In its first year Dentex accumulates 17 practices and secured £21m in funding, Dental Review reports
The 8th November marked just one year since dental partnership group, Dentex, secured its first dental practice. Since then the group has accumulated 17 practices with a further 18 in due diligence; and secured £21m in funding.
Not bad for an organisation begun with just six members of staff.
Driven by Barry Lanesman, CEO, Pat Langley as Chief Dental Officer and Rob Paxman as Director of Partnering, all of whom have long-term experience within the dentistry field, the organisation has successfully enabled dentists to share in the value created through a dental collective.
Dentex claims to differ from typical dental corporates by offering, "Much better long-term wealth creation opportunities to its partners". Dentists, it says, are able to extract equity from their practice, but continue to stay involved and benefit from the growth while also retaining clinical independence. The group says it provides support to dentists as partners, meaning dentists continue to run their practices and can expand and thrive, but without the constant focus on cash flow and finances.
In a year that has seen it win the “Highly Commended Award for Innovation of the Year”, as well as a finalist for “Product Launch of the Year” – Dentex states that it has found success through a "business model that challenges the traditional dental corporate pattern".
There is no management takeover and no rebranding; partners maintain their autonomy, gaining input and assistance only where they require it. This means practices retain their individuality, which is considered important for practitioners and patients alike. And with two partnership models – “Regional” and “Practice” – Dentex partners can either reduce their responsibilities or enhance them.
The Dentex business model means partners can either focus on their core interests at a local level – or build a portfolio of surgeries in order to broaden their potential remit. The choice of how they wish to proceed is left to the individual member.
A spokesperson explained that: "The stringent Dentex criteria for partner selection calls for integrity, mutual respect, and the highest ethical standards. The partnership is not about running a dictatorial business model, it’s about helping dentists work together. Dentists often face similar challenges, so partners are encouraged to build and grow in a collegiate way."
Barry Lanesman explains: “With a five-year plan that aims to see the group reach 150 partnering practices by 2022, it’s still early days for Dentex, but so far, the company is very much on track, thanks to its unique offering. This time last year there was a gap in the market. Dentex filled it admirably.
“But while the organisation’s phenomenal growth is certainly worth marking, Dentex’s driving force is quality over quantity. Each partner wants to share growth and remain involved in the development of the practice, not exit at the earliest opportunity. They are genuinely enthused and motivated about clinical dentistry and use their partnership to help overcome regulatory, compliance and administrative barriers.”
He continued: “The partnership allows them to focus on areas of dentistry they’re truly passionate about. Each one of the partners excels in their field with an unswerving commitment to deliver premium patient care, sharing best practice for the common good of the group – and ultimately the patient.”
Regional Partner, Bhavna Doshi of Perfect Smile dental studios, explains why she joined the group. “Dentex is a partner that has allowed us to preserve our ethos and way of business, and provide a collaboration of mastermind. We have been able to keep our business identity, leadership philosophy, quality of dentistry and exceptional patient care. At the same time, they have given us the financial and business support to grow our group of practices.”
Andrew Birrell, Executive Director of Universal Partners, Dentex’s largest investor, said: “The Dentex message resonates with clinicians who wish to release equity while continuing to enjoy the same clinical freedoms they had before joining the group. The company is performing ahead of our expectations and we look forward to seeing it continue to prosper in the future”