Consultancy on Management Issues

Management decisions are generally concerned with the continuing operation of the practice such as fee levels, staffing, marketing strategies and finance alternatives.

Practice improvements

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:

  • Fees structure
  • Remuneration package structures
  • Promotional expenditure
  • Whether to employ a practice manager
  • Whether to invest in capital expenditure

Whether the employment of additional capital will improve the bottom line depends on many factors, such as:

  • location,
  • competition,
  • client base, and
  • population demographics.

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.

Legal Proceedings

Practitioners can end up in court for many reasons, such as:

  • partnership disputes,
  • divorce cases involving property settlement, and
  • breach of contract.

Synstrat can prepare detailed submissions for legal proceedings on these and other matters.

Buying out a competitor

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.

Budgets when buying or starting a practice

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.

Change Management

    Change may involve:
  • Attempts to purchase or corporatise or otherwise control your practice.
  • Restructuring ownership in multiple partner practices.
  • New or invigorated competition.
  • Differing employment patterns of both professional and lay staff.
  • Differing pet ownership patterns.
  • Industrial relations problems.
  • Human resource issues.
  • Changes in client mix.
  • Change in practice ownership regulations.
  • Change in tax related matters.

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.

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