| Wrong investments in technology can cost your | | | | set of procedures with income from another set |
| dental practice dearly in time, money, and debt. | | | | of procedures? |
| The damage is usually irreversible, as equipment | | | | 5. Are the time savings claimed by the |
| cannot be resold easily. If you do manage to | | | | manufacturer real? Will that time be used to do |
| resell, it will be at a fraction of the original | | | | another procedure? Does your scheduling system |
| purchase price. Buying new equipment is similar to | | | | allow for additional patients to be seen? Do you |
| buying a new car, which depreciates 25% in value | | | | have adequate patient flow to realize the |
| the minute you drive it off the dealership parking | | | | benefits? |
| lot. | | | | 6. What is the true and full cost of owning this |
| Sadly, we find dental offices wasting enormous | | | | piece of equipment, including all repair and |
| amount of money in this area. Dentists either pay | | | | maintenance costs? |
| too much for equipment or buy instruments that | | | | 7. What is your estimate for |
| subsequently gather dust in the office. | | | | Return-On-Investment (ROI) for this instrument? |
| Purchase decisions are made impulsively, because | | | | Be conservative. (Manufacturers always overstate |
| another doctor down the street invested in it, or | | | | the ROI figures with a slew of optimistic |
| because other doctors recommended it on a blog. | | | | assumptions.) |
| Dentists believe that a new technology will excite | | | | 8. Can you truly afford the new piece of |
| patients and bring in droves of new patients, only | | | | equipment? Are you in position to pay outright for |
| to be disappointed by the response. Or, they | | | | the equipment? Leasing or financing equipment |
| purchase the machine and find that the return on | | | | should be a last resort, as the interest rate only |
| investment is not quite as high as stated by the | | | | increases your debt and your total cost. |
| manufacturer. The learning curve for using new | | | | 9. What is the payback period for this |
| equipment also tends to be steep and rarely as | | | | investment? How many months or years before |
| simple as presented by the manufacturer. | | | | you recoup the full cost of the equipment? Are |
| Questions to Ask Before Any Technology | | | | you close to retirement? |
| Purchase | | | | 10. Is the manufacturer going to be in business |
| The following 12 questions are helpful in making a | | | | for the next 10 years? If they go out of |
| sound decision: | | | | business, will you still be able to use this |
| 1. Is this piece of equipment suitable for your | | | | instrument/machine? |
| office and your skill set? | | | | 11. What is the level of support provided by the |
| 2. What is the learning curve? How much time is | | | | manufacturer? |
| required to become proficient at using this | | | | 12. Do you really need to purchase this new, or |
| particular instrument? Are you certain your office | | | | can you purchase it used? Will the used machine |
| will use this instrument extensively? | | | | be supported by a warranty? What is the |
| 3. What if you don't purchase this instrument? Will | | | | potential cost saving - used versus old? |
| the office lose patients or lose opportunities? Will | | | | Upgrade and invest in technologies, but carefully |
| the office appear outdated? What are the | | | | evaluate your options before you take the leap. |
| ramifications? | | | | With sound technology decisions, you are on your |
| 4. Will this generate increased production for the | | | | way to a more profitable practice. |
| office? Are you simply replacing income from one | | | | |