No Images? Click here Henry Schein - Complimentary Business Review - Be Careful!This is one of the oldest selling tricks in the book. Providing a major dental supplier with your practice financials, which it does not need to do its business, needs to be considered carefully. As an individual who has been advising a large dental client list for many years, I am acutely aware of the subtleties and differences between dental practices. We base our data on the ongoing input of our client financials, and it is done in a way in which individual practice confidentiality is preserved. We only use financials prepared by Synstrat Accounting Pty Ltd from our Australia wide client base of clients having their accounts done at Synstrat. Clearly Henry Schein is interested in selling products, but it does not need your financials to do this. Given the subtleties of the way in which accounts are prepared by a multitude of different accountants we do not have a great deal of faith in their ability to analyse that information in a consistent manner. This is based on our experience and observation of the different accounting methods used by a wide variety of accountants when valuing dental practices. Clearly, Henry Schein is interested in selling products to dentists, but it does not need your financials to do this. Dentists are strongly advised to ignore Henry Schein’s request. Medibank Cost Shock Shows Health Insurance Sector Ill Shares in Australia’s biggest private health insurer, Medibank Private, plunged 8.5% on Wednesday after it said it underestimated growth in claim costs for the 2019 financial year that ended on 30 June (Australian Financial Review – Thursday 7 November 2019). This goes hand in hand with information provided by APRA turning large reductions in the number of health insured by both Medibank Private and BUPA. Furthermore, it has long been Synstrat’s observation that extras cover from a variety of health insurers amounts to a massive rip off. The simple fact is that with a proportion of the population with hospital cover falling and health funds having great difficulty controlling their costs in that sector, their advertising is heavily orientated towards getting unwitting customers to sign up for extras cover which allows the health funds much greater control of costs. This is unlike hospital cover where legislated pooling of costs between health funds means that there is little that the health funds can do to control their costs in that sector. As hospital cover premiums have consistently grown at well above the rate of inflation an increasing proportion of the population is being priced out of that market. Dentists concerned about the tactics of health funds with respect to preferred provider and other arrangements should contact Dental Innovations on (03) 9698 0200 or email headoffice@dentalinnovations.com.au. Best wishes to all dentists, GRAHAM MIDDLETON The Synstrat Group are Australia's most experienced Dental practice business advisers, accountants, practice valuers and licensed financial advisers. The information contained herein is of a general nature and no specific action should be taken without individual advice. Synstrat Management Pty Ltd P. 03 9843 7777 ABN 57 006 295 325 If you are not the intended recipient of this communication please delete and destroy all copies of this message and telephone Synstrat on +61 3 9843 7777 immediately. If you are the intended recipient of this communication you should not copy, disclose or distribute this communication without the authority of Synstrat. Any views expressed in this communication are those of the individual sender, except wh ere the sender specifically states them to be the views of Synstrat. If you do not wish to receive this email in future, please reply to the sender requesting termination of service. |