By eliminating hidden fees and charges, Scientific Metals can help dentists make an additional 35 percent return on their dental scrap. Here are two case studies that explain how Dr. William Wong and Dr. Kelly Waggener, discovered the difference between companies.
Case Study #1: Background on Dr. Wong’s Experience
Dr. Wong sent about 713 grams of dental scrap to a refining company that had exhibited at a recent trade show. After about a week, he received a settlement sheet that estimated the scrap value at $10,152.10. The company would take a 10 percent refining fee, but had offered him a promotional rate of only 5 percent instead. The dentist was to receive a final settlement figure of $9,644.50.
At first this seemed reasonable and acceptable, but after a closer look at the report, Wong realized that something didn’t add up. When he did the arithmetic, the dentist realized that the scrap value should have added up to more than $14,000, and his return after the company’s fees should have been closer to $12,500— much more than the $9,644.50 shown on the settlement offer.
He eventually was informed that the company had an additional 30 percent “charge” in addition to its refining fee. In reality, all of the total fees and charges added up to closer to 35–38 percent of the scrap’s original value.
Wong declined this settlement and asked for his processed scrap—now in the form of a melted bar—to be returned to him.
The Results
Wong then contacted Scientific Metals to determine whether the company had any extra charges, fees or deductions. Upon hearing no, he sent the bar to Scientific Metals to be assayed and analyzed. The Scientific Metals assay showed the bar to be worth $14,310.65. The final amount Wong would receive was $12,879.59—about 34 percent more than the initial offer.
Case Study #2: A Second Opinion Brought This Dentist’s Scrap Return From $3,017 To $4,450!
Dr. Kelly Waggener reports on how choosing the right refiner made a significant difference in scrap return. Here’s Dr. Waggener’s story:
“Like most dentists, I have a small precious metal scrap collection jar in the office, and every summer we send it to a refiner.
This year was a little different. Unnanounced, our dental supply representative brought a metal refiner rep to the office and informed us that their two companies had a partnership and I would be pleased with the scrap settlement offered to us. Because they showed up at our office without warning, we didn’t have a lot of time to do our homework about the scrap’s worth, so we handed over the jar and hoped for the best.
A week later we received an email from the metal refiner, stating that our final settlement was $3,017.10. We had submitted similar amounts in the past and thought that price seemed very low, especially because palladium prices were soaring.
We did some research and discovered that along with the (reasonable) 10 percent refining fee, there was also an “accountability rate” charge of nearly 30 percent. When combined, that meant the refining company wanted to take 38 percent of our scrap’s worth.
We asked the company to return our metals, which we received shortly thereafter in the form of a melted bar.
Fewer Fees Led to Significant Savings
I reconnected with Scientific Metals, a company we had previously used for several years with very good results, after recalling their ads in The Profitable Dentist magazine which specifically advertised “No Hidden Fees.”
One of the owners said they could analyze and sample the bar without having to remelt it, which would keep it in its original condition in case of any disagreement…this was very comforting. More importantly, after I explained about the extra charges and the “accountability rate” included in our original estimate, he explained that given the total charge of about 38 percent that I incurred, the bar’s total value would be around $4,900 and I should receive about $4,400 from them. A big difference without the “accountability rate.”
The end result was $4,450.39 – nearly $1,500 more than the original estimate. I encourage anyone to talk to Scientific Metals. In a sea of hidden fees, they are honest and reputable. I won’t be going to anyone else.
I encourage all dental offices to let Scientific Metals appraise their scrap.”
For more information, please call Scientific Metals at 1 (888) 949-0008 or visit on-line at www.scientificmetals.com.
