Digital dentistry may have started to affect your dental practice, which is unsurprising since the technology has an impact on everyone in the industry, according to Gary Kaye, New York Center for Digital Dentistry’s founder.
Before you start contracting an orthodontic laboratory or other equipment providers of the digital tool, it is important that you should be fully aware of the costs associated with owning such equipment, Kaye noted.
By understanding the impact of adding digital equipment to your practice, you can foresee how it may affect your bottom-line and chances of securing a good return on investment.
Kaye believes that limited funds and expertise, as well as poor decision-making skills, prevent dentists in reaching a good form of judgment in using new technology. However, that does not mean you should stop from pursuing innovation to improve your practice.
While digital dentistry is a novel concept, many other breakthrough technologies have come before it, and yet many were unable to maximize their investment returns because of their failure to anticipate the required costs.
By costs, Kaye meant that dentists should not stop assessing the impact of a certain purchase based on the price tag alone. For example, buying dental chairs, X-ray machines and other electronic devices will require some maintenance and upgrades in the future—and that requires additional expenses.
He also advised dentists to look beyond money as a factor in determining the “total cost of ownership” for a certain purchase. Aside from the financial aspect, you should consider the required time and energy needed to maintain the use of new equipment.
Careful planning may not always be a foolproof way to guarantee a secure return from your investment on new dental tools, yet it could minimize the risk of falling into a financial trap that could cost you more than the amount you paid for the equipment.