Whether you have the right equipment or not could make or break your business. This becomes obvious when your key equipment breaks down and you can’t do your job.
Of course, you will have your dental assistant do all of the daily and monthly maintenance routines to keep your equipment running smoothly. Eventually, though, equipment will break down. Nothing was built to last forever.
Before you purchase new equipment—especially equipment that costs more than $20,000—you need to spend a significant amount of time comparing your options and preparing for whatever transition is required.
1. The Equipment Can’t Be Repaired or Costs too Much to Repair
Perhaps you have a dental equipment repair specialist on call. They may be able to get you up and running again within minutes or hours, depending on what’s wrong. If they need a spare part, perhaps they’ll need a day or two. If your guy says the equipment is beyond repair or that there are no new spare parts, then an emergency purchase may be required. But this is not the best way to make such a purchase.
Any large purchase of hardware, or even software, should be done after careful study of your options. You need a few months to go through the literature, to see appropriate demonstrations, and to build your list of questions to make certain nothing jeopardizes the smooth operation of your dental practice.
2. The Tax Write-off is Too Good
Sometimes, business decisions come down to what the “bean counters” tell you to do. Accountants are typically smart people. They have to be to make sense of the insanity of tax laws and accounting practices.
But when you make the decision to purchase equipment for a tax write-off, make certain you do your due diligence in researching the best equipment for your practice. Here are some of the considerations to keep in mind:
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Costs, of course.
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How soon you’ll be using the equipment. Some dental offices have purchased equipment only to have it sit in storage for months or even years before putting it into use. If it’s late model equipment, this might not be a problem. But if it’s older equipment, soon to be discontinued, then you may not be able to repair it when it breaks down.
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How well does this new equipment fit in with your existing equipment? Is it compatible with your existing system?
3. The Equipment is Critical to Staying Competitive
Let’s say a new technology has come out which does some part of the dental practice business far better than the older equipment. And let’s say that customers are asking for it or leaving because you don’t have it. Ouch!
Before you run out and purchase that new equipment, make certain that your perception of the problem is accurate. How many actual customers have you lost. How many customers asked about the new equipment? If it’s only one percent of your client base, you might be better off forgetting the purchase. But if you see a growing trend that’s accelerating, you may need to make an announcement that your office will soon be sporting the new equipment, too.
When desktop computers became available, few businesses adopted them. It didn’t take long, though, for office computers to become an essential part of most every dental practice. This is not the sort of equipment that patients would ask about, but customers would be able to feel the difference. An office without computers would not be as efficient. Tracking patients, schedules, insurance providers and payments from insurance companies are best done by computer systems.
References:
Carter, Jeff. (ND). “5 things you must know before purchasing clinical dental equipment.” Retrieved on 2/19/2017 from http://dentaleconomics.com/articles/print/volume-97/issue-9/features/5-things-you-must-know-before-purchasing-clinical-dental-equipment.html
Simpson, Kathy. (ND). “Do You Need to Upgrade Your Dental Equipment?” Retrieved on 2/19/2017 from https://sba.thehartford.com/industries/do-you-need-to-upgrade-your-dental-equipment
