I love new gadgets! I want to have all the newest and coolest dental equipment. I am guessing that you do as well.
The real question we need to ask ourselves is what are the costs and the benefits of upgrading equipment. A new x-ray unit or imaging system might have new features but does it justify an expenditure of $30,000 when the older unit you are currently using works fine and is paid for? The answer is usually NO!
You should have great equipment that allows you to make a quality diagnosis and treatment plan for your patients. You should have equipment that allows you to deliver quality dental care. After that level a lot of what we buy is just for our ego and for fun.
If your profitability is 20% and the new piece of equipment costs $30,000 then you will eat the profit on the next $150,000 in production you just generated - and the cost is more if you are financing the equipment.
I just has a friend upgrade his sterilization systems for a cost of over $10,000. He said he will no loner need to buy test strips. The test strips cost les than $40 a month. The old system worked fine and was reliable. He will now have equally clean instruments for more money.
I may sound a lot like Suzy Orman but most times upgrading equipment is not the smart business move.
Dr. Corey Gold
President - Advanced Continuing Education Systems
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