The new partnership model ensures that both partners have equal rights in practices and enables dentists to retain day to day clinical management of the practice. The business model has been created to reduce the barriers to an associate taking over a practice and supports the eventual transition to a new owner, who will then acquire the retiring dentist’s 50 per cent share of the practice.
The first two new partnership practices are The Dental Practice, based in Dronfield Woodhouse, in Sheffield; and Mapplewell Dental Centre in Barnsley. The Dental Practice is a family run private practice, owned by Colin Doody, and has been in business for over 36 years. Mapplewell Dental Centre is owned by Mark and Elizabeth Bishop who have been in business for over 21 years.
The Partnership Programme offers peace of mind to dentists as it sets out the basis on which the remaining 50 per cent of the practice will be valued, providing certainty to the dentists who participate at a time when they might have concerns over retirement and what might happen to their practice. It also helps dentists to enjoy their hard earned success by immediately freeing up some of the finances that would otherwise be reserved to fulfill the obligations of running a successful practice – and continuing to allow them to take responsibility for the day to day management of the practice, clinical activity and patient care.
The Partnership Programme resulted from a strategic review from Simplyhealth, of which Denplan is a part, who are focusing on further investment and innovation in the dental market.
Steve Gates, managing director of Denplan, commented: “We are delighted that we have completed our first two dental partnership agreements with The Dental Practice and Mapplewell Dental Centre. Succession planning for retirement is an increasing priority for many dentists and one which we believe Denplan and the Simplyhealth team can play a positive and active role in. We are well positioned to partner with member dentists due to our existing strong relationships with them and our expertise in the dental marketplace.
Romana Abdin, chief executive of Simplyhealth, added: “This is a really exciting development that has attracted a great deal of interest from dentists looking to secure the right future for themselves, the practice and their patients. Our sole focus is everyday health and this demonstrates an ongoing commitment to dentists and the market as a whole.”
Colin Doody, owner of The Dental Practice, said: “I was thinking of my exit strategy as I am getting to ‘that age’ and I wanted to ensure that I was leaving my practice in good hands for my son, who is our associate dentist, and also my wonderful long standing staff and patients – many of whom have been coming to see me for the last three and half decades! This partnership programme offered me the ideal solution.”
Mark Bishop, owner of Mapplewell Dental Practice, commented: “We decided to partner with Denplan to ensure that there would be a legacy of high quality dentistry after we retire. Denplan are a respected and trusted brand who have always had the same ethos of customer care as we have. As we really care about our practice team, this model allows a smooth transition and ensures they will be well looked after in the future.”
The new businesses have been set up as ring-fenced partnerships. These will operate separately from Denplan, bringing in additional expertise from across Simplyhealth, with their own governance to ensure that there is no potential for any conflicts of interest to arise.