Management decisions are generally concerned with the continuing operation of the practice such as fee levels, staffing, marketing strategies and finance alternatives.
Synstrat regularly assesses how successful a given practice is, and formulates advice based on that assessment.
In some cases, a higher level of fees may be charged or greater profitability may be achieved if additional capital is used to upgrade facilities.
In other situations, additional expenditure may not produce an improved result.
The Synstrat benchmark database for dentists and veterinarians can be used to assist in a many management decisions through the evaluation (benchmarking) of practice performance against our average and best practice data. The evaluation process highlights where improvements can be made.
Advice can be provided in respect of:
Whether the employment of additional capital will improve the bottom line depends on many factors, such as:
Synstrat regularly reviews these and other issues that impact on our clients' practice profitability. Practitioners often experience frustration with the lack of advice they receive when they use accountants and advisers who lack the specialist knowledge that is acquired from dealing with a large number of practitioners. Practitioners wanting guidance on strategic, management or financial issues need to deal with advisers who have a strategic overview of their profession. For the dental and veterinary professions, Synstrat is able to provide this guidance.
Practitioners can end up in court for many reasons, such as:
Synstrat can prepare detailed submissions for legal proceedings on these and other matters.
Practice-related investment decisions sometimes involve an offer by a competing or associated practice to sell, or to close and sell its client list. Synstrat can model these options for you and advise and assist in your decision.
When purchasing a practice, starting a practice, or adding a smaller practice to an existing one, top-down budgets prepared by Synstrat using our practice database can ease your concerns and assist in your decision-making, and in meeting bank-lending requirements.
The Synstrat database can indicate whether the practice has previously been run efficiently. In addition, Synstrat can prepare an estimate for a purchaser on the likely financial output that could be achieved if pricing and management decision-making is optimised.
Synstrat is able to guide you in responding to change. Invariably, many of our clients have been confronted with similar issues. Synstrat advice is based on its experience of assisting many practitioners who have had to deal with significant changes in their practices.