Low-Cost Tech Upgrades Add Value in Selling a Dental Practice
courtesy of DDSmatch Southwest
the old adage “if it ain’t broke, don’t fix it,” is a gem of pragmatism. If you’ve built a successful dental practice using a certain set of tools and techniques, why change? Change for the sake of change is not a good argument. If, however, you are considering putting your dental office for sale within the next five years, there are some updates that can increase the value of your practice. While there is likely nothing wrong with the way that you practice, you should consider that potential buyers are going to be younger than you, and more experienced using newer equipment. When they look at your practice, they will see the value of it as a business, but may also see outdated technology that, while it works just fine, may not be what they are experienced using, and may not be what they envision for a 21st-century dental office.
The question is, which investments in office technology upgrades will bring a return, and which won’t. Here we discuss some high-impact, yet low-cost, technological upgrades that can boost the value of your practice. We’re not talking about a full office remodel, just a few changes that can have a real impact on your practice, and on your patients. If you are considering transitioning your practice within the next five years, it is also worthwhile to have an outside consultant review your office and make recommendations about other possible value-building updates. Here at DDSmatch, one of our specialties is consulting with doctors about getting ready to transition their practice, and we can look at the particulars of your practice area to help you get ready to put up your dental practice for sale.
If, however, you are considering putting your dental office for sale within the next five years, there are some updates that can increase the value of your practice:
Digital Radiography: Save Time and Build Goodwill with Your Patients
Digital radiography is a great update to an office that is using X-rays. First, it’s faster than an X-ray. Capturing the image is quick and easy, and it’s available on a computer screen right next to your patient in the dental chair. This makes informed consent and patient education simpler. Patients find it impressive, and they will appreciate not being exposed to radiation. This can be a very pleasant surprise the first time a patient encounters it. If you are using patient software, you’ll want to check compatibility to make sure whatever digital radiography system you choose will integrate with your existing system. And, while there is a learning curve involved, ultimately, you’ll find that digital radiography will save you time. And, this time aDDS up over months and years.
Electric Handpieces: Greater Consistency and Control without the “Drilling Sound”
While you may have developed an immunity to the high-pitched whine of your drill, you can be sure that your patients have not. Few things send a shiver down the spine of dental patients like the dreaded “drilling sound.” Many of the newer electric handpieces are designed to be as close to silent as they can be. So while the work you are performing remains the same, your patient’s experience during the treatment will be very different, even if primarily from a psychological standpoint. In a more practical sense, electric handpieces provide consistent levels of torque—which allow you to work more efficiently—and produce smoother tooth preparations. Additionally, they cut more easily through crowns and restorative material, where the bur on air-driven handpieces are more likely to make chattering noises and may produce a less efficient cut. They are also more effective and efficient when dealing with metals, ceramics, and polishing composites. There are a variety of products available, and it’s worthwhile to consider their benefits and compromises. There are varying degrees of features and versatility, including things like programmable and variable settings, and touch screens. Find a system with a good user interface that you feel comfortable using. Consider which options would most benefit your practice and clientele. Also, if you are consulting with an outside expert on value-building, consider they’ll help you consider where your potential buyers may place greater value. And, while there will be a bit of a learning curve as with digital radiography, ultimately, it will make your practice more efficient and provide a better experience for your patients. Whether you are considering putting your dental office for sale or not, this upgrade will have nothing but a positive impact on your practice. If you are, for instance, putting your dental practice for sale, in San Antonio, TX, patients are the same as anywhere— no one wants to hear that “drilling sound” ever again, if they can avoid it.
Intraoral Camera: Let Your Patients See What You See
An intraoral camera can prove the truth of a couple of other old adages, that “a picture is worth a thousand words” and “talk is cheap.” Intraoral cameras allow your patient to see what you see. Rather than just explaining what the problem is, and why its a problem, you can show them. The impact of seeing a cracked tooth goes a long way towards understanding why it’s such a significant problem, and why the care being recommended is in the patient’s best interest, not simply a dentist’s sales effort. Intraoral cameras can impact ongoing care as well. By building a photographic record of your patient’s teeth, you can use this to document progress, which the patient may find encouraging. You can also use the technology to do document a problem that is becoming more severe, to educate more reluctant patients. Additionally, your hygienists can use the images to document calculus buildup and, similarly, show the effects of good brushing and flossing, or the lack thereof. As with the other technological improvements discussed above, the response from patients will be positive. The more they can understand about what you see and why you recommend treatments, the more confidence they’ll have in you, and your recommendations. This increase in confidence can help with patient retention, referrals, and patient compliance with recommended treatments. All of which is good for your bottom line, increasing the value of your practice.
Build Value Before You Put Your Dental Practice for Sale
You may think, “if the buying dentist wants all of these fancy gadgets, let them foot the bill.” And, honestly, depending on your market, that may be the smart move. Generally, however, these are low-cost ways to increase the value of your practice through patient satisfaction and retention, increasing procedures performed and collections, and making your office more attractive to buyers. But, every practice is different. This is why, if you are considering transitioning in the next five years, now is a good time to call DDSmatch for a Free Practice Transition Assessment. Let us take the experience of hundreds of dentists from across the country and use it to help you get what you want out of your transition.