Turning the Challenge of COVID-19 into Opportunity

A message from Scott Hornbuckle, Chief Financial Officer at Benevis. 

COVID-19 has created a new set of challenges for small businesses across the country, especially in the dental industry. With a variety of unique risks present at dental offices given the transmission method of COVID-19, many practices have been forced to close.

At Benevis, we continue to provide dental practice management services to more than 150 practices across the country with a redoubled emphasis on health and safety. By supporting the ability of the doctors and staff in each practice to work safely, both child and adult patients can continue to receive top of the line care and treatments essential to oral health.

In response to the current economic conditions, we recently announced that we have secured significant additional funding so that our business can maintain normal operations while also filing for Chapter 11 protections as a measure to improve our balance sheet and operating position. While there are many hardships being faced by healthcare practices around the country, we remain positive that this is an opportunity for a new beginning at Benevis.

We are committed to helping dentists provide the highest quality services and care to millions of patients each year. While the economic impact of COVID-19 has caused us to pursue a reorganization, we believe we will emerge stronger than ever to continue this mission.

Improving the Doctor Experience

Dentistry is an essential service for the wellbeing of Americans, we are actively developing ways to support and empower dentists across the country.

We continue to make innovative enhancements to our infrastructure to address the administrative needs of dental practitioners. Our back-office services ensure less managerial headaches, less lab and license fee issues and an environment where dentists are able to focus on meeting the needs of their underserved patients. Benevis strikes a balance between autonomy and integration, creating a unique environment where doctors, team members and their patients can thrive.

Once such enhancement is a doctor portal Benevis is launching to provide a new level of transparency for dental practitioners. Doctors will have improved tools to see key metrics for each patient and procedure, providing detailed insight into patient safety, quality, productivity, and other key metrics. With this portal, we hope to improve the doctor experience and allow them to focus on what really matters – providing expert dental care to patients.

We look forward to continuing our partnerships with our valued practices and are confident we will emerge from the current economic circumstances stronger and well positioned for future growth.

Our priority is to help dentists focus on their patients while we support their day-to-day administrative burdens. We will ensure this is done in a way that protects the wellbeing of our team members, doctors and their patients at every turn. By adhering to robust safety procedures, we hope to promote the success and improved experience of dental practitioners across the country. Benevis will continue to build our business and enhance our infrastructure to support dentists as we face this changing landscape.

We will come out of restructuring as a stronger company while maintaining normal operations for our patients and team members along the way. We remain focused on our mission and will continue to enhance our ability to help dentists improve their professional and personal wellbeing, as we have since 2002. Thank you for your support as we continue on this journey forward together.

Written by Scott Hornbuckle, Chief Financial Officer, CPA, Benevis Dental Practice Services
Scott Hornbuckle has approximately 27 years experience in the healthcare, software and business services industries. He joined Benevis as Controller in 2007 and was named Chief Financial Officer in 2014.

Scott began his career with Arthur Andersen in Atlanta working as an audit manager in the Enterprise development group supporting clients through audits, IPOs and public debt offerings. He joined S1 Corporation in 2001 and assumed Director-Finance duties where he was responsible for various financial reporting and accounting duties. After S1 Corporation and prior to joining Benevis, he served as VP-Controller for Loyaltyworks, a privately held company providing back end technological and fulfillment reward program services.

Scott earned his undergraduate business degree from Morehouse College and a MBA with a concentration in Accounting from the University of Arizona. In his spare time, Scott enjoys spending time with his family, golfing, coaching basketball and providing community service through his church he attends.

Benevis recently announced their Chapter 11 filing in the press release below:

Benevis Enters Voluntary Chapter 11 Reorganization

Reorganization and Sale Will Strengthen the Company’s Balance Sheet
While the Company Continues to Operate Normally;

Benevis Maintains Focus on Supporting Patients, Dentists,
and Other Associates in the Dental Practices it serves.

LT Smile Corporation, along with its subsidiaries Benevis Holding Corporation, Benevis Corporation, Benevis, LLC, Benevis Affiliates, LLC and Benevis Informatics LLC (“Benevis” and “Company”), announced that it has filed voluntary petitions for relief in the Southern District of Texas under Chapter 11 of the United States Bankruptcy Code to effectuate a recapitalization and sale of the business, and to improve its balance sheet and operating position. Benevis and its employees will continue their normal operations and their support of high-quality dental care at supported dental practices throughout the process. None of the Company’s supported dental practices are part of the Chapter 11 filing.

Benevis has secured committed financing from its current lenders; including New Mountain Finance Corporation and several of its credit investing affiliates, to bolster liquidity and enhance ongoing operations during the reorganization process. The prospective reorganization and sale process is intended to provide access to incremental investment and growth capital, furthering the Company in its mission to support high-quality, affordable dental care.

Benevis and its supported practices have been taking innovative steps to adapt to a changing marketplace severely impacted by the COVID-19 pandemic and other economic challenges.

“The dental practices supported by Benevis provide the highest quality dental services and care to millions of patients each year and this reorganization process will enable those practices, with the continued support of Benevis, to continue to do so” said Dr. Dale Mayfield, Chief Clinical Officer.

Scott Hornbuckle, Chief Financial Officer for Benevis stated, “The additional financing and the reorganization process will help us strengthen our balance sheet and solidify our path to future success. We look forward to continued investments in the future and the continuation of our long history of supporting outstanding dental care.”

Benevis’s legal advisor for the reorganization is Jackson Walker. Conway Mackenzie and Lincoln International LLC are serving as financial advisors to the Company.

About Benevis

Benevis is a comprehensive dental practice support services company focused on improving access to dentistry by providing the highest quality non-clinical practice support services to some of the nation’s leading dental practices.

The Company affiliates with top dentists throughout the country by providing support services that help dentists better manage and grow their practices and allow dentists to focus on providing high-quality care to their patients.

Source: Business Wire

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