This article explores some of the challenges in UK dentistry and the opportunities offered by Dentex’s new co-ownership model.
UK dentistry nowadays is both complex and increasingly expensive. Many dentists struggle to keep up with financial, management and compliance obligations, whilst striving to be focused clinicians and continuing to grow their skills.
There’s plenty of evidence to suggest that the average age at which dentists wish to sell their practice has reduced to between 50 – 55. While the increasing burden of administration and compliance has been a factor, often their decisions are based on financial matters. This, in conjunction with the fact that most dentists are in their late 30s before they can own a practice, means a shortening earning period in which dentists need to carefully consider their retirement plans and the options available to them.
HOW CO-OWNERSHIP IS DIFFERENT
Dentex is the only UK corporate offering a co-ownership model that enables dentists to retain independence whilst sharing the clinical, financial and operational benefits from being part of a collegiate dental group.
A fundamental difference in this partnership model is that Dentex aim to share the benefits with their partnering dentists. Principals who wish to join can take money off the table immediately and retain a portion invested in their practice and Dentex. It enables dentists to remain invested in dentistry, continuing to earn whilst preparing for a better retirement as an equity holder. The overall aim is to offer considerably better long-term wealth creation opportunities compared to traditional dental corporate models.
Being part of a wider group has numerous benefits; centralised support functions, better bargaining power and the ability to work alongside some of the industry leaders means that dentists have the support they need to focus on the parts of dentistry they enjoy. There is also immediate financial upside for a practice becoming part of a group, much more value created this way.
Dentex dentists are invested alongside shareholders ensuring they all have a common goal – growing value through a collaborative dental business for the benefit of all.
Dentex are looking for dentists who want to share in the growth of their practice as well as the broader Dentex Group. It suits both those dentists wanting a short-term sale or longer-term involvement in a growing dynamic group. Their partners are motivated and enthused about clinical dentistry; they still want to work in dentistry, but perhaps feel restricted by growing regulatory, compliance and administration.
They are not running a business model that’s dictatorial but are looking for ways to help dentists work together. Dentists often face similar challenges, so providing a service that’s really client focused and allows them to build and grow in a collegiate way has been very welcomed.
As co-owners, partners retain a level of equity in their practice. This means they continue to play a vital role in its growth, maintain clinical freedom and continue under their personal independent brand – the aim is to retain and enhance what is unique about each practice and its team.
Because co-ownership aims to reduce the burdens of practice administration, provide clinical mentoring and support, inspire practice growth and reduce risk, the model has obvious benefits to dental professionals. Dentex provides funding and the centralised resources such as mentoring, guidance, technical, financial, compliance, marketing, legal and clinical support – necessary to drive growth.
Whether you want to grow your own group of practices, relinquish some of the burden of day-to-day management, develop your skills or spend more time with patients. Dentex can tailor your involvement so that you can focus on the parts of dentistry you enjoy.
This article was published by dentistry.co.uk on the 20 March 2018 here