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Nauv

385 Posts.

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27/09/18

01:48

Post #: 35867750
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Originally posted by finnigan86 ↑

Afterpay comes to dentistry as Smiles Inclusive targets Millennials

ASX-listed dentistry firm Smiles Inclusive has struck a deal with sharemarket darling Afterpay to offer the 'buy now, pay later' flexible payments scheme in its 52 dental practices in what its chief executive says is the first widespread roll-out in the health services sector.
Smiles Inclusive, which operates the Totally Smiles brands, expects it to trigger a jump in demand, particularly from Millennial customers who have embraced the Afterpay model in the retail sector with gusto.
More than 2.3 million Australians used the Afterpay service last year, where they buy the goods upfront and then use regular payment instalments to subsequently pay the full price.
Smiles Inclusive chief executive Mike Timoney said on Wednesday that it was part of a new approach to the $10 billion dental industry by the firm as it up-ends traditional models where customers had to fit in with an inflexible approach by many traditional dentists.

"We're just looking to disrupt the 65 per cent of Australians that don't go to the dentist regularly," Mr Timoney said.

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Smiles Inclusive listed on the ASX in late April after raising $35 million in a public float where the shares were issued at $1 each. The share price is currently sitting at $1.06.
Mr Timoney said internal research showed that many younger customers were holding off from regular visits and it was up to dental practices to make it much easier for them. "It's a combination of lethargy and money management".
"I think dentistry as a profession, has never made it easy".
He said four practices were currently trialling the Afterpay methods and by October 1 all of the Totally Smiles practices would be offering a full flexible and extended payment service via Afterpay.

"The sweet spot is the $400 to $600 bill," he said.
He predicted it would also trigger more demand for cosmetic dentistry, with the Millennials fixated on social media and good grooming.
"I think it will stimulate the cosmetic side of dentistry".
Mr Timoney said Afterpay had revolutionised the way customers thought about their spending patterns and it was logical to expand into a service like dentistry, which historically had been very rigid in its payment options and service delivery.

"Traditionally dentists have worked certain hours and then that's it, and it's like stuff the consumer," he said.
Afterpay shares are trading four times higher than they were a year ago. But the stock has slipped since soaring above $21 in late August. It is currently hovering around the $16.60 mark, after being at $4.25 in late September, 2017. The company has expanded into both the United Kingdom and United States markets.
Mr Timoney said Smiles Inclusive was negotiating to acquire further dental practices. "We've got a lot in the pipeline," he said.
https://www.copyright link/business...inclusive-targets-millennials-20180925-h15vck

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1) the claim that this will be first large scale rollout is false. National dental plan (powered by Flexigroup ASX:FXL) have been operating in the industry for over 18 months. I use it widely in my own practices. Here is a video link of me promoting it to dentists all over Australia.

National dental plan has hundreds of practices on board all over Australia.

Besides this, zipmoney is also active in our industry.

Afterpay already partnered with Primary dental (ASX: PRY) quite a while ago. It’s cute that smiles inc are trialing it at four practices. Primary heath have already rolled it out across 50 practices. Here’s proof. https://www.primarydental.com.au/afterpay/

For mike to state that his company has the first widespread roll-out is disingenuous at best.

I am a dentist. As I’ve stated I own quite a few practices. Myself and three of my friends own an operation larger than. What Smiles Inc currently has. $400-600 paid back over 8 weeks is not the type of treatment plans people in dentistry are looking for.

Our payment plans are upto $9000 worth of treatment over 2 years. Interest free. Our minimum amount is $500.

This is another example of an announcement that’s great for people who just simply don’t understand the industry. But for anyone within, well....

Last edited by Nauv: 27/09/18

SIL Price at posting: $1.03 Sentiment: Sell Disclosure: Not Held
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