Keeping up with the latest dental technology can seem like a full time job in itself. While it isn’t necessary (or prudent) to jump on every new piece of technology that enters the field, it is important to stay up to date on the equipment that can help you bring your practice to the next level. Below are some important questions to ask yourself when considering a dental equipment upgrade, as well as some technology to be aware of in the year to come.
Will the upgrade improve ROI?
It’s important to carefully consider the return on investment of any large purchase for your dental practice. Compare the overall cost of the equipment with the potential for increased efficiency, additional patient load, and ability to perform new procedures and/or diagnostics in house. Although most equipment won’t be profitable on day one, you may find that what seems like a huge initial investment will pay off sooner than you expect. Carefully consider the terms of your dental equipment financing and find a loan that works for your practice.
Will new equipment help expand the practice?
There are several ways new equipment could expand your practice. If investing in new technology allows you to perform new procedures, you have the potential to expand your patient base and generate additional income. By investing in the latest technology, you may also be able to attract new talent to your practice. If you’re looking to add another dentist to your practice or are seeking a new partner to invest, the opportunity to work with exciting new equipment could be the draw you need.
Are maintenance costs and downtime adding up?
The most obvious sign that it’s time to upgrade your dental equipment is frequent breakdowns and failures. Equipment maintenance can be costly; if you’re regularly shelling out money for repair service, you might be better off investing that cash in new equipment. Don’t forget to factor in money lost while essential equipment is down. Any appointments that need to be rescheduled are money out of your pocket.
Technology to Look Out for in 2018
The new year is sure to be full of new technology in the dental field. Keep your eye out for these trends and make sure your practice doesn’t fall behind! If you’re ready to upgrade, get in touch with Bankers Healthcare Group to learn how we can help with all of your dental equipment financing needs.
Chairside CAD/CAM Technology
More dentists are turning to CAD/CAM technology to expand their offerings. This digital technology can help your practice perform onsite restorations, and can give your patients the benefit of one-visit appointments. As this technology becomes more common, patients may seek out dental practices where they can be fitted for a crown in one day rather than having to return for multiple appointment and live with a temporary crown for weeks at a time. The potential for new procedures and an expanded patient base coupled with the potential savings on lab costs and temporary fixtures make this a technology to seriously consider in 2018.
Size and cost used to limit 3D printers to large commercial operations, but recent technological advances are bringing them into reach for smaller dental practices. This technology enables dentists to handle specialist procedures and lab work in house. As with any new equipment, there’s a learning curve when it comes to implementing 3D printing technology. If industry trends continue in this direction, it might be worth learning sooner rather than later.