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HS Financial Services - It's time to look forward
It's time to look forward

IT’S TIME TO LOOK FORWARD

 

Despite the uncertainty faced by many in the industry over the past year, Sam Beadle explains why we can begin to look forward to a more productive future.

 

We have seen first-hand how difficult the last year has been for practice owners and dental staff. The global pandemic has caused disruption to our lives in so many ways, not least to how we plan for the future. However, the new year has brought with it renewed optimism within the industry. Dental businesses are picking up momentum and committing to future planning, which is great news for our current and potential clients at MediCruit and MediEstates.

 

Industry targets – rising to the challenge

Following the increase in UDA requirements to 45% from January, practices have faced new challenges in meeting their targets. However, the change has generally been welcomed by practitioners, who are better prepared to deal with the latest demands. Practices have now established firm patient protocols and cleaning procedures, and they are receiving steady supplies of PPE. Some practitioners have even found the reduction in waiting times has led to improved overall efficiency. But the greatest advantage to practices is patient demand. People are ready to visit the dentist. Whether for a check-up, a specific problem, general hygiene reasons or cosmetic work, the need is there, and it is giving practices confidence they can meet their targets.

 

Bright futures for MediCruit clients

Increased targets have also been welcomed by candidates. During the first lockdown we saw a sharp increase in the number of candidates seeking new roles due to the closure of dental practices and staff furloughed or made redundant. However, the NHS contract increase left practices in urgent need of staff, and in January MediCruit registered over 20 new employers and an additional 240 roles for candidates. This was higher than average for the time of year and it allowed us to help those candidates registered with us since the initial lockdown, which led to one of our highest numbers of interviews arranged for any January. But our work is far from over. Both the number of candidates and the number of roles available continue to increase. We predict a sharp rise in the demand for candidates when NHS contracts return to full capacity between April and July. It could be as much as twice or even three times the need there currently is for staff. Nor is the demand coming from just the public sector. Private practices are enjoying increased treatment sales and they are utilising more surgeries and greater staff numbers to treat patients. Our aim at MediCruit is to fill as many vacant roles now as possible, so when patient capacity returns to 100%, practices have the staff in place to deal with the demand. It is a perfect time for career planning at all levels in dentistry.

 

“We’ve never been busier”

The same applies to future planning within the dental estates market. Practice owners have worked immensely hard to survive lockdown and the uncertainty surrounding the reopening of their businesses. Now practices have settled into COVID-19 compliance procedures and are working to safeguard their futures, the MediEstates team is busier than ever. Despite some continued uncertainty from banks with regard to lending, the market is particularly strong, and we have been arranging viewings and receiving offers from practices almost daily. The pandemic has given many practice owners cause to assess their own career goals, with some taking the decision to exit the industry. The reasons for exiting are always personal to the individual, but recent conditions have undoubtedly placed business owners under additional stress. Reopening practices has brought its own concerns over patient numbers and the ability to meet targets, so we have seen a rise in practices for sale. Conversely, a large number of dentists who were made redundant due to the pandemic have registered with MediEstates as buyers. First-time practice buyers are keen to invest in their own businesses and this has significantly contributed to the current health of the market. For those practice owners not yet ready to sell, MediEstates continues to provide detailed future-planning consultations and advice on how to get the most out of a business for as long as it operates. The past year has been a critical learning experience for many in the dental industry, but there are plenty of reasons why we can move into spring with renewed hope for the future.

 

Bio

Sam Beadle is the Business Development Manager for MediCruit and MediEstates. He leads the internal teams which are at the heart of the largest dental-practice broker and dental recruitment agency in the UK.

 

If you are interested in finding out more, please contact the MediHoldings on 01332 321692, contact@mediholdings.co.uk or www.mediholdings.co.uk

 

Posted by: Sam Beadle 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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