How to Know It’s Time for New Dental Equipment

Investing in new dental equipment can be costly, but if done at the right time, it can also help your dental practice grow tremendously. Timing is important so that you remain financially healthy while staying efficient with the ever-growing technology advancements. Keep reading to find out some key indicators that it might be time to invest in new equipment.

First Things First: Review Your Financials

Before making any big decisions regarding new equipment, it’s important to review your finances and have a clear plan going forward. This is the key to maintaining revenue during this transition. When performing accounting for dentists, you can use a dental-specific chart of accounts to organize your finances and have a clear vision of how you can leverage adding new equipment to your practice.

Compliance

Legal standards and guidelines, especially in the medical field, are extremely important to adhere to. Complying with these standards ensures your practice is safe and regulated. As rules, such as the CDC guidelines, update and improve, so should your equipment. If they don’t meet these standards, it can cause imminent problems for your business and your clients. Updating your equipment ensures that all equipment can be fully sterilized and reduces hazards.

Costly and Frequent Repairs

Do you have repairs or maintenance done on your equipment multiple times a year? This is a sure sign that it could be time for an upgrade. As your equipment gets older, repairs can become costly and are needed frequently to simply maintain it. In the long run, you can be spending more money on these repairs than if you invested in a few new pieces of equipment, driving profitability down. This can also decrease your patients’ confidence in the equipment if there is always something wrong that needs to be fixed with the equipment.

Incompatible Technology

Many dental practices have introduced technology into their practice through software systems that make processes more efficient. This can include appointment reminders, online billing systems, and digital X-rays. As technology advances, some equipment may not be compatible with new models. This can slow down human processes, making the business less productive in the overall scheme of things. For this reason, updating your equipment can help the transition flow seamlessly as you scale your practice.

Specialized Services

If your dental practice is expanding its services in-house, then additional and more modern equipment may be required. Consider what services you are adding in your business plan, and make the necessary decisions to best uphold those new services. This can include things such as cosmetic implants or more accurate scans.

Conclusion

On the fence about investing in new dental equipment? This is a decision that you know you will have to make as a dental professional, it’s just a matter of when. Take a good look at your financial situation and consider these factors discussed above to see if it’s the right choice and time for you. Buying new equipment and tools may be the next best thing for your business.