We all talk about wanting to get good value for money. But what does that really mean? Practice Plan Regional Support Manager, Jo Phillpot, talks about the importance of taking some time to evaluate whether you’re getting the best value for money from your suppliers.
The London School of Economics says about ‘value for money’ (VFM): ‘VFM is often expressed in terms of pursuing economy (careful management of available resources), efficiency (delivering the best level of service for less) and effectiveness (delivering the right service) to achieve desired outcomes and maximise the benefit of those outcomes. Successful demonstration of VFM is not limited to purchasing a service or item at the lowest price or making savings from existing resources. Investing higher levels of resource (in terms of cost, time or effort) may be justified by the results they deliver.’
It’s not all about cost
We can see from that quote that VFM is not just about paying the lowest price for something. It’s a subtler and more nuanced concept than that. It’s something which is tied closely to the needs of the individual. It can also be quite fluid too. Services and needs change so it’s important to regularly review the ones your suppliers provide you.
Sometimes, if we overcome our inertia and carry out this exercise, we may well find there are ways to get better deals from suppliers. This will sometimes involve switching from one to another, which involves change. Many humans aren’t keen on change. This may have something to do with a fear of the unknown. Among Mazlo’s six basic needs are security and safety, so reluctance to change may even be hard wired to a certain extent.
Sticking with the same bank or energy supplier are quite common occurrences. Even though there are often banks and electricity companies that could offer a better deal our ‘if it ain’t broke, don’t fix it’ attitude can come into play and prevent us from seeking them out. However, if you haven’t sat down and reviewed things, how do you know it ain’t broke?
Quite often we don’t go out and find ourselves a better deal because we feel it will be a lot of hassle. We would rather stick with the familiar than go through the hassle of changing everything even if we’re not exactly thrilled with the quality of an item or the service we receive.
Is your plan provider extra?
These days it’s the thought of switching that’s worse than the actual experience itself. There are plenty of price comparison and switching sites for products and services such as insurance and energy suppliers that take the hassle out of searching for a better deal. They list the costs and the features of the products so you can choose the one that offers the right features at the right price for your needs.
This is where our definition of good value for money comes in. It won’t always be the cheapest product that suits you best. You may have to pay a bit more for something that fits. Going for the cheapest option may turn out to be a false economy in the long run. But if you find the right product at a good price, even if it’s the most expensive on the market, it could still represent good value for money.
Using the example of plan providers, as a minimum they should collect your monthly fees and deposit it in your bank account. However, Practice Plan does a lot more for its customers than just the essentials. Practice Plan practices get a dedicated field based Regional Support Manager (RSM)
as well as a Regional Support Advisor (RSA) at Head Office to look after them. Many of our customers build close relationships with their RSM and some of them are even considered honorary members of the practice team. However, by having the RSAs on the other end of the phone as well, we offer our customers more opportunities to get help with any queries they may have and offer them a better service.
Business support built in
Our customers also have access to a wide-ranging and popular programme of events, both in person and online, fronted by leading industry figures to support you with developing your business. Many of these will also attract CPD, helping you to keep on top of remaining compliant. If you need support on a more specialist subject, we have a network of consultants we can put you in touch with who will help you out. On top of all this, our in-house design and marketing team can offer assistance with requests from bespoke literature right the way through to a rebrand if you want it, as we understand the importance of building your own brand. How many plan providers can offer that much added value to your business?
And it's now easier than ever to switch plan provider thanks to bulk transfer. Everything can be done seamlessly behind the scenes usually without your patients noticing anything other than a different name next to the direct debit on their bank statement. All you need to do is decide you want to switch to us, agree your switch date and the rest gets done for you. As if by magic!
So, please remember when you’re carrying out your value for money review, not all suppliers are equal and opting for the cheapest won’t always save you money in the long run. So, weigh up the features and benefits carefully. There can be a big difference between cost and value.
If you are looking to move from another provider, call 01691 684165 or visit switch.practiceplan.co.uk/
About Jo
Jo Phillpot has been a Regional Support Manager for DPAS and Practice Plan for over 15 years. She has been involved in dentistry for more than 33 years working in practice as a dental nurse and Practice Manager. Practice Plan is the UK’s leading provider of practice-branded patient membership plans, partnering with over 2,000 dental practices and offering a wide range of business support services.