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The Dental Blog invites you to share your knowledge, successes, failures and crazy stories with fellow dental professionals. Sharing our combined knowledge, we can each create our own unique dream practices.

Thursday, November 16, 2017

Should I Buy It?

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
www.aces4ce.com

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