The fact that your dental equipment will need to be replaced is inevitable. Sometimes the reason for replacement will be that newer technology has made your equipment obsolete. Purchasing new equipment is an investment that should be taken with a great deal of caution. Here are a few tips shared by our dental speaker to help you get started on making an informed and practical decision regarding your office’s equipment.
Take Your Time
Never rush into a purchase as big as that of a new equipment purchase. We strongly suggest you meet with dental business coach to discuss the implications a purchase might have, particularly on your practice’s taxes. There may be an optimal time of the year to make a purchase.
Consider Its Use
How often will you utilize this equipment? Where will it fit in your office? Carefully consider how this new piece of equipment will be used in your day-to-day operations. If you are struggling to answer these questions, it may be a sign that the new equipment is not needed immediately.
Evaluate Practice Growth
Ask yourself if investing in new equipment will allow your practice to grow. Will it expand the available services you offer your patients? Perhaps it will improve the comfort, efficiency, and amount of time it takes to treat or serve patients. When marketed effectively, these can be excellent sources for driving new patient numbers or improving loyalty among your existing patients.
Assess the Cost
You should never buy equipment if you are unsure how you will receive a return on investment from it. Consider how your pricing structure will offset the costs of the investment. Can you still be competitive in your market if you must raise costs? Your office equipment plays a central role in allowing you to deliver quality care for your patients. New technologies are constantly making the patient experience more comfortable and safe. Before you rush to purchase new equipment, it is vital that you consider how the investment will impact your business.
Fortunately, our team is here to help you make these financial decisions.For a consultation on the possible purchase of new equipment, contact our dental consultant today.
