I am writing to you at a time when dental practices have been unprecedentedly interrupted by the Coronavirus Pandemic and practitioners are looking at ways to weather this crisis and retain key employees by accessing loans and grants afforded by the CARE Act. Many of you have recently licensed or are in the process of licensing your OceanPointe Dental Academy, which will be an excellent opportunity to make up lost revenue due the shutdown. We urge you to use this downtime to make a huge push to put your student marketing programs in place or finish out you licensing process to realize the significant revenues ahead of you.
To successfully launch your Dental Academy, you will need marketing and working capital. Accordingly, we have joined forces with Elias Partners, who specialize in financing dentists to provide this capital to you. They fully understand the viable opportunity your Dental Assisting School affords you and are very excited about MCPs dentist partnership business model. Many of you have already invested into your school; MCP initial fees, surety bond fees, state license fees, Tuition Recovery fees and marketing program costs. We would like the opportunity to recycle the dollars you’ve already invested your Dental Assisting school by putting together a flexible school loan package with Elias Partners, by sending you a check for any investment made to date to assist you in these very difficult times. The balance will be utilized for the first three months of school marketing and admissions call center operations for each school. We are working on making it so that the monthly repayments coincide with the time you start enrolling students so that your Academy revenue will service your loan.
To many, now may seem like a bad time for starting a school or marketing a program but with higher education, we know that it is the opposite. Also, the schools that opted to begin the marketing process, have had a great response. For example, at one location we have received over 50 inquiries of which 12 students have registered for a class, within the first month of marketing. The MCP admissions call center has also been conducting Virtual Open Houses to draw even more interest. COVID-19 has caused millions of job losses and people are now looking retrain for new career opportunities. Also the demand for dental assistants is expected to be higher than ever, as many have been laid off with the COVID -19 shutdown and dental practices will need to re-staff upon re-opening.
To address the current shutdown dental assisting classes MCP has made it possible via it's Zoom Classroom. Students will attend live virtual classes, and the hands-on portion will be completed once COVID-19 closure restrictions are lifted. Students understand and are appreciative of this since their training does not have to be delayed. The receptionist class can be given entirely online (virtually).
Furthermore, MCP has has been working tirelessly to implement very exciting, upgraded, third party student financing programs to stimulate student demand and enrollments and are also partnering with Climb Credit. We have prospective students already applying through our Meritize partnership.
MCP and Elias Partners are totally aligned to help you not only fight through the current crisis, but more importantly increase your revenue, the value of your practice and personal wealth. The dental industry has showed a drop in real incomes over the past decade and very low exit values are being realized for practices. This has increased the average retirement age of dentists by approximately seven years. We want to help you reverse this trend.
We are setting up an information session with Julian, Bruce, Elias principles for interested dentists.