Credabl and Prime Practice have joined forces to create the next evolution in holistic service provision for the medical, dental, and veterinary communities.
Credabl Holdings has acquired a strategic shareholding in Prime Practice (Prime) with plans to acquire the balance within the next two years.
The idea to join forces began last year when the two companies noticed strong synergies in their five-year plans. United, they will strive to create the next evolution in holistic service provision for the medical, dental, and veterinary communities.
Prime was established in Australia 25 years ago and has grown to become a global provider of practice management consultancy and training services with clients across Australia, New Zealand, Southeast Asia, China, North America, and Europe.
Its unique content and innovative technology supports the growth and sustainability of businesses by providing training to all team members to improve their skills and business acumen.
Credabl is a team of finance specialists providing tailored solutions for medical, dental, and veterinary professionals. Through simplified, customised, and digitised solutions, Credabl ensures that medical professionals receive financial attention in both their personal and professional lives.
Wayne Shainfeld, CEO, Prime, will continue in his role leading Prime and joins the combined leadership team responsible for the two businesses.
“At Prime Practice, we believe that education is the fabric that weaves the various aspects of a practice into a thriving and successful business. By joining forces with Credabl, we are creating a significant and immediate opportunity to enhance the engagement and growth of our clients,” says Shainfeld.
“Our approach, which complements the full suite of Credabl’s financial offerings, will help us achieve our goal of supporting practice owners and their teams, so they can grow personally and professionally from graduation through to retirement. We believe this will result in creating a value-added lending model with Credabl, which will increase the financial success, expansion and wealth creation of practitioners and practices.”
The move to fully acquire Prime aligns with Credabl’s strategy to fuel the ambitions of medical, dental, and veterinary professionals in Australia. It furthers Credabl’s goal to educate, inform and finance the professions and speaks to the greater impact both businesses can make for the community and its clients.
Stafford Hamilton, CEO and Co-founder of Credabl, said that this is just the beginning and that Credabl is actively seeking strategic partnerships that will enhance the group by creating more value for its clients in their practice lives.
“We believe that continuing professional development (CPD) combined with strong financial and business management skills are the cornerstones necessary to own and operate great practices. Often, these skills do not form part of the curriculum in dental and medical school which, understandably, have a focus on clinical expertise. Naturally, good practice management capabilities lead first and foremost to better patient outcomes, but are also organic in creating increased financial success, expansion, and wealth creation for the practitioner.
“Prime is undoubtedly the leader in practice management education within the dental market in Australia. By combining activities and IP, we believe we can take Prime’s experience and success into the medical and vet professions, and beyond.
“Credabl continues its commitment to supporting the journey of practitioners and, by joining forces with Prime, we can take our support to the next level by delivering to practice owners and medical professionals the financial and management skills they need to be successful in life and in business.”