Cliff's Notes

The Business of Dentistry

Amaris Composite, Selling Your Dental Practice, Dentrix Goes Mobile

Cliff’s Notes for June 20, 2010
…..E-Blast…..

Cliff Marsh, Henry Schein ……Cell: 201-321-7494……Fax: 201-262-2210…..E-mail: cliff.marsh@henryschein.com
http://www.cliffsnotesblog.wordpress.com

“All mankind is divided into three classes: those that are immovable, those that are movable, and those that move.”
Benjamin Franklin

In This Week’s Issue
• Product Profile – Amaris Aesthetic Light-Cure Composite by VOCO!
• Some Day You Will Want to Cash-In You Practice!
• Henry Schein Cares Opens at NYU!
• Dentrix G4 Goes Mobile!

Product Profile – Amaris Light-Cured Composite………………………………….
As most of my clients have realized by now, I do not promote “1st off assembly line products”. Although there are many composite materials that I consider top-line, the absolute best is the one that works the best in your hands and allows you to be the artist you were trained to be. Amaris by VOCO has been clinically proven to perform exactly the way the manufacturer advertises. Amaris is priced very competitively against its “top-line” competitors and offer very predictable results. By following the VOCO link, you will be able to review some of the clinical studies. If you wish to sample the product, please contact me at any time.

http://www.voco.com/en/products/_products/amaris/index.html
Indications: Aesthetic restoration of class III, IV and V cavities in anterior teeth – Aesthetic restoration of class I, II and V cavities in posterior teeth – Reconstruction of traumatically damaged anterior teeth – Direct and indirect composite veneers and facing of discoloured anterior teeth -Shape and shade correction for improved aesthetics – Repairing highly aesthetic porcelain, e.g. veneer – Direct and indirect composite inlays – Splinting of anterior teeth
Advantages
• Two simple steps, perfect results
• Layering like in nature: shades are created from the inside of the tooth
• Simple and precise shade match
• Natural shade transitions automatically
• Natural aesthetics can be achieved with only 11 shades in a simply layer technique
• Easy to learn, fast aesthetic results
• Intuitive approach, no preconceived shades
• Non-sticky consistency is ideal for modelling and shaping
• Long resistance to ambient and chair light
• Optimal polishability
• Natural fluorescence and high colour stability
• Good chameleon effect for invisible restorations

Some Day You’ll Want to Cash-In…………………………………………………………………..
When the time has come to sell your practice, take the steps needed to get all that you deserve. When should you start planning? TODAY!!! Your professional practice should be part of your retirement planning. Just as you invest in your 401k or IRA, you need to understand that investing in the growth of your business is essential. As your financial portfolio grows, so should your practice equity. If you are considering a transition within the next 10 years, it is important to know where you are and where you can and should be. Although there are many similarities, selling a business is not like selling a house. There are possibilities than you can imagine and that’s because you are a dentist, not a business broker. Most brokers have one agenda, get the deal done! That can cost you a lot of $$$. Proper planning will make you an informed seller that can offer extended value to a buyer.

If you have any questions or concerns, please feel free to contact me at any time. Preparing for a smooth and profitable transition requires advanced planning and a plan starts with gathering information. The following article may help to give you some insight on the process.

This was written by Bruce Bryen, CPA for Dental products Report.
The time has come to sell your dental practice. Your revenues and profits are at their peak. Your overhead is under control and your practice looks ready for listing. You have worked extremely hard for many years to set the stage for your transition. In your opinion, you have all of the pieces in place for a successful sale at the highest and best sale price and terms and conditions of settlement.

What next?

To begin the process, retain an excellent practice evaluator with solid credentials in the dental world to assess the value of the dental practice. After your appraisal is completed, a dental practice broker with experience and good marketing skills and contacts should be hired to list the practice for sale. This step takes away the bias of listing a practice at a price that is not realistic and is based solely on the owner’s opinion. An independent source is the most realistic evaluator for placing a fair market price on the practice to help it sell.

A buyer will probably have to finance the acquisition price and a lender, just like in the sale of a house, will look at an independent appraisal with more credibility than at an amount placed on the practice as the value by the owner. Lenders are key elements to the sale process and can greatly assist the buyer as well as the seller in a realistic approach to the transition.

Listing agreement
You will want your attorney to review the listing agreement before you sign it. Remember that a patient comes to you for advice regarding oral hygiene. Don’t pretend to know the intricacies of the fine points in a document that may result in the largest financial transaction of your career.

Retain an attorney with experience in reviewing dental transactions. Typically the practice broker or your CPA, if experienced in dental sales, will be able to give recommendations about who to retain as the attorney. Don’t hire your best friend, the “plaintiff’s” attorney with a specialization in personal injury law to assist you. You will want an expert on your side leading to the sale of your dental practice and throughout the process where advice will be needed on a very frequent basis so that decisions can be made in a reasonable time frame.

Finding a qualified buyer

The dental practice broker should have the ability to find one or more qualified buyers for you. Once the buyer is ready and has agreed upon the purchase price and has obtained the appropriate financing, consult with a CPA who has experience representing dentists in practice sales. The CPA with an expertise in representing dentists will be able to assist you in the allocation of the purchase price so that you pay the proper amount of tax liability resulting from this type of transition. A CPA with audit knowledge and expertise in procedures regarding manufacturers, as an example, probably lacks the knowledge to be of much assistance to you in assisting in the sale of your dental practice.

A CPA who has experience working with dentists will understand equipment valuation guidelines, inventory and supply amounts typically available at a closing, non compete and non solicitation agreements and their geographic terms and time frames and guidelines for goodwill allocations, among other peculiarities common among dentists. Many times a buyer needs assistance in the early stages of the transition period. Are you prepared to remain for a short time to help the buyer? This is an important question that the practice broker will have you prepared to answer.

Settlement preparations
After all of the papers are signed and the buyer has received financing approval, the seller and buyer will be waiting for the settlement date to be scheduled and for the transition to occur. The big day will arrive and you will receive a check rewarding you for all of the years of hard work. While waiting, there are many items to be concerned about that you can prepare for if you don’t just sit there and wait. Preparing a plan of action and implementing its steps takes an enormous amount of time.

Final steps prior to the sale

If you have a financial planner that you are comfortable with, meet with that person. Develop a plan for the funds that you will receive from the sale. This will not be accomplished in one meeting. The dentist and probably the dentist’s spouse will spend hours meeting with the planner and then reviewing and fine-tuning all of the information presented and then returning or calling with more questions.

If you do not have a financial planner that you feel good about or if you do not have one at all, get recommendations for at least two advisors and meet with them and conduct your own interviews. You may want your attorney or CPA to be involved with some of the meetings or at least to assist you in formulating the questions to ask. Decide who is best suited to advise you and to assist you with this large amount of money received from the proceeds of years of your hard work.

Meet with your CPA and review what payments should be made for the tax consequences of your sale and when those payments should be made. You will probably have to begin making quarterly estimated tax payments if you have not done so or if you have, you will most likely have to amend those payments and increase them. There is time to develop strategies for sheltering part of the income from tax. This is a time to spend some money for good advice because what you do with this money will have lasting long-term effects for you and your family.

Finally, congratulations—Enjoy the fruits of your hard work and relax a little before your next venture.

Henry Schein Cares Wing Dedication Ceremony at the NYU College of Dentistry…………….

On June 2, Henry Schein celebrated the dedication ceremony / grand opening of the Henry Schein Cares Wing of the NYU College of Dentistry. The Henry Schein Cares Wing will contribute to the training and education of NYU College of Dentistry students and provide quality, affordable oral health care to members of the surrounding community. The NYU College of Dentistry serves the most ethnically and culturally diverse patient population in the country, with more than 350,000 visits.

Henry Schein Cares donated equipment, technology, and health care supplies valued at more than $2 million to support the NYU College of Dentistry. Along with Henry Schein’s own contributions, the Henry Schein Cares Wing was made possible through the generosity of several of the Company’s supplier partners, including Danaher, Pelton & Crane, Midmark, and Integrated Laminate Systems. The Henry Schein Cares Wing includes 56 dental chairs, and is housed on the second floor of the Dr. George and Ann Witkin Graduate Center for Clinical Excellence.

The opening of the Henry Schein Cares Wing builds on a two-decade long strategic partnership between Henry Schein and the NYU College of Dentistry. Henry Schein Cares and NYU recently announced a five-year sponsorship of the dental school’s international outreach program: the NYU – Henry Schein Cares Global Dental Student Outreach Program. Through the sponsorship, Henry Schein provides a grant covering the dental supplies to be used by the program’s missions to targeted geographic areas to provide oral health care education, emergency dental services, screening, evaluation, prevention, sealant treatment, and restorative treatment to the population, as well as working to implement a sustainable oral health system to the targeted area.

Dentrix G4 Goes Mobile………………………………………………………………………..
Henry Schein Launches Dentrix Mobile, Offering Dentists Secure Access to Dentrix Practice Management Information from Smartphones and Mobile Devices
With new Dentrix tool, doctors can see appointment schedules
and patient details when out of the office
MELVILLE, N.Y., May 14, 2010 – Henry Schein, Inc. (Nasdaq: HSIC), the largest provider of health care products and services to office-based practitioners, announced today the launch of Dentrix Mobile, a remote access tool that allows dentists to view their appointment schedules and patient information from their smartphones and mobile devices. Launched at CDA Spring in Anaheim, Dentrix Mobile is a new feature of the Dentrix G4 practice management system that provides dentists who are away from their practice secure access to the schedules of all their practice providers and patients, as well as important patient details such as prescriptions and medical alerts.
Dentrix Mobile runs on the latest smartphones and mobile devices, including BlackBerry®, iPhone™, iPad™, Palm Pre™ and Android™.
“Dentrix Mobile offers dentists a secure way to view schedule and patient information needed to manage their practice while out of the office,” said Kevin Bunker, Vice President and General Manager of Henry Schein Practice Solutions. “When a patient calls a dentist at home or anywhere else outside of the practice to schedule emergency treatment, the doctor can quickly check the open schedules for all providers in real time from their smartphone or Apple iPad.”
Dentrix Mobile can also be used to verify patient information when dentists receive emergency, after-hours calls for prescriptions. “Dentrix Mobile eliminates a common frustration for dentists who cannot immediately recognize if the individual calling to request a prescription is a current patient or not,” Bunker said. “With Dentrix Mobile, dentists can enter the caller’s name and verify the patient contact information and prescriptions within seconds.”
Dentrix Mobile’s security protection involves password-protected access to the information stored on secure Dentrix Web servers managed by Henry Schein Practice Solutions. Dentists use their smartphone or mobile device to access the server in the same way they use a Web browser to conduct their online banking or purchasing.
“Since no patient information is stored on the mobile device itself, dentists do not have to worry about anyone accessing confidential information if their device is lost.” Bunker said. “Any data viewed with Dentrix Mobile is erased the second the mobile Web browser is closed.”
Dentrix Mobile is available to Dentrix G4 users on a current Dentrix Customer Service Plan at no additional cost. To learn more about Dentrix Mobile call 1-800-DENTRIX or visit http://www.Dentrix.com/mobile.

Today is Fathers Day, Sunday June 20, 2010………………………………..
August 22nd of this year will mark the 25th anniversary of my father’s (Jack Marsh) passing. I choose to celebrate his life and his sacrifices for family, God and country. He was the 5th child of a Russian immigrant family and earned everything he achieved in his life. He is my hero.

Take time today to remember and thank the fathers, grand & great, and respect them for weathering hard time that they tried to shelter us from. Enjoy the day!

Cliff Marsh
Henry Schein Dental
P.O. Box 663, 45 Rt. 46 East, Suite 605
Pine Brook, NJ 07058
tel. 201-321-7494
fax.201-262-2210
e-mail. cliff.marsh@henryschein.com
http://www.cliffsnotesblog.wordpress.com

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June 20, 2010 - Posted by | Uncategorized

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