NASDAL Goodwill Survey: market sees big drop

This week has seen publication of the latest results from the NASDAL (National Association of Specialist Dental Accountants and Lawyers) Goodwill Survey statistics. This survey covers the quarter ending 30th April 2022 and includes data on valuations as well as deals completed (i.e., practices bought or sold by NASDAL members’ clients in the period).

The quarter showed a sharp reverse in the recent pattern of increases in goodwill values. Overall, there was a substantial decrease in goodwill as a percentage of fee income in the quarter across all types of practice – deals averaged 143% of gross fees – down from 166% in the quarter to 31st January 2022.

Private practices saw practice goodwill at 124% of gross fees – a big decrease from 155% in the last quarter. Mixed practice goodwill values were also on the slide as they dropped to 132% of gross fees (189% in the previous quarter). NHS practices did see an increase – they were at 178% of gross fees – up from 141% in the quarter to 31st January 2022.

Wider concerns?

Mike Blenkharn, specialist dental accountant and partner in UNW LLP who compiles the goodwill survey, said, “It is interesting to see a big fall back across many practice goodwill values. We can perhaps speculate that as the market returns to a bit more normality it should be expected that figures fall back a little. It also could be symptomatic of wider concerns in the economy as a whole.

“We have seen a low number of NHS practices come to market this quarter which may have skewed that data somewhat and the rise. However, there is a lack of confidence in the market for NHS practices and it will therefore be interesting to see if this trend in goodwill values continues in future quarters.”

The goodwill figures are collated from accountant and lawyer members of NASDAL in order to give a useful guide to the practice sales market. These figures relate to the quarter ending 30th April 2022.

NASDAL reminds all that as with any averages, these statistics should be treated as a guideline only.

Let us eat cake at the Dentistry Show London

Here at Dental Elite, we’re delighted to announce that we’ll be at this year’s Dentistry Show London!

Luke Moore, Co-Founder, will be presenting ‘Dental Practice Sales in a Tough Financial Climate – 10 Ways to Get the Best Terms’. If you’re looking to sell your practice now or in the near the future, this presentation is not to be missed. Delegates will explore the current dental practice sales market and what the future holds – Luke will also discuss how to maximise your sale price. If you miss us on the Friday, don’t worry – Julie Randle, Senior Practice Consultant, will be presenting the session on Saturday too.  

The team will be on stand H20 and all delegates are welcome to pop by and have a chat. We’ll be sharing advice and guidance… with cake and prosecco!

Make sure to catch us at the Dentistry Show London 2022, we’ll see you all there!

For more information, visit www.dentalelite.co.uk, email info@dentalelite.co.uk or call 01788 545 900

What to expect when you’re growing your practice

If you’re looking to grow your business, you may be worried about creating additional stress on top of what you already experience in your day-to-day practice.

What does growing a business look like? There can be a lot of uncertainty, risk taking, potential sacrifices and sleepless nights – but with the right tools and support, you’ll be able to avoid these negative complications and be in the driver’s seat of your professional and personal growth.


Plan, plan, plan

One of the first things you should do before thinking about expansion is plan the direction in which your growth is headed. Within dentistry, the possibilities really do seem endless, which might make setting particular goals challenging. Your goals may change, but it’s worth establishing them at the beginning so you have a solid roadmap to start you off.

What are your goals? You might wish to adopt more automated technology over the next 12 months, which would certainly enhance many processes within the practice. This might be especially useful at the moment, as the profession is slowly recuperating after being encumbered with an intense patient backlog – efficiency and organisation have been of the essence. Additionally, expanding your service offerings is an ideal way to not only demonstrate your commitment to your patients’ oral health, but to also boost your revenue. In this scenario, you’ll need to budget for potential staff training and the relevant materials, tools and equipment. But when you consider treatments such as clear aligners, which are incredibly popular, then your investment would definitely be worth your while.

The power of patients

Your patients are your bread and butter, and play a huge role in the success of your business. By gauging their levels of satisfaction, you’re able to make changes to your business that will improve the service that you deliver. If your goal is to gain and retain more patients, think about how you can better enhance their experience.

If you do not do so already, it might be worth implementing post-visit surveys. If they leave positive feedback, you could ask to display their comments on your website. Negative feedback gives you a great opportunity to see where you could improve.

Also, never underestimate the power of word of mouth. When a patient recommends a friend or family member to your practice, they’re doing you an invaluable service. Why not set up a patient referral programme? Not only could you offer your patients discounted services for referring someone to you, but you could also offer a free consultation for the new patient.

Burnout – dentistry’s big bad wolf

In the midst of growing your business, it’s easy to lose yourself in your endeavours. It’s important to establish a suitable work-life balance to avoid burnout and spend enough time outside of work. Taking time out matters – it prevents you from becoming overwhelmed and overworked, and gives you sufficient breathing space to stay clear-headed.

The “always-on” culture can prompt individuals to work longer hours and prioritise their professional commitments over their personal ones. Burnout results when the work feels never-ending. According to the World Health Organization, burnout “is a syndrome conceptualised as resulting from chronic workplace stress that has not been successfully managed”.[i] As you well-know, burnout is already a worrying issue within the profession – a report[ii] conducted by Dental Protection found that nearly 50% of respondents were not satisfied by their work/life balance and one in two considered leaving the profession owing to their personal wellbeing.

Due to the nature of dentistry, stress is unfortunately inevitable. Growing a business may not always seem an attractive proposition with the thought of all that additional stress. However, it’s entirely possible to prioritise growth without sacrificing your wellbeing. When you’re growing your dental practice, think about the ways you can set strict boundaries to ensure you’re not overworking yourself. Also, make sure to delegate tasks where appropriate to your team members, and manage your time effectively so you don’t become overloaded. 

Find the help – it’s out there! 

Of course, there are many different things to consider when planning to grow your business – it’s not something you need to do solo, though.

There are many resources out there that provide great advice and guidance for those looking to enhance their business, from books to webinars, workshops and business gurus. However, it’s always worth looking out for resources that are provided by professional bodies or individuals who know dentistry inside and out.

For instance, Dr Pravesh Solanki is hosting a course, Business and Mindset Mastery through IAS Academy, for dental professionals looking to enhance their businesses with the greatest success. In his one-day seminar, Dr Solanki talks about the importance of delegation and time out, how to set a 90-day plan and business processes. At the end of the day, delegates will be able to assess and prioritise personal and business growth goals, discover actionable patient gaining and retaining strategies and be able to improve their work-life balance.

You’re in the driver’s seat  

Your dental practice is your legacy. With the right support and guidance, you can set realistic and achievable goals without sacrificing your wellbeing.

For more information on upcoming IAS Academy training courses, please visit www.iasortho.com or call 01932 336470 (Press 1)

 

[i] World Health Organization (2019). Burn-out an ‘occupational phenomenon’: International classification of diseases. [online] www.who.int. Available at: https://www.who.int/news/item/28-05-2019-burn-out-an-occupational-phenomenon-international-classification-of-diseases [Accessed 20 Jun. 2022].

 

[ii] Breaking the burnout cycle: Keeping doctors and patients safe. (2019). Breaking the burnout cycle – Keeping doctors and patients safe. [online] Available at: https://mpscdnuks.azureedge.net/resources/docs/librariesprovider2/default-document-library/1907310561-uk-dp-burnout-policy-paper-web.pdf [Accessed 20 Jun. 2022].

 

Imparting implanting

Ucer Education has been a premier provider of postgraduate education in implantology within the UK for over 25 years. Led by Specialist Oral Surgeon, Professor Cemal Ucer, Ucer Education offers an outstanding learning experience and formidable value for money.

Ucer Education’s Postgraduate Certificate (PGCert) in Implant Dentistry (EduQual Level 7) is a well-rounded, one-year course that has been carefully crafted to provide attendees with all the fundamental skills and knowledge implant provision demands. Over the year, you will build your knowledge in a diverse range of skills and competencies, and at the same time gain an excellent grounding in theory.

You will learn everything from patient assessment and full digital treatment planning to surgical techniques and post-operative care. You will also have the invaluable opportunity to take part in hands-on workshops, allowing you to develop your skills under our experienced clinicians. From the most straightforward implant procedures, to the challenges of advanced restorative implant techniques, our friendly and experienced team will be on-hand to answer your questions.

 

For more information please visit www.ucer.education or call Prof Ucer on 07767 645331

Email ucer@oral-implants.com

Kiroku – “saves me an hour a day”

Dr Carl Horton discusses his experience of Kiroku – the digital note taking app – and how it has saved him time in practice every day:

“It was really straight forward integrating Kiroku with all systems we use in different practices. In terms of copy and pasting the information into practice records, we had no struggles whatever.

“The programme provides intelligent templates that make it easier to ensure all the relevant information is recorded efficiently during each appointment. It also enables us to create our own dynamic templates, which is perfect and really ticks all the boxes for us. Not only have we been able to design templates to meet our specific needs, but we can also adapt them over time. This simplicity was exactly what we needed. Kiroku is unmatched by any other options on the market in this area.

“I believe we have easily saved 10-15 minutes per hour consultation when working with our trainees. With more experienced colleagues we still likely save at least 5 minutes per one-hour consultation. In addition, the work required after each appointment has been streamlined – we can use patient letters from the templates, saving a further 10-15 minutes during the day.

“I would 100% would recommend Kiroku to colleagues!”

 

To find out more about Kiroku, or to start your free trial, please visit trykiroku.com

Intelligence Driven Precision

Every clinician hopes to work with high levels of accuracy, especially throughout the treatment planning process.

The CS 9600 CBCT system from Carestream Dental can assist you in reaching the efficiency you desire.

Featuring cutting-edge AI-powered patient positioning for enhanced accuracy, the system also provides crystal-clear images. Its 5-in-1 imaging capabilities means that you can pursue any indication with ease, while inbuilt workflows for specific treatments such as orthodontics, dental implant placement and more ensure smooth, predictable workflows.

What’s more, you can enhance the and treat patients with disabilities or extra requirements as the device includes a retractable seat – the CS 9600 is the only unit on the market with this feature!

For accuracy like you’ve never seen before, visit the website today!

 

For more information, contact Carestream Dental on 0800 169 9692 or

visit www.carestreamdental.co.uk

For the latest news and updates, follow us on Facebook and Instagram @carestreamdental.uk

Supporting students of the profession

Every year, A-Level results day has a significant impact on the future of thousands of individuals. The next generation of students will either achieve their goals and pursue their dreams, or have to re-evaluate and explore new avenues, potentially entering university through clearing processes if they didn’t achieve their desired grades.

It’s a stressful time for many, especially as so much of their future career can hinge on this moment. However, it’s also a joyous time for the dental profession, including dental therapy and dental hygiene. New students mean new talent being welcomed into the profession, and this means new perspectives, skills and passion – all things that our industry needs in order to continue to flourish and reach new heights.

However, as we all know, being a student can be a daunting time, and many individuals struggle with the big changes that the student lifestyle can bring. So, how can we help support students and ensure that they feel ready for a career in the field?

More people are entering the dental profession

Interestingly, over the last few years there has been a marked shift in the number of people entering more practical career areas such as dentistry. Although the stats for this year are not yet available at the time of writing, the last couple of years have seen applicants to dentistry-based courses increase significantly.[i]

While it’s difficult to find figures that directly relate to dental therapy and dental hygiene, the pandemic has proven that our profession is starting to become recognised by everyone as an essential part of the dental team, meaning that it’s an appealing choice for young adults when considering their career options. A preventive approach to dentistry is also becoming mainstream, and this means that our roles as dental therapists and dental hygienists are only likely to continue to become more significant in the wider dental industry in the coming years – a change that many students will want to be part of.

What students struggle with

Although many of us view or look back on our time as students as being a fantastic time, it’s also a very high-pressure period in a young person’s life and this can take its toll. Indeed, common issues faced by students during their years of study include all forms of anxiety, homesickness,  depression, stress and more[ii] – all of which can make individuals feel like they aren’t achieving what they should be, or that they don’t have the support they need in order to succeed.

There are also financial problems to consider, and while student loans help people during this stage of their education, it can still be a struggle, which may also impact people’s mental and physical health if they are unable to feed themselves properly or are constantly anxious about expenses.

Preparing yourself for a career is also a daunting step, and it’s not unusual for students to feel like they aren’t prepared for the next stage or that they have limited their options. Effectively, it’s a time of discovery for these young individuals, and the profession should support them where possible.

A helping hand from the BADT 

The British Association of Dental Therapists (BADT) is a great option for students and those who want to help assist these individuals during their educational journey. The Association give students of the profession access to advice from real working members of the industry, as well as countless educational sources, events and other useful resources that will help them to embrace the start of their professional journey and gain the skills necessary to succeed.

For those already qualified looking to help students, this is the perfect opportunity to impart wisdom, and get to know the newest members of the profession. For students themselves, the association offers a great insight into the industry at large and the opportunity for these individuals to get involved in the conversations surrounding the future of the profession. Plus, student membership is free for undergraduates and for newly qualified dental therapists and dental hygienists in their first year of qualification.

Nurture future talent

Working in dental therapy and dental hygiene is like joining a family of like-minded individuals. We’re one of those rare professions where supporting each other really is at the heart of what we do, so it’s always good to encourage the next generation of students and help them where possible. By encouraging individuals to make the most of joining an association and imparting our wisdom and experience, we can help them to feel welcome in the industry as well as supporting them throughout their educational development.

 

For more details, please visit www.badt.org.uk

 

Author: Debbie Hemington- Chair.

Debbie qualified from New Cross in 1983, the year it closed, and is actually the last New Cross Therapist to graduate. She qualified as a Hygienist at Kings in 1987 and has worked continuously during this time in a variety of settings. In 2003 she joined The Eastman as a tutor and combines that role with working in a mixed general practice where she has worked for 38 years! Debbie has also worked the for the former London Deanery as part of the DCP tutor team commissioning post graduate education, and was the educational lead on “Wild Smile” project with Heart your Smile. In 2012 she took part in a 2 year part time pilot scheme at Kings for Enhanced Skills in Periodontology. She has been a BADT member for most of her career and was elected Chair in 2018 and is now President of the Association.

 

[i] FE news. Record Numbers of People are Applying to Study Dentistry in the UK. Link: https://www.fenews.co.uk/skills/record-numbers-of-people-are-applying-to-study-dentistry-in-the-uk-these-are-the-routes-into-the-profession/ [Last accessed August 22].

[ii] Mind. How To Cope With Student Life. Link: https://www.mind.org.uk/information-support/tips-for-everyday-living/student-life/about-student-mental-health/ [Last accessed August 22].

Endowment Policies – an option for you?

When it comes to your finances, the options open to dental professionals are limitless.

Endowment Policies, for example, are an interesting possibility to explore that could be utilised to save in the long-term. But where do you begin?

What is an Endowment Policy?

Effectively, an Endowment Policy is a type of savings plan. The most common type of these plans are Life Assurance Endowment Policies. These are designed to pay out a lump sum after a specific term or, sometimes, in the event of death. They are usually taken out to ensure that a mortgage on a property can be paid should the unthinkable happen, but they can also be utilised as a way to save over a long period of time.

Different types of Endowment Policy

As with any form of savings plan, individuals will come across many different types of Endowment Policies if they scour the market.

Non-profit Policies are the most straightforward, and simply give out a set amount upon completion. Of course, these policies are no good if you’re looking to make excess capital, as the pay-out is fixed from the start.

With-profits Policies are the most beneficial option. Any funds paid into this type of plan will have a dual purpose. The first of these is to cover the cost of any Life Assurance protection included in the policy. These premiums are invested by whoever supplies the policy to increase its value over time.

The other purpose for funds is that, over time, the value of the savings element grows. Eventually, this means it will exceed the total of the premiums paid, allowing the policy to accrue funds and act as a way to increase your capital. Sometimes this option is a better alternative than relying on interest of savings accounts, which is why it has become a popular choice for people looking to save money in the long-term.

Generally speaking, these contracts are established for a set period, usually spanning from 10-25 years. As such, these policies are subject to advantageous taxation rules that only apply to Life Assurance policies with terms of 10 or more years. These taxation rules are known as Qualifying Rules, and allow for any investment gains made within applicable policies to be paid to the policy holder without any personal tax being deducted.

As these policies are commonly created as a means to pay off a mortgage, the length of the terms is usually the same length as your original mortgage agreement (typically 25 years). While incredibly rare, there are Endowment Policies that are shorter than 10 years available, however, due to this shortened timeframe, they are unable to benefit from the taxation rules of longer policies.

With-profits policies put the power of investment into the hands of the Life Assurance company. The benefit of this is that on years where high investment returns are achieved, they put some in reserve. This helps to cancel out any bad years of return, so that the bonus on your policy is likely to be steady across the duration of the agreement.

The third type is a Unit Linked Endowment Policy. This type allows you to buy units in investment funds, putting you in charge of the unit trusts your expenses are invested in. Your income will entirely depend on the performance of these investments.

Your funds in the policy 

In nearly every scenario you’ll want to leave the funds invested in an Endowment Policy alone so that they can generate the best return for you. However, should you find yourself in a pinch and urgently need funds, there may be options available – though you’ll need to contact your policy provider to find out the terms and conditions.

It’s not uncommon for Endowment Policies to restrict money being drawn before the maturity date, so this is something to bear in mind before you invest.

Selling your policy

If, for whatever reason, you think it’s best to sell your policy, there are a number of things to bear in mind. First of all, you will no longer be considered the owner of the policy after its sale, but the Life Assurance cover will continue to be based on your life. Plus, if you are to die during the terms of the policy, the new owners will be paid the proceeds – the same applies should the policy reach maturity.

Unit Linked Endowment Policies are unlikely to be sold on. As such, if you have taken out one of these types of agreement, surrendering the policy is likely the way forward. Due to the nature of how this type of policy works, it’s usual that the value of surrendering it will be similar to the investment value.

Expert advice

As you can see, Endowment Policies are not necessarily straightforward. As such, it’s always helpful to enlist the advice of financial experts.

The award-winning team at money4dentists have decades of experience helping dentists to choose Endowment Policies that will work best for their unique circumstances – making them a trusted choice for dental professionals across the nation.

Just another option

Finances are a tricky labyrinth to navigate without expert advice. However, Endowment Policies are definitely a good option that professionals can utilise to make some long-term savings, as long as they choose the correct policy for them.

For more information, please call 0845 345 5060 or 0754DENTIST.

Email info@money4dentists.com or visit www.money4dentists.com

 

Richard T Lishman Managing Director of the 4dentists Group of companies

Enhancing patient care

No patient should have to suffer with the complications that result from full or partial edentulism. With the Neodent® NeoArch® Immediate Fixed Full Arch Solution, they don’t have to.

The Neodent® NeoArch®, a Straumann Group brand, helps to immediately restore a beautiful and functional smile, so patients can spend less time in the chair and more time enjoying their newfound comfort and confidence.

The Neodent® Grand Morse® restorative portfolio provides a broad range of straight and angled abutments and Helix GM® dental implants, allowing clinicians to provide outstanding care, even in patients with a severe atrophic maxilla.

To discover more, get in touch today.

 

For more information on the Neodent® NeoArch® Immediate Fixed Full-Arch Solution, visit

www.neodent-uk.co/efficiency

IDDA presents Digital Dentistry Theatre

Dentistry Show London

Dr Adam Nulty, Executive Board Member of the International Digital Dental Academy (IDDA), comments on what delegates can expect from the Digital Dentistry Theatre at this year’s Dentistry Show London:

“Dentistry Show London last year was excellent with a very busy and lively theatre – we had some fantastic speakers that we are really looking forward to presenting again in the Digital Dentistry Theatre for 2022. We will have our stand right next door so we can answer questions and help anybody on their digital journey.

“Within the programme, we will discuss the very latest technologies in the profession. Join us to see what the future of dentistry will look like, as well as the type of dentistry we can achieve right now. We’ll cover everything from smile design to guided surgery and AI integration demonstrating the latest capabilities of the software and hardware available to take your patient care to the next level. We will also explore how dentistry can be more fun and interactive, so you’ll enjoy providing a better standard of patient care.”

Plus, access vouchers from the IDDA stand to access free content on their website digitaldentalacademy.ac.uk, as well as details of upcoming programmes in orthodontics, restorative and implant dentistry.

Register for Dentistry Show London for free today!

 

Dentistry Show London will be held on Friday 7th and Saturday 8th October 2022, ExCeL London.

Visit london.dentistryshow.co.uk for more information.