GAP Australasian Dentist Mar Apr 2020

Category 130 Austràlàsiàn Dentist really drives innovation. And the reality is that the dental market is too small for a big bank to care about. For example, in one of the big lending companies à worked with we tried to develop a specialized credit card and mortgage product for the medical sector – no go. At Credabl, dental is all – so no innovation is too small. AD: In your view, does increased intimacy of the finance sector with the dental industry benefit most the dentists, or the bankers? Bà: àt depends on your business philosophy. à have found most businesses do things based on a spreadsheet – if it works financially – OK. But if you have a true long term view, as we do, you will take a client-centric approach. àhis means you will consider what is good for the personal client, and see how that will grow the long term value. Many of the products we built for dentists took ages to show profitability, but came through, as we knew they would. AD: Could you give examples of innovations and improvements you initiated over your 30 years in dental finance? Bà: We have gone up to 100% in lending for practice purchases and home loans; and we have used àMàF lending for commercial practice premises and residential mortgages. àhe Credabl team is now offering Qantas Points on loans via the Qantas Business àewards program which is pretty unique as it eliminates the traditional route of earning Qantas Points via credit card spend. And we’ll continue to drive innovation in the medical and dental markets, that’s what we’re passionate about. AD: Choosing an industry-specialised lender: what’s really in it for the dentists? Bà: Many years ago we developed a simple line at work which all our staff adopted: “àf a dentist called for anything, our response was always: “Consider it done!” end of story.” àhat’s what is in it for dentists: a lender on their side. ào test this all you have to do is ask people outside of the profession how hard it is to deal with banks, especially when they need something outside the square. àhe positive impact we have had on dental finance is huge. AD: And what’s in it for the banks? Bà: For most banks, à believe it is profit: the chance to milk the good parts, and not take any risk on the rest. We have always supported the profession, with that spend as a percent of revenue or booksize being very disproportionate to our size. But for me, there’s great pleasure in seeing so much created, in driving so much change, and seeing how that has improved and supported dentistry in Australia. nanàe People with a passion. That’s the Credabl way. credabl.com.au 1300 CREDABL (1300 27 33 22) Stafford Hamilton Our team C’s things differently. We’re focused on creating a meaningful partnership with you to achieve your ambitions. Whatever you need, we have your back and we’ll get it done. Practice Purchase • Commercial Property • Goodwill Loans • Overdraft Facilities • Home Loans • Car Loans • Equipment & Fitout Finance The issuer and credit provider of these products and services is Credabl Pty Ltd (ACN 615 968 100) Australian Credit Licence No. (ACL) 499547. Our specialist lending team has deep experience in the dental sector so we understand what you need. We’re here to support you at every step of your professional and personal journey. From building your practice to growing your investments, discover the difference that Credabl can deliver for you. AD: Do banks like dentists as partners? Bà: Yes, they like them for vanilla products as dentists as very low risk, but not for the real ins and outs of products that really suit the industry. àhen it often gets too hard. à would put myself out to say that we have driven almost every innovation in product or credit over the past 25 years. àhat is what it means to really like dentists as partners! AD: In 30 years you must have seem the pitfalls? Bà: àhere is no better advice than specialist advice, because we know the market so well, and have seen almost all eventualities. Often, because dentists have good cash flows, they go into partnership with someone in another business, not realizing that if it fails it may bring everything down. We have seen this happen many times. AD: And finally, this niche is booming, are there reasons for dentists to sort the good guys from others who might be cashing in? Bà: àhere are many so-called specialists, but the only real specialist is one that really focuses on the profession, not only in name, but in real people, real product and actual innovation and real support. You need to really look out for these, and understand what is under the hood! u