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MediEstates - Increase the value of your dental practice
Increase the value of your dental practice

Increase The Value of Your Dental Practice

 

Most dental professionals will rely on the value of their dental practice as one of their major sources of retirement income. With a little planning and by implementing a well-thought-out exit strategy, you can maximise the value of your practice. But how do you figure out what your practice is worth, and how can you increase its value? The short answer is: buyers want practices that are growing. Let’s take a look at some on-going factors that influence the value of your practice.

 

1. Existing Patients

 

A strong base of existing patients lay the foundations for a growing dental practice and are important for recurring revenue. Typically, a buyer would like to know how many active patients you currently have, along with the average number of treatments provided per month.


2. New Patients

 

As important as existing patients are, new patients are just as crucial as they help drive the growth of a dental practice and provide future revenue opportunities. In order to attract new patients, be sure to follow industry best practice in your marketing efforts – i.e. a user friendly website and active social media accounts. Furthermore, it’s always a good idea to keep a track of your marketing activities to not only measure results but show prospective buyers how your practice can benefit from strategic marketing activity.


3. Good Reviews

 

We are all aware of the importance of the patient journey; their visit is much more than just a quick check-up or clean. The more patients are satisfied with the level of care they receive, the more likely they are to leave good reviews which makes your practice more attractive to others. Good reviews will give a potential buyer confidence in your brand as well as ensuring a steady stream of new patients.


4. Technology and Established Systems

 

As technology advances, buyers want to purchase a practice with the latest technology and digital equipment. Investment in equipment such as intraoral scanners, enables the provision of specialist treatments and opportunity to significantly grow turnover. Furthermore, outdated equipment can decrease the value of your practice as buyers want practices that are aesthetically pleasing for patients and allow a smooth day-to-day operation.


5. Harmonious Team

 

Team and office management is important to the success of any dental practice, but especially when trying to attract a buyer. From the clinicians to the front of house staff, your dental team needs to be strong and on board to move forward. A well-managed dental practice team with a good leader can keep turning out revenue long after the current owner has moved on.

 

Wrapping Up

 

Even if you have not yet given your exit strategy any thought, by focusing on the factors above you can start maximising the value of your practice without even knowing it. To get an idea of where your dental practice stands in the current market, it’s important to have a valuation from a qualified and experienced broker.

 

For more information about dental practice valuations or if you’d like to know how to go about selling your practice, please get in touch for a free consultation.

 

Posted by: Hannah Burton on

General Buyer Terms 

This agreement is in relation to MediEstates Limited whose registered office is at 1st Floor, Pacific House, Stanier Way, Wyvern Business Park, Derby, DE21 6BF acting for and on behalf of our clients ("the Vendors"); and yourself (Buyer's Name) in relation for an introduction to a prospective sale of a business as a going concern. By registering through this agreement I agree to all terms set out below:

  1. Definitions
    In this Agreement the following terms and phrases shall have the following meaning unless the context otherwise requires:

    Business
    Dental Practice business providing dental care. This business is under the MediEstates Ltd sale terms.
    Confidential Information
    Means the actual Vendors identity and all confidential information in respect of the Business, including, but not limited to, any ideas, business methods, prices, accounts, finance, marketing, research, development, manpower plans, processes, market opportunities, intentions, design rights, product information, customer lists or details, employees’ details, trade secrets, computer systems and software, and other matters connected with the products or services manufactured, marketed, provided or obtained by the Vendor, and information concerning the Vendor’s relationships with actual or potential clients or customers and the needs and requirements of such clients’ or customers’ operations.
  2. Obligation of Confidentiality
    The Prospective Purchaser agrees to treat as confidential, information supplied by or on behalf of the Vendor in connection with the sale of the Business.
  3. Exclusions
    The obligation of confidentiality set out in clause 2 does not apply to:
    1. any information received from a third party who was legally free at the time of disclosure to disclose it;
    2. any information which was already lawfully in the Prospective Purchaser’s possession prior to receiving it from MediEstates Ltd on behalf of the Vendor; and
    3. any information which is in its entirety already in the public domain.
  4. Duties of Prospective Purchaser
    1. The Prospective Purchaser shall take such a reasonable security measures to protect the Confidential Information and trade secrets.
    2. The Prospective Purchaser shall not, without the prior written consent of the Vendor, permit any of the Confidential Information:
      1. to be disclosed, other than in confidence to its legal or professional advisors;
      2. to be copied or reproduced;
      3. to be commercially exploited in any way;
      4. to be used for any purpose other than in connection with the prospective purchase of the Business;
      5. MediEstates is registered under the Data Protection Act 2018. Upon Signing this agreement you agree to follow the legal obligations of this act to protect the details of the information supplied to you, with it no to be passed outside of the control of you the prospective purchaser.
    3. The Prospective Purchaser agrees to keep a record of Confidential Information received.
    4. The Prospective Purchaser will return to MediEstates or the Vendor all documents containing Confidential Information and all copies of those documents on demand at any time which are in its possession or under its control, and for this purpose the term “documents” includes computer discs and all other materials capable of storing data and information. The Prospective Purchaser agrees that such documents remain the property of the MediEstates on behalf of the Vendor.
    5. The Prospective Purchaser must not jeopardise or re-direct the sale under any circumstances.
    6. The Prospective Purchaser must not contact the Local Area Team or CCG regarding any practice sale, by any means of media unless written permission is granted from the Vendor.
    7. To carry out own due diligence on practice purchases and accepts that any information MediEstates has supplied is information provided by the vendor and is not responsible for its accuracy or completeness.
  5. This Agreement
    The existence of this Agreement and its terms are confidential and neither MediEstates nor the Purchaser may disclose anything about this Agreement or its subject matter or implementation to any person other than in confidence to their legal or professional advisers.
  6. Duties of Prospective Purchaser
    When buying Dental practices, finance is normally needed. Our organisation operated over more than one of the MediHoldings brand, by completing this from you agree that the information can be shared to our other organisations to avoid the need to register independently and provide the best possible service.

    MediEstates will refer you to the specialist dental lending team and MediFinancial who will contact the necessary banks, whom have preferential healthcare lending rates in some cases, to ascertain which funding is available to you.
    By signing this agreement you do not have to use any of the banks MediFinancial contact, it is just another service which we provide.
  7. Deposit for Dental Practice
    If you are interested in putting forward a formal offer in for a practice, once the offer is accepted there will be a deposit required to secure the practice sale which is dependant of the practice size. This deposit is held in a client account and will be returned to the buyer on completion of the practice sale. You the buyer, will be required to sign a deposit schedule which will cover the buyer and the seller in the event that the practice sale does not proceed.
  8. Changes to this Agreement
    Any changes made to this agreement must be authorised and signed by one of MediEstates Ltd Directors.
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