UK.”

 

 

Chrysalis Finance specialises in dentistry finance and is the only provider requiring a practice not to be licensed directly with the FCA. Chrysalis Finance manages any risk and compliance on a practices behalf along with the best funding rates and options available in the market. 

www.chrysalisfinance.com

Patient Plan Direct provides an easy to use, highly efficient and very cost effective method of enabling practices to offer patients a dental plan. Patient Plan Direct’s unique approach embraces 21st century technology, gives a practice control and is proven to improve plan income and profitability.

www.patientplandirect.com

 

  5070 Hits
5070 Hits
JUL
08
0

Budget 2015 – most dentists to pay less tax

The Chancellor of the Exchequer, George Osborne, delivered his second Budget of 2015 today, 8th July 2015. Following the promises made in the election campaign the main focus was, unsurprisingly, on cuts to welfare spending. Nevertheless, there were items of interest to dentists as Jon Drysdale explains.

 

Two tax measures will benefit most dentists

First, the higher rate threshold will increase from £42,385 in 2015-16 to £43,000 in 2016-17. This will undoubtedly benefit many dentists as the majority are higher rate taxpayers. The amount people will have to earn before they pay tax at 40% will increase from £42,385 in 2015-16 to £43,000 in 2016-17.

 

Second, the tax-free Personal Allowance will be increased from £10,600 in 2015-16 to £11,000 in April 2016. The tax-free Personal Allowance – the amount people earn before they have to start paying Income Tax – will increase to £11,000 in 2016-17.

 

Buy–to-let landlords lose tax break

Many dentists invest in buy-to-let property – a strategy that is already under pressure from decreasing yields. Landlords who currently receive tax relief at 40% and 45% on their costs – including mortgage interest – will be restricted to claiming 20%. This is to be phased in by April 2020 and puts further pressure on buy-to-let yields.

 

Incorporated dentists: dividend tax rates reformed and corporation tax reduced

The dividend tax credit (which reduces the amount of tax paid on income from shares) will be replaced by a new £5,000 tax-free dividend allowance for all taxpayers from April 2016. Tax rates on dividend income will be increased and are likely to affect those dentists who take income in the form of dividends. However, Corporation Tax will be cut to 19% in 2017 and 18% in 2020.

Pension reform

A major 'root and branch' reform of pensions was announced with a Green Paper for consultation to be published shortly. The implication is that tax relief on pensions may be reduced and tax-free access to pension pots further eased.

Those dentists with incomes over £150,000pa will be restricted to claiming tax relief on no more than £10,000 of pension contributions. This may make the NHS pension significantly less viable for dentists with this level of income.

 

Comment

Jon Drysdale, an independent financial adviser from Chartered Financial planners PFM Dental, says: “This budget didn’t contain too many surprises, although dentists who have incorporated will need to consider their remuneration strategy carefully due to dividend tax reform. Landlords were hit with the withdrawal of some tax relief and this may see buy-to-let yields fall significantly.

 

Jon Drysdale is an independent financial adviser for Chartered Financial Planners PFM Dental. He specialises in pension and wealth management advice exclusively for dentists.

For more information visit www.pfmdental.co.uk

  11496 Hits
11496 Hits
MAY
12
0

Developing a profitable practice: Seminar series

Plan provider Patient Plan Direct and Goodman Grant Solicitors have teamed up alongside a range of expert speakers to put together and host a series of unique and not-to-be-missed seminars focusing on how to develop a profitable practice in today’s challenging market.

The seminar series kicks off in Manchester on the 19th June at the Lowry, with further events later in the year to be held in Birmingham and London.  

The Manchester event sees speakers share their expertise in six of the most important areas influencing a practices growth potential, sustainability and profits; legal considerations, business finances, personal finances, patient membership and capitation schemes, business and marketing planning and of course CQC compliance.

Simon Reynolds of Patient Plan Direct and John Grant of Goodman Grant Solicitors will be joined in Manchester by Brendan Coburn of dental specific financial advisers – Essential Money, John Minford of leading UK dental accountants – Minfords, CQC compliance specialist Keith Hayes and Andy McDougall of Spot on Business Planning.

The full day events provide a holistic view of what it takes to succeed in developing a profitable practice, explained by experts that have proven to help practices achieve this exact objective whilst offering the best in patient care. Delegates will be treated to a top quality lunch hand-prepared by chef’s on-location and gain 4.5 hours CPD.

Simon Reynolds, Commercial Director of Patient Plan Direct commented; “There is plenty to consider when it comes to developing a profitable practice and lots of pieces of the jigsaw to put together to keep up to pace with the many changes experienced within the industry in recent times, as well as potential changes on the horizon. In attending any of the seminars across the UK, dentists can expect to take away plenty of food for thought and expert advice to help them maintain competitive edge and nurture profitability.”

For more information about the seminar series and to book on to any of the events, visit: www.patientplandirect.co.uk/events  

 

 

About Patient Plan Direct

Patient Plan Direct provides an easy to use, highly efficient and very cost effective method of enabling practices to offer patients a dental plan. Patient Plan Direct’s unique approach embraces 21st century technology, gives a practice control and is proven to improve plan income and profitability.

  5546 Hits
5546 Hits
APR
22
0

Dental advisors first to be awarded Chartered Financial Planner status

 

The Chartered Insurance Institute (CII) has awarded PFM Dental (Financial Advice) Chartered Financial Planner status, the financial planning industry’s gold standard of excellence and integrity. PFM Dental, which offers independent financial advice, a professional dental sales agency, practice valuations, and chartered accountancy services, is the first organisation dedicated to advising dentists to be awarded Chartered Financial Planner status.

 

To be awarded Chartered Financial Planner status, an organisation has to have CII approved financial qualifications well beyond the minimum requirements, be able to demonstrate relevant experience, adherence to the CII's Code of Ethics and Conduct and a commitment to continuing professional development.

 

PFM Dental director, Jon Drysdale, commented: "Because such high standards of professionalism, capability and ethics are required, Chartered Financial Planner status is conferred on fewer than 10 per cent of UK financial advisory firms. We are delighted to be the only financial advisers dedicated to the dentistry profession to meet the criteria."

 

PFM Dental offers independent financial advice exclusively to dentists. For more information visit www.pfmdental.co.uk

  4839 Hits
4839 Hits
MAR
25
0

Simplicity; the winning formula

Simon Reynolds of Patient Plan Direct, explains why when it comes to dental plans, simplicity is the winning formula

 

In helping practices day to day develop successful dental plans that prove profitable to the practice and attractive and beneficial to patients, my colleagues and I get a good feel for what works best when it comes to dental plans.

We work with a wide range of practices across the UK, all of which have different patient demographics, a different split of private and NHS care, and their own unique objectives. However, there is one common factor across all the practices that run the most successful dental plans: Simplicity!

Defining success

I define a successful dental plan as one that is an integral part of the practices patient journey. It is mentioned on a regular basis to patients (new and existing) and the message about the plan is rehearsed and consistent. The whole team believe in the plan and recognise that it is of genuine benefit to the patient’s pocket and long term oral health.

As such, a steady and regular number of patients join the plan week on week and loyalty once a patient joins a plan is excellent and long term. The plan generates a healthy regular income that proves profitable, aids cash flow and commits patients to regular visits, providing the opportunity to promote other treatments and services (clearly in an ethical fashion), generating further revenue streams and profits.

Defining simplicity

The simple and successful dental plans can be summarised as having three common factors:

1.      Limited choice – There may be a couple of different plan options available to patients to suit different requirements and budgets. But there should never be a overload of different plan options for patients to choose from. I have come across practices that have 10+ different types of plans. This serves only to confuse patients and your team, likely resulting in them not being comfortable or motivated to mention the plan to patients and thus hindering uptake.

2.      Simple marketing – Any marketing literature promoting the plan is concise, to the point, transparent and highlights the key messages in language the patient can understand. A brochure with paragraphs of text is not the answer.

3.      Quick and simple – The sign up process when a patient commits to the plan is rehearsed, quick and simple. Whoever is responsible for the final stage of sign up should be crystal clear in undertaking this process and explaining the detail of the plan to patients.

Stick to the above and you won’t go far wrong with making your dental plan a success.

Back in the fifteenth century Leonardo da Vinci explained; "Simplicity is the ultimate sophistication". As such, it’s no new modern day phenomenon that simplicity is a solid strategic approach. It shouldn’t be an approach that is limited to developing a successful dental plan. It is likely to prove beneficial when determining many other practice processes.

 

Simon Reynolds is the commercial director of Patient Plan Direct; one of the UK’s fastest growing dental plan providers. To discover a flexible approach to dental plans that maximises profitability, contact Patient Plan Direct

 

Patient Plan Direct is the UK’s most cost effective plan provider: Experts in dental plan launches, plan provider transfers and introducing private dental plans to create less dependence on NHS income. 

Tel: 08448486888 Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Visit: www.patientplandirect.co.uk

  5899 Hits
5899 Hits
MAR
18
0

Budget 2015 – good and bad news for dentists

 

 

The Chancellor of the Exchequer, George Osborne, delivered the last Budget of this parliament today. Jon Drysdale highlights items of interest to dentists.

 

Tax cuts

Big tax cuts for income tax payers and help for savers through greater flexibility on ISAs. With the majority of dentists being higher rate tax payers, this is positive news.

Simplification of the tax system was announced with the annual tax return removed - more details to follow. The fuel duty increase will be frozen again.

The personal tax-free allowance will be raised to £11,000 in 2017. The higher rate tax threshold, which affects most dentists, will rise to £43,300 in 2017/18.

 

Pensions hit

On a more negative front, the Lifetime Allowance on pensions is to be reduced to £1m from next year. This is likely to significantly impact dentists with NHS pensions. It remains to be seen what transitional protection will be offered to those breaching the new reduced allowance. The change is potentially going to encourage dentists to draw their NHS pension earlier than planned to avoid a Lifetime Allowance charge. 

 

Savings

Four major new steps on savings were announced:

1. Greater access to pension annuities. 

2. A more flexible ISA with annual savings limit increasing to £15,240 (2014/15) and allowing withdrawals and re-contributions in the same year without losing tax-free allowance.

3. 'Help to Buy' ISA for first time buyers with a 25% top-up – effectively tax relief on ISAs.

4. First £1,000 of interest on savings income to be tax-free.

 

Business

Corporation tax will be cut to 20% in two weeks time, with small business rates also to be cut. Class 2 National Insurance to be abolished.

 

Comment

Jon Drysdale, an independent financial adviser from PFM Dental, commented: “While there are positives in this budget for dentists the most worrying single announcement today is the further cut to the Lifetime Pension allowance to £1m. Many dentists are already subject to a charge as the allowance has fallen in recent years. Hopefully, some transitional protection will be available and we will be following developments on this closely. The need for specialist advice in this area has never been greater." 

 

PFM Dental offers independent financial advice exclusively to dentists. For more information visit www.pfmdental.co.uk

 

  11483 Hits
11483 Hits
MAR
02
0

"Staying Ahead of the Game" is a Success

Staying Ahead of the Game Success

Last month, dental professionals were invited to an evening seminar held at the impressive and prestigious Drummonds Bank in central London.

Attendees at the Natwest sponsored ‘Dentistry in 2015: Staying ahead of the game’ enjoyed insightful lectures by the likes of Bernard Danquah – Head Business Development Manager at Patient Plan Direct, highly regarded dental coach and trainer, Tracy Stuart, leading business advisers to dentists, Rob Walsh & Dee Gerrish as well as established legal expert John Grant of Goodman Grant Solicitors

The seminar provided dental professionals with the opportunity to absorb expert advice on some of 2015’s hottest topics in the world of dentistry, including reputation building and management, the positive impact of dental plans, the effective use of social media and email marketing, how your accountant can make a difference to your practice and the key issues on dental sales, purchases & incorporations in 2015.

The event proved to be a great success, with attendees relishing the opportunity to discuss the trending themes within the dental industry.  

Simon Reynolds, Commercial Director of Patient Plan Direct commented; “We have received exceptional feedback from delegates and we are pleased that so many dentists and other dental professionals were able to attend. The event provided the opportunity for us to portray our expertise and trend observations associated with the dental plan market, sharing valuable information and advice with the dental community. A big thank you goes to Natwest for kindly sponsoring and hosting the event.”  

Bernard Danquah, Head Business Development Manager at Patient Plan Direct, added; “These days there are so many areas a dental practice needs to consider and manage in order to maintain competitive edge and nurture sustainability and growth. Our ‘Staying ahead of the game’ seminar provided the opportunity for dental professionals to keep up to pace with some of the most important commercial aspects of running a successful dental practice. We look forward to arranging similar events in the future as we continue to help more and more practices get more from the dental plans they offer patients.”

About Patient Plan Direct

Patient Plan Direct provides an easy to use, highly efficient and very cost effective method of enabling practices to offer patients a dental plan. Patient Plan Direct’s unique approach embraces 21st century technology, gives a practice control and is proven to improve plan income and profitability. 

  4333 Hits
4333 Hits
FEB
24
0

Preparing for retirement and wealth management seminars

PFM Dental's popular preparing retirement seminars will be held again this year, beginning in Rochdale on Friday 8 May – convenient for dentists in the Greater Manchester and Oldham areas and beyond.

The programme has been developed for 2015 to include, by popular request, a longer session on wealth management. With ongoing changes in pension and tax rules, taking the appropriate steps to maximise income on retirement has never been more critical.

Seminar coordinator, Jon Drysdale of PFM Dental, says: "This is our sixth year of running these seminars and feedback has always been overwhelmingly positive. Because we've had many enquiries about wealth management in recent months, we've developed this session to cover the topic in greater depth."

As in previous years, the seminar programme includes sessions by experts on selling a dental practice, including on the legal and accountancy issues.

Similar seminars will take place in York on Friday 15 May, Sheffield on Friday 18 September and Edinburgh on Friday 25 September. More events are planned – visit the PFM Dental website for the latest information.

Places are £50 and must be booked in advance – numbers are limited. Lunch is included and each seminar qualifies for five hours of verifiable CPD.

To book your place, call Samantha Hodgson on 0845 241 4480 or email This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Visit www.pfmdental.co.uk for more information.

  4289 Hits
4289 Hits
DEC
08
0

Autumn Statement – now the bad news for (some) dentists

The Chancellor's Autumn Statement delivered two significant blows to dentists looking to incorporate their business. Jon Drysdale explains

Entrepreneur’s Relief (ER) will be denied on any gain arising from the transfer of goodwill to a related company. Dentists may be familiar with the 10 per cent Capital Gains Tax (CGT) rate where ER was available but under the new regime the applicable rate of CGT will be 28 per cent for higher rate tax payers. The ability to create a director’s loan account to shelter future profits against income tax is still there but is far more expensive. This change alone will make incorporation not viable in many cases.

Corporation Tax relief will no longer be given on the amortisation of goodwill transferred from a connected party. This was potentially available where goodwill was created (or acquired) by the individual dentist or partnership after April 2002 and then transferred to a related company that they controlled.

Gift Relief (s.165) and Incorporation Relief (s.162) remain available and may be appropriate in certain circumstances.

Jon Drysdale, an independent financial adviser from PFM Dental, commented: “The draft legislation proposals are effective from 3rd December 2014 even though the 2015 Finance Bill may not be enacted until next summer.

"If you are in the process of incorporating your dental practice you should consult your accountant urgently to consider your options in light of these changes."

 

PFM Dental offers independent financial advice exclusively to dentists. For more information visit www.pfmdental.co.uk

  8331 Hits
8331 Hits
DEC
03
0

Autumn Statement – the good news for dentists

 

The Chancellor, George Osborne, delivered the last Autumn Statement of this parliament today. Jon Drysdale of PFM Dental highlights items of interest to dentists.

 

Tax and duty

The personal tax-free allowance is to be increased and the higher rate tax threshold increased from £41,861 to £42,385 – the first increase in line with inflation for five years.

Reform of stamp duty means an estimated 98 per cent of home buyers will pay less, while those purchasing very high value properties will pay significantly more.

Small businesses

The Funding for Lending Scheme (FLS) has been extended by one year. This government-backed lending is available to small businesses, including dentists, through the major high street banks.

A full structural review of business rates was announced with Small Business Rate Relief to double again and rates capped.

Savings

The £15,000 ISA limit is to be increased to £15,240 from next April. ISA tax-free savings can be passed to spouses on death from next April.

Pensions

There was confirmation that the 55 per cent pensions death tax charge on unused pensions is to be abolished.

Jon Drysdale, an independent financial adviser from PFM Dental, commented: “The vast majority of dentists are likely to benefit from the increase to the higher rate tax threshold and the reform of stamp duty. Existing and future practice owners will welcome the continuing support for small businesses through the extension to the Funding for Lending Scheme and the capping of business rates."

PFM Dental offers independent financial advice exclusively to dentists. For more information visit www.pfmdental.co.uk

  8471 Hits
8471 Hits
NOV
24
0

Dentists face critical NHS pension decision

Thousands of dentists who qualified before 2008 have just a few months to decide which NHS pension scheme will be best for them in the long term. The Choice 2 exercise being undertaken by the NHS Business Services Authority (NHSBSA) offers scheme members the opportunity to move their 1995 Section benefits to the 2008 Section of the current pension scheme. This is the second time many dentists will have had the chance to move their pension benefits and is being offered because of changes to the NHS pension scheme in 2015. The deadline to decide is 16 March 2015 and the decision cannot be changed once made.

Independent financial adviser, Jon Drysdale of PFM Dental, says: “Making the right choice can be difficult, especially for dentists who are unsure when they will retire. There are also many other factors to consider such as whether you might retire and then return to work, the benefits potentially payable to your dependants, whether you currently contribute to an Added Years contract and so on."

While NHS Pensions provides information and a 'decision tree' on the NHSBSA website, NHS Pensions is not authorised to provide financial advice to scheme members.

PFM Dental offers independent financial advice exclusively to dentists. For more information visit www.pfmdental.co.uk

  3932 Hits
3932 Hits
NOV
17
0

Webinar Series with @PatientPlan

Patient Plan Direct is hosting a series of ‘must attend’ webinars exploring two ways dental practices could be better off in 2015; increasing income and profitability with patients’ care and interests at heart.

The first webinar explores the how’s and why’s of a ‘Principal only’ NHS conversion, potentially enabling a practice to ‘retain and gain’ – retaining NHS income whilst developing private income streams. This is a strategy becoming more popular with practices because of the various advantages it presents as well as the uncertainty surrounding the impact of a NHS reform. The webinar covers the various key considerations to determine whether such an approach is the right move at your practice.

Patient Plan Direct’s second webinar considers the advantages of a plan provider transfer and the opportunity that working with Patient Plan Direct can represent. More practices than ever in 2014 have made the move to Patient Plan Direct from another plan provider. Simon Reynolds, commercial director of Patient Plan Direct, discusses why practices are taking on this move, including significant increases in profitability and a unique approach to business and marketing support.

Each free 30 minute webinar runs on various dates over the course of the next few weeks at both lunch time and in the evening, ensuring there is a time that fits your schedule.

To find out more and book your place on either webinar visit http://patientplandirect.com/media/ call 08448486888 or email This email address is being protected from spambots. You need JavaScript enabled to view it.

  5045 Hits
5045 Hits
OCT
17
0

Book now: Preparing for Retirement seminar

 

Members of the two leading professional services groups for dentists, the Association of Specialist Providers to Dentists (ASPD) and the National Association of Specialist Dental Accountants & Lawyers (NASDAL), will deliver a Preparing for Retirement seminar in Watford on Friday 21st November.

 

Practice valuer, Martyn Bradshaw of PFM Dental, and dental solicitor, John Grant of Goodman Grant, will discuss the challenges dentists face when selling their practice. Experienced dental accountants will consider the tax implications of selling a practice for sole traders, partnerships and for limited companies. In addition, financial advisers will cover the NHS pension retirement options and HMRC lifetime allowance issues.

 

Seminar coordinator, Jon Drysdale of PFM Dental, commented: "We have been running these seminars for five years and feedback has been overwhelmingly positive from the hundreds of dentists who have attended. Most dentists only sell their practice and retire once so getting it right is vital.”

 

To book your place on this event call 0845 241 4480 or email This email address is being protected from spambots. You need JavaScript enabled to view it.

Visit www.pfmdental.co.uk for details of retirement events in other UK locations.

  4124 Hits
4124 Hits
OCT
13
0

Beware of NHS pension payment delay

Dentists who apply for their NHS pension while erroneously listed on open NHS contracts could well experience delays receiving their payments warns independent adviser, Jon Drysdale.

As an example, he cites a West Yorkshire dentist whose NHS pension was delayed because his former employer failed to notify several Local Area Teams (LATs) that he was no longer on the performers list for NHS contracts in various locations. The dentist, who held a regional dentist position with a large dental corporate until earlier this year, submitted his pension application to NHS Pensions in July 2014 with a view to retiring in November. However, the Pensions Team at NHS Dental Services were unable to send his completed application to the NHS Pensions payments department for processing until the relevant contracts had been closed. The dentist in question was not notified of the delay and now faces an initial period of retirement without his pension.

Jon Drysdale, an independent adviser with pension specialists PFM Dental, says "The delay in paying his NHS pension was caused by the failure on the part of the corporate to carry out the necessary procedures when the dentist left their employment. The lack of communication about the delay made matters worse. I strongly urge all dentists applying for their NHS pension to check they are no longer listed on open NHS contracts – this is one of the many important points we make on our one-day retirement seminars.”

Jon Drysdale, a director of PFM Dental, runs a series of retirement planning events to help dentists plan effectively for retirement, including NHS pension options. For more information visit: www.pfmdental.co.uk

  4968 Hits
4968 Hits
OCT
06
0

Blue Wednesday is the new Blue Monday – Raising money and awareness for Mouth Cancer

This November, our partners Patient Plan Direct is asking its staff, dental practices, partner, friends, family and the dental community to show their support for Mouth Cancer Action Month by getting involved and making Wednesday 19th November 'Blue Wednesday'.
 
Mouth Cancer Action Month is run by oral Health Charity, The British Dental Health Organisation. The aim of the campaign is to get more mouth cancers diagnosed at an early stage by raising awareness of the risk factors, signs and symptoms, whilst encouraging people to discuss them with their dental professional.
 
Currently, mouth cancer kills more people every year than both testicular and cervical cancer combined, this is because too many patients are diagnosed at a late stage. Mouth Cancer Action Month can help educate patients about mouth cancer, whilst reinforcing the importance of regular dental visits.
 
On Wednesday 19th November, Patient Plan Direct will be hosting a blue dress down day for the British Dental Health Foundation to raise awareness and donations for Mouth Cancer Action. We are also encouraging the practices that work with us and as many people within the dental community as possible to do the same – so buy a blue ribbon, pick out something blue, wear it and show your support!
 
In the run up to the day we will be working hard to fundraise and reach our goal of raising £1,000 before the 19th November. If we hit our target before the 19th, our Commercial Director, Simon Reynolds, has promised to come to work in full blue body paint! We’re all keen to see if Simon will stick to his word so please don’t be shy when it comes to donating to a great cause and campaign.
 
Simon Reynolds, commercial director of Patient Plan Direct, commented: ‘This is a great and fun way for us to support a very worthy cause within dentistry. Our aim is to raise awareness of mouth cancer and the risks it represents, a disease which has increased by 50% in the last decade’.
 
If you would like to donate to this amazing cause, please visit our Justgiving page
 
https://www.justgiving.com/Patientplandirect. We have just over one month to reach our £1,000 milestone, so please donate generously!
 
To find out more about the Mouth Cancer Action campaign, visit www.mouthcancer.org
 
  11274 Hits
11274 Hits
SEP
22
0

Practice purchase event a popular success

With PFM Dental's practice purchase seminar on Thursday 18 September in Warrington fully booked well in advance, it was obvious the associate dentist participants were very interested in owning their own practice.

Organised in association with RBS (healthcare banking), Goodman Grant (dental solicitors), PFM Townends (dental accountants) and plan providers, Patient Plan Direct, a wide range of topics were covered in presentations and Q&A sessions. These included the current market, applying for competitive finance, legal and accountancy considerations and the benefits of a capitation scheme.

Jon Drysdale, an independent financial adviser at PFM Dental says: "We have run this course for four years and the Warrington event saw the highest attendance yet, with nearly 40 associates. Concerns over pay and job security, combined with the desire to build a valuable business asset, means more associates would like to buy a practice.”

The next practice purchase seminar for associate dentists is on 20th November in Watford (evening). Places can be booked by emailing This email address is being protected from spambots. You need JavaScript enabled to view it. or calling PFM Dental on 0845 241 4480.

 

For more information about purchasing a dental practice visit www.pfmdental.co.uk

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4305 Hits
AUG
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The Big Break : Patient Plan Direct donates over £500 to Mouth Cancer Action

 
Back in April of this year, Patient Plan Direct, the UK’s fastest growing dental plan provider, teamed up with Bacs, the organisation behind direct debit payments, to offer the practices that work with Patient Plan Direct an opportunity to give their patients ‘The Big Break’ whilst at the same time supporting Mouth Cancer Action.
 
Patients that signed up to a practice’s dental plan administered by Patient Plan Direct between April and June, were automatically entered in to a prize draw to win £12,000, as part of The Big Break campaign.
 
At the same time, Patient Plan Direct made a 50p donation to Mouth Cancer Action for every new patient that signed up to a dental plan in this period.
 
Over 1,000 patients joined a dental plan at one of Patient Plan Directs’ practices during the campaign and were subsequently entered into the Big Break Draw. Patient Plan Direct has consequently donated over £500 to Mouth Cancer Action.
 
Simon Reynolds, commercial director of Patient Plan Direct, commented: ‘The Big Break campaign was a great growth initiative for practices that work with us to grow their dental plan base by offering patients an added incentive to join a preventative dental program. It was also a great way for us to support a very worthy cause within dentistry.’
 
Mouth Cancer Action is run by oral health charity the British Dental Health Foundation, with the aim of raising the profile of mouth cancer, a disease which has increased by 50% in the last decade.
 
Patient Plan Direct provides an easy to use, highly efficient and very cost effective method of enabling practices to offer patients a dental plan. Patient Plan Direct’s unique approach embraces 21st century technology, gives a practice control and is proven to improve plan income and profitability.
 
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10620 Hits
AUG
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HMRC pension protection 'window' opens

 

An estimated 30,000* individuals, including many NHS dentists with pension benefits valued at more than £1.25m, are likely to benefit from HMRC’s Individual Protection from today (18 August). Dentists with NHS pension ‘added years’, personal pensions and those with deferred benefits can also take advantage of the newly available protection.

 

By having Individual Protection you are able to set your Lifetime Pension Allowance (LTA) up to a maximum of £1.5m, potentially saving a tax charge of £137,500. HMRC is offering the protection as a lifeline for those affected by the £250,000 reduction to the LTA in April 2014. The application 'window' stretches to April 2017, although those looking to retire before then are advised to take action now.

 

Jon Drysdale, an independent financial adviser at PFM Dental says: "Dentists retiring within the next 12 months need to deal with this issue immediately or face potentially large penalties. Getting the necessary figures at short notice from NHS Pensions will be a challenge, so seeking specialist advice early on is paramount."

 

Unlike Fixed Protection 2014, the new Individual Protection allows the continuation of active pension contributions.

 

To complete your Individual Protection application you will need to apply to NHS Pensions for a valuation of benefits.

 

For more information contact pfmdental on 0845 241 4480 or visit www.pfmdental.co.uk

 

*Source: HMRC Tax Information and Impact Notes 'Reducing the pensions tax annual and lifetime allowances'.

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4590 Hits
JUL
23
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First associate job? Top 10 financial tips...

 

Many of the 970 dentists who undertook Dental Foundation training in 2014 will move to a self-employed associate job shortly, if not already. Chartered accountant Adam Hemingway at specialist dental accountants PFM Townends and independent financial adviser Jon Drysdale share their top 10 financial tips for dentists embarking on self-employment.

 

  1. Don’t forget to register with HMRC

 

It's important to let HMRC know that you're self-employed as soon as possible. If you don't tell them, you may have to pay a penalty. Your accountant will be able to register on your behalf and receive copy correspondence from HMRC. This means you won’t miss important deadlines.

 

  1. Save for tax National Insurance and Student Loan repayments 

 

It is important to know how much tax to pay and when you need to pay it. Your accountant should calculate this for you. Don’t rely on anecdotal evidence of how much you will need to save. For associates with largely NHS income it should be possible to accurately predict the amount of tax you will need to pay. You should save for this from the start of your new job, even though you may not have to pay any tax or student loan repayments for some time. Remember that you’ll need to set up a direct debit to pay Class 2 National Insurance contributions straight away.

 

  1. Record keeping is important

 

Being a self-employed associate means you are now running your own business. Keeping accurate records of income and business related expenditure will ensure your accountant advises you on the correct amount of tax to pay and claims the appropriate tax relief where possible. Make sure you retain practice payslips as these contain important information such NHS Pension deductions.

 

  1. Set up a bank account for your new business

 

You don’t need a ‘business’ bank account but it is advisable to set up a new current account which into which your practice income is paid. Business related expenditure should be taken from this account. This ensures business income and expenditure is separated from the multitude of personal credits and debits.

  

  1. Claim back business expenses against tax

 

Associates can claim for the cost of some courses and study materials incurred before they started their first job and ongoing training. It is important to provide your accountant with records of any expenditure related to work. A dental accountant will know what claims are acceptable.

 

  1. Check the NHS Pension portal

 

The annual reconciliation report (ARR) is completed online and this is your opportunity to make sure your pensionable pay is recorded correctly. This will affect your pension at retirement so it is important to get it right. A dental accountant will be able to confirm you have made the correct NHS Pension contributions and deal with any queries relating to the online portal.

 

  1. Use your ISA allowance

 

A total of £15,000 can be deposited in a cash ISA account in any one tax year. This is a bank account where interest is not subject to income tax. It is a good place to hold the savings you make for your tax liabilities. A cash ISA can be linked online to your current account for easy access. Rates tend to be low.

 

  1. Get your income protection in order

 

Most associates will expect a stepped increase in their income and subsequently personal expenditure is likely to rise. It is important to protect this income as employer sick pay is no longer available or will be limited. Existing income protection polices may not provide sufficient cover especially if you signed up to a plan in your final year at University. The sooner you do this the less expensive it will be.

 

  1. Save for a house deposit

 

Most lenders will require a deposit of 10%, although some lenders will allow 5%. Many high-street mortgage lenders won’t lend unless you have at least 2 years self-employed accounts so finding a lender sympathetic to dentists is important. Use a specialist dental financial adviser to source the best mortgage for your requirements.

 

  1. Use specialist advisers

 

We have witnessed some serious problems for clients who have been ill-informed by an accountant who isn’t dentally aware. Many times this involves NHS Pension rules for associates, failure to claim business expenses correctly, or a general misunderstanding of the NHS Pension portal. We therefore strongly recommend that you engage a dental accountant who has chartered status and is regulated by the ICAEW. (Institute of Chartered Accountants in England and Wales).

Visit: http://pfmdental.co.uk/sections/view/26/associateCall  01904 656 083

iPad Mini offer for all new associate dental clients PFM-ipad-advert-August-2013.pdf 

 

 

  5235 Hits
5235 Hits
JUL
14
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Summer Transfer Offer: Worth exploring

Patient Plan Direct has launched its ‘Summer Transfer Offer’ to entice dental practices that already offer patients a dental plan administered by Denplan, DPAS or Practice Plan to transfer to Patient Plan Direct and take advantage of significant cost savings alongside first-class support focused on practice profitability.
 
Simon Reynolds, commercial director of Patient Plan Direct, explains: ‘We have teamed up with Tracy Stuart of NBS Training, one the leading dental trainers in the UK, to offer practices a transfer offer that is focused on business support and plan success for the long term.
 
‘The offer we have put together does not require practices to have hundreds of patients on plan to take advantage of transferring to Patient Plan Direct. It is indeed those practices with only a few hundred plan patients that are paying higher plan administration fees due to sliding scale or variable fee structures. Moreover, these practices may not receive the attention or service they expect due to not being identified as ‘key clients’. Many will be paying administration fees that eat up too much of the practice’s total plan income, making plan profitability a real challenge.’
 
Carole Kitchen, Head Business Development Manager North, adds: ‘Many may perceive our £1 per patient per month proposition to be comparative to the ‘Tesco Value’ brand option within the plan market resulting in an inferior/no frills service compared to other plan providers.
 
‘In actual fact, our client testimonials and case studies highlight our excellent support and an approach which is well suited to the modern dental practice. We are simply excellent value rather than just low cost and the steps we have planned in the coming months will further enhance our overall offering to dental practices.’
 
Patient Plan Direct has managed successful transfers from all of the major plan providers, all of which have been smooth and successful, resulting in high patient retention, significant cost savings and a positive experience for the patient as well as the practice.
 
Is it time you explored Patient Plan Direct?
 
 
For details of the Summer Transfer Offer visit http://www.patientplandirect.com/transferring-provider/summer-transfer-offer/    
 
Further information here
  5341 Hits
5341 Hits
JUL
08
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Location, location, location?

Location, location, location?

Martyn Bradshaw explains why location is important but not everything when it comes to practice values

Our national press love a headline quoting a statistic on the average house price or the average wage. Statistics containing an ‘average’ often make a good story because they divide opinion. However, some should be treated with caution.

Practice values are often subject to similar treatment and while surveys might contain some useful guidelines on the general state of the market, they often fail to uncover the finer points of valuing the goodwill of your dental practice.

There is no doubt that there is a significant variance in the values of practices in the south east of England, the major English cities and more remote locations. The same can be said of Scotland, with practices commanding higher prices if they are in or close to Glasgow, Edinburgh or Aberdeen.

 

Price hotspots

Hotspots by location tend to be town centres/highly populated areas. This is simply because these areas enjoy a higher concentration of dentists seeking to buy a practice. In these locations the majority of sales are likely to be to dentists wanting to be ‘owner occupiers’ as they are the largest group of interested buyers. Typically these hotspots are (but not restricted to):

  • Within the M25, Birmingham and other Midlands cities, Manchester and the north west cities, Bristol, Newcastle and cities in west and south Yorkshire.
  • Likewise, the major Scottish cities of Glasgow, Edinburgh and Aberdeen will command higher prices than the less populated areas of Scotland. Interestingly, Scottish practices often enjoy interest from buyers across the UK, largely due to the (non-contract based) nature of NHS income.

 

When hotspots are less important

Body corporates are as active as ever and are seeking to purchase across the country. Do they pay different values dependent on the areas? Not generally. Their assessment of goodwill value relies on the ‘super profit’ that the practice generates (a multiple of the earnings before interest, tax, depreciation and amortisation – known as EBITDA). This calculates a value, regardless of where the practice is.

It would be wrong to say that location doesn’t influence the price a corporate will pay for your practice. Location becomes important if a corporate has a foothold in a particular area. Running a group of practices in proximity will bring economies of scale, which is a key mantra to the investors behind corporate dentistry. Therefore, the location factor on price in this case is more regional than national.

 

What impacts on price other than location?

Obviously, the location of a practice isn’t something practice owners can change so if yours is not in a price hotspot, what can you do to increase its value? Most patients will come from the locality – which can sometimes be quite a small area depending on the transport infrastructure and other factors. There are exceptions, but few general dentistry practices find it possible, despite good marketing campaigns, to broaden the area from which patients attend. Offering specialised services (cosmetic dentistry being an obvious one) can, however, be effective in drawing patients from further afield.

 

The biggest single factor affecting values is probably the basis of the treatment provided. Some practices sell for significantly over the asking price due to the high volume of offers at the closing date for sealed bids. These tend to be NHS practices. The banks see strength in an NHS income stream and will lend readily as such, hence the high number of finance-ready buyers available. An NHS practice in a northern city or even a more remote location is very likely to command a higher price than a private practice in the south east.

 

While private practice values may be enjoying a value resurgence due to the improving economy, buyers are more likely to pay 'top dollar' for those practices where capitation scheme income is greater than Fee Per Item income. Again, banks are more comfortable lending on this proposition as they perceive the income stream to be more secure.

 

Turnover is vanity, profit is what matters

To understand how we might break a value assessment down even further, let’s consider two similarly-equipped NHS practices with the same turnover, in the same city, in the same street. One has a consistently higher level of profit than the other due to lower staffing costs or better cost control. I know which would command the higher price.

 

Martyn Bradshaw is a practice valuer and sales agent with PFM Dental. For further information on PFM Dental visit pfmdental.co.uk

  5881 Hits
5881 Hits
JUL
07
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Dental Plan Providers: Interesting Insights

Simon Reynolds, Commercial Director of Patient Plan Direct, highlights recent activities and trends amongst dental plan providers, which provides some interesting food for thought.

The dental plan market has become more competitive in recent years as new plan providers have come to market (including Patient Plan Direct over five years ago now), and each provider looks to differentiate themselves, create a competitive edge, retain business and put their own slant on enabling practices to administer a dental plan for patients.

Furthermore, factors such as the imminent NHS changes, challenges associated with profitability, changes in practice purchase and sales, as well as the importance of cost analysis in the sector have all impacted on whether, and how, practices opt to administer a dental plan for patients.

All this activity has sparked certain changes and movements in the plan market, some of which Simon explores below.

Plan providers are reducing their fees to retain business

“It’s no secret that Patient Plan Direct is a price-led proposition. Our competitive fee structure is significantly less costly than other plan providers and practices look to transfer the administration of their dental plan to us from other providers to make significant cost savings, whilst still benefiting from a great service,” explains Simon.

“More and more often I come across scenarios where, after a practice informs their existing plan provider that they intend to transfer to Patient Plan Direct, a new “special deal” is quickly fabricated by the practice’s existing plan provider in a desperate attempt to retain the practice’s custom. These deals usually take the form of significant fee reductions representing huge cost savings.”

“This begs the question as to what value these plan providers place on their service and why the threat of transferring should be the catalyst that warrants sudden special attention or significant fee reductions? Why should only practices looking to move away benefit from a “special deal”, and why has the practice had to pay the higher fees until now?”

Simon goes on to explain: “These deals have been offered on numerous occasions from many of the major plan providers. I would encourage any practice that administers its dental plan through a plan provider to ask for a fee reduction or “special deal” that other practices have been receiving. Why should your practice pay more whilst it remains loyal? Alternatively, you could explore Patient Plan Direct’s transparent and honest approach to administering your practice’s dental plan.”

The Hoover versus the vacuum cleaner

“Some plan providers profess that patients ask specifically for their plan brand, but do they really, or do they simply ask for the brand that they associate with the service they require and the benefits of the service concept?” asks Simon.

Simon goes on to say, “This weekend you may decide to “Hoover” your living room and use a vacuum cleaner to get the job done. Whilst you may refer to vacuuming your living room as “Hoovering”, you are simply referring to the common brand associated with the functionality you require. It is, in fact, vacuum technology that you require. The particular brand, “Hoover” or the term “Hoovering”, has nothing to do with your core requirement. Moreover, the brand “Hoover” may not necessarily be the best brand to meet this requirement.

“Relating this to dental plans, if a patient asks for a specific plan brand, they are more than likely looking to take advantage of  the core principles and benefits of a dental plan rather than anything associated with a third party brand that has no impact on the actual dentistry delivered. Don’t assume you need to pay inflated fees to offer a particular plan brand and promote a third party brand. It is the core principles of a dental plan a patient desires, not a particular plan brand.”

Transferring provider to increase value

Finally, Simon explains why some practices opt to transfer plan provider in order to achieve a greater practice valuation. “It is common knowledge that a practice with a capitation or maintenance plan in place generally achieves a greater valuation than a fee-per-item private practice. Why? Because the reassurance of recurring income provides both lenders and potential buyers with greater confidence of the businesses’ long-term sustainability.”

“If there is a way of making the practice’s dental plan more profitable then this further increases the practice’s value. Take, for example, a practice with 600–1,000 patients on plan. By transferring the administration of its dental plan to Patient Plan Direct from one of the major plan providers, this practice would stand to save between £4,500 and £15,000 per annum which directly increases the bottom line.”

“Using the EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) valuation method, a practice’s profit is generally multiplied by four or five times. Therefore, a cost saving and representative increase in profitability of £4,500 to £15,000 can increase the value of a practice by £22,500 to £75,000. No wonder dentists are exploring plan provider transfers as part of their exit and retirement strategy.”

 

Simon Reynolds is the commercial director of Patient Plan Direct, the UK’s fastest growing dental plan provider. To discover an approach to dental plans that makes sense and cuts costs contact Patient Plan Direct.

Tel: 0844 848 6888

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Mob: 0754 070 6323

Visit: www.patientplandirect.co.uk

  5237 Hits
5237 Hits
JUL
02
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Professional Services for Dentists

PFM Dental and Patient Plan Direct, proud sponsors of GDPUK, have come together to create a new blog area on GDPUK: Professional Services for Dentists

The area will provide expert opinion and advice in key areas relating to professional services within dentistry including:  Practice valuations, Business management and operations, Financial, Accountancy and Legal. Guest bloggers are experts in their field with one thing in common – they all work exclusively with dentists. The blog represents an excellent all-you-need-to-know source to keep you ahead of the field in non-clinical matters.

PFM Dental are one of the leading specialists providers to dentists within the UK providing: a dental sales agency, practice valuations, independent financial advice and chartered accountancy services.

Patient Plan Direct is the fastest growing, most cost effective and flexible plan provider in the market - Experts in plan launches and plan transfers.

 

  5029 Hits
5029 Hits

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