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Order Online Call Us 03 9698 0200 Access Members Page Become a member Home Benefits About Us Our Partners Contact Articles Other DI Sites Social Sharing Events Locums Become a Member Pay Your Invoice Home Benefits About Us Our Partners Contact Articles Other DI Sites Social Sharing Events Locums Become a Member Pay Your Invoice Facebook Twitter Youtube Preparing Now for the Financial Year Ahead End of financial year (EOFY) is always a busy time, as you work to finalise and submit your tax return by 30 June. With so much attention on getting everything completed by EOFY, it’s easy not to allocate time to also planning for the upcoming financial year. It’s important to ensure you have all your ducks lined up, so that when this financial year closes out you’re ready for the next one – to assist, we’ve compiled some starting thoughts to consider. 1. Evaluate your cashflow One of the first items to organise is sufficient cashflow – this doesn’t mean you need to have all the required funds on hand in cash, however. If your money is allocated elsewhere, you can consider options such as leveraging existing assets, or arranging access to additional funds with the likes of an overdraft facility. To gauge an accurate benchmark of your cashflow, consider running your numbers excluding any government payments you may receive during the year.   2. Consider BNPL options for capital equipment Buy Now Pay Later (BNPL) is widely available, with most vendors accepting BNPL in various forms. In the medical space, BNPL for capital equipment takes the form of loans that allow access to funds upfront, with that capital paid back over the life of the loan. This means you have access to the equipment for use quickly, generating income while you make repayments in a tax-effective way. Look for equipment loans that have flexible repayment terms, don’t make you jump through hoops to apply and offer additional benefits, such as points in a loyalty program for purchases. 3. Review your home loan  One of the best ways to maximise your financial position is to review your current loans, particularly large ones such as your home loan. Higher interest rates are still persisting and while your interest rate is important, there are a number of other factors that can affect the total cost of your loan. Hidden fees, inefficient loan structures and lenders not experienced in medical finance can all add costs, so start with these to take a holistic view of your home loan and assess it accurately.  4. Pre-empt purchases and expenses Tax benefits are available when purchasing certain assets for business use – if you are considering purchasing assets for your practice such as new equipment, an upgraded practice fitout or even a new car, presenting this information to your accountant when planning for the next financial year will give you a substantial advantage when it comes to settling your final tax bill.   The instant asset write-off has been extended for the 2023-24 and 2024-25 income years, which enables eligible businesses to immediately deduct the full cost of eligible assets costing less than $20,000 – as long as they are installed ready for use between 1 July 2023 – 30 June 2025. Speak to your accountant to understand more about this initiative.     5. Speak to the right professionals Getting the most out of your tax means you need an excellent accountant who knows your business, has extensive knowledge about your industry and understands your specific circumstances. When working with your lender, these factors are also key – it is imperative that you deal with a finance specialist who knows your profession and speaks your language. At Credabl, many of our team have been working in the medical finance industry for decades and have a deep understanding of the various healthcare professions. Our loans are designed to consider the unique needs of medical professionals, meaning that we can work with you for your specific situation.  Preparing a stable and growth-centric strategy for your finances ahead of the new financial year might not currently be top of your list, but paying it the attention it deserves now can pay dividends in the future. Through managing your sources of capital, evaluating your flow of funds, reviewing your current loans and partnering with the right professionals, you can optimise your funds and prepare for peak and trough cycles throughout the year. To speak to the team at Credabl, contact them here or on 1300 27 33 22. Disclaimer This article is a guide only and does not constitute any recommendation on behalf of Credabl Pty Ltd (ACN 615 968 100) or any of its related bodies corporate (Credabl). The information in this article is general in nature and we have not taken into account your personal objectives or financial circumstances or needs when preparing it. Before acting on this information you should consider if it is suitable for your personal circumstances. Credabl is not offering financial, tax or legal advice. You should obtain independent financial, tax and legal advice as appropriate. Back to Articles and Resources Get “The Drill” Subscribe to our FREE official Dental Innovations newsletter, The Drill. Stay up top date with all the news, products and benefits. You can also connect with us on our socials for all the latest behind the scenes, information and news. 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Order Online Call Us 03 9698 0200 Access Members Page Become a member Home Benefits About Us Our Partners Contact Articles and Resources Other Services Social Sharing Events Locums Pay Your Invoice Home Benefits About Us Our Partners Contact Articles and Resources Other Services Social Sharing Events Locums Pay Your Invoice Facebook Twitter Youtube Unlocking Long-Term Value: Purchasing Practice Premises Through Your SMSF A self-managed super fund (SMSF) can be a useful tool for utilising funds that would otherwise be held in an industry super fund. As per your accountant’s advice, you may use those funds to invest in a managed fund, or invest in property at your own discretion. When it comes to using your SMSF for purchasing your practice premises, Credabl has experience working with industry professionals such as financial planners, accountants and lawyers to make it happen. We sat down with Credabl finance specialist Katie Kahler, to understand more about the process of utilising your SMSF to purchase your practice premises and who you might need to partner with to make it happen.   Understanding SMSF and its benefitsAs the name suggests, a self-managed super fund is different from regular industry funds in the sense that it allows for more control over the investments held in the fund. There are still limitations to what can and can’t be done with your SMSF, which your accountant can take you through in greater detail. It can be difficult to find a lender who will allow the purchase of practice premises through an SMSF, but as Katie explains, this is something that Credabl can achieve alongside relevant industry professionals for doctors, dentists and vets.   How SMSF lending can unlock opportunitiesOne of the significant benefits of financing your practice purchase through an SMSF with Credabl is the 90% Loan-to-Value Ratio (LVR) we offer. Katie highlights that this high LVR means you can retain more cash in your super fund compared to other lenders that require larger deposits, which can be difficult to pull together. For example, Katie recently assisted a client who initially believed a 30% deposit was necessary to purchase their practice premises. With Credabl’s 90% LVR however, they only needed a $130,000 deposit from the $250,000 in their super fund. This left a $100,000 balance after government costs available for other investments and cash flow.   Additional benefits of purchasing practice premises through SMSFKatie notes that buying property through an SMSF avoids the need to use personal cash or business funds for stamp duty, deposits and other setup costs. This is particularly valuable for clients setting up a new business, as maintaining cash flow is crucial. By utilising funds already available in their super, clients can focus their personal and business funds on other essential aspects of setting up the new practice, such as marketing expenses and maintaining a contingency fund, providing peace of mind during the setup or relocation of a business.   The role of expert supportKatie emphasises the importance of working closely with financial planners, accountants and lawyers who specialise in your industry. At Credabl, we have an extensive network of professional partners and can assist by introducing you to these specialists if you don’t already have them. Together, we can educate and guide you through the practice premise purchase process.   Why choose Credabl?Partnering with Credabl means accessing a team that specialises in medical finance and connecting you with the right professionals. Katie points out that our expertise in SMSF lending and our tailored financial solutions make us an ideal partner for securing your practice premises. Whether you need assistance with using your SMSF for practice premise purchases or exploring financing options, Credabl is here to help.   ConclusionInvesting in your practice premises through an SMSF can be a strategic move that offers both security and financial benefits. With Katie’s insights and Credabl’s dedicated support, you can navigate this process confidently, ensuring it aligns perfectly with your professional and financial goals. If you’re ready to explore the benefits of purchasing your practice premises through an SMSF or want to know more, reach out to our team today to ensure you have the right support, or speak to Katie or any of our Credabl consultants on 1300 27 33 22.     Disclaimer This article is a guide only and does not constitute any recommendation on behalf of Credabl Pty Ltd (ACN 615 968 100) or any of its related bodies corporate (Credabl). The information in this article is general in nature and we have not taken into account your personal objectives or financial circumstances or needs when preparing it. Before acting on this information you should consider if it is suitable for your personal circumstances. Credabl is not offering financial, tax or legal advice. You should obtain independent financial, tax and legal advice as appropriate. Back to Articles and Resources Get “The Drill” Subscribe to our FREE official Dental Innovations newsletter, The Drill. Stay up top date with all the news, products and benefits. You can also connect with us on our socials for all the latest behind the scenes, information and news. Facebook Twitter Youtube Subscribe * indicates required Email Address *First Name *Phone Number Order Online Access Member Page Become a member Contact Phone: (03) 9698 0200 Head Office Suite 93, 21 Hall St, Port Melbourne, VIC 3207 Email: headoffice@dentalinnovations.com.au This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.  | 2024 © DENTAL INNOVATIONS

Order Online Call Us 03 9698 0200 Access Members Page Become a member Home Benefits About Us Our Partners Contact Articles and Resources Other Services Social Sharing Events Locums Pay Your Invoice Home Benefits About Us Our Partners Contact Articles and Resources Other Services Social Sharing Events Locums Pay Your Invoice Facebook Twitter Youtube How a Simple SMS Change Can Reduce Late Cancellations One of the perennial challenges of dental practices is managing patient late cancellations. Last-minute cancellations can disrupt the schedules, reduce efficiency and impact the practice’s production. However, by leveraging psychological principles such as Robert Cialdini’s principle of consistency, dental practices can encourage greater patient commitment and reduce late cancellations. Understanding the Principle of Consistency Robert Cialdini, a renowned psychologist, introduced the principle of consistency in his book “Influence: The Psychology of Persuasion.” This principle suggests that individuals have a strong desire to be consistent with their commitments and actions. Once someone makes a commitment, they are more likely to follow through to maintain a self-image of reliability and integrity. In the context of dental practices, this principle can be particularly useful. When patients verbally or textually commit to something, they are more likely to adhere to it. This commitment can be harnessed to improve adherence to appointment schedules and cancellation policies. Traditional Cancellation Policy Messaging Many dental practices use a standard message to inform patients about their cancellation policies. A typical message might read: “Please note 24 hours notice is required for cancellations, or charges may apply.” While this message conveys the necessary information, it does not leverage the power of the consistency principle. Patients are informed of the policy, but they do not make any active commitment to it. Revised Messaging to Tap into Consistency By tweaking this message to require an active commitment from the patient, practices can significantly enhance adherence to the policy. Consider the following revised message: “Please reply ‘Yes’ to confirm your appointment and understand that you will provide us with 24 hours’ notice should you need to cancel.” This revised message does two things: Active Commitment: By asking patients to reply ‘Yes,’ it requires them to make an active commitment to the appointment and the cancellation policy. Clarification of Responsibility: It clearly states the expectation (24 hours’ notice for cancellation), which the patient acknowledges by their affirmative reply.   When patients reply ‘Yes’ to confirm their appointment, they are making a small but significant commitment. According to Cialdini’s principle of consistency, this small commitment increases the likelihood that they will follow through with their promise. The act of replying ‘Yes’ aligns with their self-image of being responsible and reliable, making them more inclined to adhere to the policy they have acknowledged. By harnessing the power of Cialdini’s principle of consistency, dental practices can improve patient commitment to appointments and reduce the frequency of late cancellations. Implement this strategy in your dental practice today and observe the positive impact on your scheduling efficiency and patient relationships. Back to Articles and Resources Get “The Drill” Subscribe to our FREE official Dental Innovations newsletter, The Drill. Stay up top date with all the news, products and benefits. You can also connect with us on our socials for all the latest behind the scenes, information and news. Facebook Twitter Youtube Subscribe * indicates required Email Address *First Name *Phone Number Order Online Access Member Page Become a member Contact Phone: (03) 9698 0200 Head Office Suite 93, 21 Hall St, Port Melbourne, VIC 3207 Email: headoffice@dentalinnovations.com.au This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.  | 2024 © DENTAL INNOVATIONS

Order Online Call Us 03 9698 0200 Access Members Page Become a member Home Benefits About Us Our Partners Contact Articles and Resources Other Services Social Sharing Events Locums Pay Your Invoice Home Benefits About Us Our Partners Contact Articles and Resources Other Services Social Sharing Events Locums Pay Your Invoice Facebook Twitter Youtube Why Dentists Avoid Sharing Their Fees Online—and Why It Might Be a Mistake As a dental practice management consultant, I’ve often encountered resistance among dentists when it comes to sharing their fees on their website or other platforms. The reasons behind this hesitation are understandable. Dentists fear that listing prices might: Create a Price War: Dentists worry that patients will only compare practices based on cost, leading to an unhealthy race to the bottom in pricing. Oversimplify Complex Services: Dentistry involves many variables. Prices can vary widely depending on the complexity of the procedure, the materials used, and the expertise required. Dentists fear that posting a single price might mislead patients into thinking that all treatments are the same. Detract from the Value of Care: Many dentists believe that the focus should be on the quality of care rather than cost. They worry that listing fees might shift the conversation away from the patient’s needs and the value of the services provided.   However, while these concerns are valid, avoiding transparency on pricing can be detrimental to your practice. In today’s world, consumers expect easy access to information, including costs. Whether planning a holiday, buying a car, or even shopping for clothes, price is a crucial factor in decision-making. Dentistry is no different. The Consequences of Price Secrecy When patients can’t find the information they’re looking for—especially something as important as cost—they may feel frustrated or even suspicious. This lack of transparency can lead to a few significant issues: Alienating Potential Patients: Patients who can’t find your fees online may assume that your practice is unaffordable or that you have something to hide. In a market where consumers are used to price comparisons, this could be enough to make them look elsewhere. Losing Out on Key Patient Segments: By not listing fees, you might miss out on patients who are actively researching their options. These are often the patients who are most serious about committing to treatment, but they need to know if your services fit within their budget. Undermining Trust: Trust is foundational in any healthcare relationship. If patients perceive that you’re withholding information, it can erode their trust before they’ve even set foot in your practice.   Why Transparency is Crucial By openly sharing your fees, you take control of the narrative. You can provide context around your pricing, helping patients understand the value of your services. This transparency not only builds trust but also sets the stage for more meaningful conversations when patients visit your practice. While it’s natural to be cautious about sharing fees online, doing so can actually position your practice more favourably in the eyes of potential patients. Embracing transparency in pricing can help you attract the right patients and ultimately grow your practice. Back to Articles and Resources Get “The Drill” Subscribe to our FREE official Dental Innovations newsletter, The Drill. Stay up top date with all the news, products and benefits. You can also connect with us on our socials for all the latest behind the scenes, information and news. Facebook Twitter Youtube Subscribe * indicates required Email Address *First Name *Phone Number Order Online Access Member Page Become a member Contact Phone: (03) 9698 0200 Head Office Suite 93, 21 Hall St, Port Melbourne, VIC 3207 Email: headoffice@dentalinnovations.com.au This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.  | 2024 © DENTAL INNOVATIONS