Raise Fees and Put the Extra Revenue to Good Use

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Once you put in a solid fee schedule, you’ll have more money to invest in your practice. That means you’ll finally be able to purchase the new technology or piece of equipment you’ve been eyeing.

Before you write that check, make sure you actually need the technology. Then, put a plan in place to make sure you get the most out of the purchase. What exactly should be in your technology implementation plan? Read on.

Create a technology vision. Think about how you’re going to use the new technology in your practice. Will it enable you to add new services? Will it improve practice efficiencies? How will it enhance the patient experience? How will it improve your systems? Which areas of the practice will it benefit most? These are questions you should consider no matter what technology you want to add to your practice.

Look at what you already have. This includes hardware, software and networking capabilities. Once you take inventory, determine what you need to invest in before you purchase the new technology.

Take your time. You don’t have to purchase every technology you’ve ever wanted in your practice all at once. This will just overwhelm your pocketbook and your team members. Plan to integrate technology in stages instead.

Train your team members. New technology won’t do your practice much good if no one uses it. That’s why training is so important. If you expect team members to learn on the job, it will only cause them stress and confusion—not to mention waste time and cost you money. Offer proper training so team members are confident in their skills and excited about incorporating the new technology into the practice.

Add it to the budget. Dental technologies can be pretty expensive, but they’re necessary to keep your practice up-to-date and competitive. Make upgrades part of your budget so it won’t be a financial burden when you’re ready to make the next investment.

Raising your fees can do a lot for your practice, and that includes allowing you to make upgrades to your equipment—which will attract new patients and keep current patients happy. Put a plan in place to ensure you get the most out of your investment.

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