Dental equipment plays an important role in the quality of care you provide your patients. When it is time to add or replace a piece of that equipment, make sure you take the time to research and select the right piece for your practice. Make sure that your investment will bring value to your practice for years to come.
Here are a few points you may want to keep in mind before making a final decision on a major equipment purchase for your practice.
Take Your Time
As with all major investments, rushing into a decision can be costly. Instead, spend several weeks researching the various choices. Don’t make the decision alone. Talk to your practice consultant about ROI and your accountant about the tax implications.
If you are thinking about selling your practice in the near future, you may not receive the greatest value out of your investment. A dental consultant or broker can help you make those critical timing decisions.
Features and Benefits
Before you purchase, consider the equipment itself. Does it come from a reliable manufacturer and what kind of warranty does it include?
Must you buy it new or is there a certified used model that will provide the same function? If you are buying pre-owned, seek an independent opinion on the piece’s condition. Will it fit in its designated space? Will you need to make changes to your electrical service or plumbing?
Next, evaluate your needs and ask yourself these questions: Does the equipment have features you need, or are there bells and whistles you can live without? How does it compare to similar makes and models? What is the expected service life of the new equipment? Think about how often it will be used and whether your team will need extensive training to use it.
What is the ROI
Consider the cost of use and any maintenance. Make sure there is a demand for the service you will be providing using the new equipment. Will the pricing you set for services related to this upgrade offset the investment and allow you to remain competitive in your market?
While not all of these factors apply to such a purchase in every circumstance, major dental office equipment should not be purchased without thorough consideration and research.
When it is time to add or replace a piece of equipment in your practice, make sure you take plenty of time to conduct research and select the right piece for your practice. This will help ensure your investment will bring value to your practice for years to come.
If you’d like more help in making such an important decision, contact our office today to schedule a consultation.