How proper technology can make your practice MORE profitable

Your career in healthcare was likely intended so that you may help people, while also finding financial success. Technology can enhance your bottom line while positively impacting patient care, but only when used efficiently and accurately. So what are the do’s and don’ts when it comes to technology in your practice?

Do:

Plan properly. Always budget for periodic equipment replacements based on the lifespan of each of your investments. Of course, we all want to maximize our purchases, but not at the risk of equipment failures, staff downtime, and potentially canceled patients. Plan ahead to ensure your practice is always operating with strong cybersecurity, a reliable server, and strong security measures. All it takes is one incident, like a breach of fewer than 5,000 patients, to wipe out an entire year’s profit for small practices. Keep your technology and systems up-to-date to ensure you may focus your energy on growing your practice.

Make sure it’s a fit. Like any good suit or outfit, you want it to be the best fit possible. Technology is no different. Ensuring the technology is best suited for your needs takes only a little bit of time and research. Digging in even a little bit will allow you to see the pros and cons of the items you’re looking at. It’s even beneficial to reach out to people who use the same products you’re leaning toward purchasing for testimonials. And, remember … there is no one-size-fits-all fix when it comes to tech.

Don’t:

Be fooled by low upfront costs. Low-cost IT vendors and purchases make your bottom line look appetizing upfront, but it often comes at a cost. The “you get what you pay for” adage is SO cliché, but when it comes to technology, it’s almost always true. So, when they give you a “better” price, it’s mostly accompanied with little or no monitoring of your systems, warranties, or backed with personal support. When a crisis occurs – and at some point, it will – you’ll need experienced partners and specialized systems behind you to weather the storm. Inadequate partners and cheap systems decrease production and are always more costly in the long run.

Put refurbished equipment on a pedestal. When it comes to purchasing refurbished equipment, the unknown is what can hurt the most. From computers to panoramic machines, you have zero clues how the product was used, maintained, or even transported to your office. Each of these elements is a serious concern when it comes to the functionality and longevity of equipment. It’s best to purchase refurbished equipment when you can remove the unknowns, which may mean only purchasing locally from trusted colleagues.

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