Want to Maximize Your ROI? Follow These Tips
The dental industry is constantly evolving. Technologies and products continue to improve, enabling you to provide even better care to your patients while also increasing practice revenues.
Of course, that’s the idea behind investing in new technology. Unfortunately, it doesn’t always work out that way. If you don’t have a plan in place to integrate the new technology into your practice, there’s a good chance it will never live up to its potential. No matter what technology you purchase, whether it’s cloud-based practice management software, 3D cone beam imaging or digital radiography, these high-tech products won’t do your practice much good if you and your team members don’t know how to use them.
Want to get the most out of your technology purchases? Follow the six tips listed below to make sure these large investments don’t go to waste.
1. Know how the new technology will be used. Don’t just buy new technology because it sounds cool or because it’s the latest and greatest new product to hit dentistry. Take time to think about how this product will benefit your patients and your practice and then integrate it into your practice methodically.
2. Establish a budget. Over the course of your career, you’ll find yourself investing in new technology quite a bit – or at least wanting to. Don’t feel like you have to do it all at once. Develop a budget for technology purchases and stick to it.
3. Ask the right questions. Take a minute to consider your pending technology purchases, then ask yourself a few key questions to ensure you’re prepared:
- How much do I plan to invest?
To help with this last question, make sure you have an understanding of exactly how much the new technology will cost, how quickly you can recover that cost and how your practice will benefit financially from the investment over time. While these are all important considerations, thinking about the long-term financial benefits is vital. Before spending thousands of dollars on new technology, it’s important to evaluate what your anticipated return is. Once you do, you may find the technology isn’t a good fit for your practice after all.
4. Determine which practice systems need the most help. Investing in the right technology can reenergize a struggling system. Identify which systems you need to improve first, then look for technology that will bring the most benefit to those systems. Maybe that means investing in a patient communication system to reduce broken appointments, or finally purchasing digital tools designed to improve patient education and thus grow case acceptance. Whatever it is, think about which systems the technology will improve and how to best integrate the technology into your practice.
5. Keep in mind the cost goes beyond the technology itself. When you invest in new equipment, hardware or software, there likely will be other costs associated with the purchase. Do some research to make sure you know what to expect. If you want to maximize your investment, you need the proper technological infrastructure to support the new technology, and that includes hardware, software and wiring. Sure, you’ll pay more up front to put this infrastructure in place, but it will save you money in the long run. Why? The technology will last longer and you’ll get more out of your investment. It’s also important to plan for ongoing service, maintenance and training.
6. Consider package deals. I know you want to save money where you can, but these important investments aren’t really where you should scrimp. While you might save some money on piecemeal purchases today, it won’t be long before you have to pay more for new updates, additional options and service packages – expenses that will actually cost you more over time.
Technology purchases shouldn’t be taken lightly. They’re big investments that can bring many benefits to both your patients and your practice. But if you’re not careful, you could end up spending a lot of money on state-of-the-art products that just don’t do much to move your practice forward. In fact, they’ll quickly become a source of frustration, costing you money rather than making you money.
To get the most ROI from technology purchases, I suggest you come up with a plan, establish and stick to a budget, and properly train your team. Need more guidance to get started? Feel free to contact me. I’m happy to help.
For additional information on this topic and more, visit my blog: The Lighter Side
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