Dental Practice Profit Improvement Programme
The Dental Practice Profit Improvement Programme is designed to help Dentists improve their practice profits.
We designed it to help unlock the path to higher profits in Dental Practices.
For the last 15 years, the Samera team have almost exclusively been working with Dental Practices across the United Kingdom.
What do great practices do differently?
As accountants to many Dental Practices, we have seen what the great practices do, but also what the not so great do too.
Whilst having a great team, strong marketing, and clinical excellence is essential, one area often neglected is the financial management of the practice.
The great practices get this right and understand having a grip on the financials will pay long-term dividends, not just in the annual profits, but in the longer term value creation when the time comes to exit or retire.
Focusing on Practices Finance is now more important than ever
At Samera, we feel a focus on the finances is the key to unlocking real financial freedom from your practice.
The Dental market is becoming increasingly sophisticated with new entrants with deep pockets entering the market. This presents an opportunity for star performing practices to maximise their exit value by having a real grip on the practice financials.
Whether you are still relatively early in your practice ownership journey, or near the end of the journey and thinking about an exit, we have designed a practice profit improvement programme designed strictly around the finances of your practice.
This programme is for all practice owners, whether or not Samera are your accountancy provider.
This Dental Practice Profit Improvement Programme is tailored around your unique business following our analysis and will provide you with key achievable targets and changes to make that will give you fast results.
Dental Practice Profit Improvement Programme
This Dental Practice Profit Improvement Programme is a 12-month programme designed for Dental Practices to improve their profits and get their practice finances in order.
To benefit from our expertise, your practice does not need to be an accountancy client of Samera.
Month 1 – Practice Financial Audit
After an initial face-to-face meeting with your Samera Consultant, we will carry out an audit of the financial performance of the dental practice.
Our accountants and financial experts will drill deep into the performance of your practice and analyse the good, the bad and the ugly, highlighting aspects to improve upon over the 12 month period and issue you with a report of areas to improve performance over the next 12 months.
During this initial meeting, we will assess the profitability of your practice plus set some SMART objectives for the 12 months ahead.
Month 2 – Valuation of your Dental Practice
We will carry out a comprehensive valuation of your practice, detailing if you sold the practice in today’s market what a potential buyer may pay for it.
Month 3 – Financial goal setting and preparation of forecasts
We will help you set some key financial goals you wish to achieve over the next 12 months and we will prepare financial forecasts and cash flows for the next 12 months of your practice, so you can track closely the performance of your practice.
Month 4 – Quarterly Review
At this stage we will carry out a review of progress thus far. and agree any further action. This review will focus on the implementation progress to ensure the realisation of benefits.
Month 5 – Full Cost Analysis of your Dental Practice
We will drill deeper into the costs of your business. Analysing your spend, and the charges your suppliers maybe charging you, comparing with our benchmark data including suggestions of what to change, alter and improve upon.
We work with an array of suppliers and know you are seeking excellent value for money, hence our approach will be to identify areas you can save money.
Month 6 – Pricing Review of the Practice
We have found that pricing is an area many Dental practices go awry.
Understanding price, volume of activity and margin per treatment will ensure you are pricing yourselves right for your practice and clientele.
We will review competitor prices, and then suggest any required price changes for your treatments in practice.
Month 7 – Loans and Funding Review
All too often once we have taken a loan out, we rarely review if we are on the best terms available. We may do it on our house mortgages, but the same applies to any commercial loans you may have.
Our financing expert will review your financing position, but then also assess if further finance maybe needed and suggest alternative terms to what you may currently have so you can save money.
Month 8 – Quarterly Review
At this stage we will carry out a review of progress thus far. and agree any further action. This review will focus on the implementation progress to ensure the benefits are realised.
Month 9 – Financial Systems review
At the heart of any dental practice are systems. Whilst an after thought in many practices, we know getting the right financial systems in place, and managed right will have a big impact on the operations, reducing time, stress and ensuring you have everything in the right place.
We will also look at your payroll, book-keeping and your annual accountancy systems you have in place, highlighting best practice, and areas for improvement.
Month 10 – Tax Audit and Review
We will carry out a tax audit for you and your practice and then assess whether you require some advanced tax planning. We will look at all main areas of tax including income tax, corporation tax, capital gains tax and inheritance tax.
Month 11 – Marketing Spend and ROI review
We will review the marketing you have been carrying out and then make suggestions as to areas you should be focusing your efforts and spend on, with a view to improving the return on investment of your marketing expenditure.
Month 12 – Annual Review and Updated Valuation of your Dental Practice
We will carry out an updated valuation of your Dental practice, after you have made the changes over the last 12 months and also review the progress of your practice over the last 12 months.
Free Initial Consultation
For a free initial consultation and to find out how we can help you increase your profits please complete the form below and one of our expert team will be in touch.
For further details please get in touch or contact us via our online form.