TECHNOLOGY

  acquisition

The What, When and How of Buying Technology

By using a seven-step approach, you can stay in the game and create a distinctive practice.

APRIL JASPER, O.D., WEST PALM BEACH, FLA.

ILLUSTRATION BY NICK ROTONDO

Does your practice meet your patients’ high expectations for technology? Companies, such as Apple and Best Buy, not other optometrists’ offices, set these expectations for patients who use smart phones not only for texting and phone calls but also to tell the time. Who would have ever imagined the “watch” would one day be obsolete?

Technology has taken over our work time. . . and even our spare time. Real-time entertainment dominates U.S. data networks. When combined, Netflix and YouTube account for half of all downstream network traffic during peak usage periods, according to a recent report from network equipment company Sandvine. Technology has changed the past five years. As a result, we must be prepared to change with it.

So, in regard to your practice, what technology do you buy, when do you buy it and how do you pay for it? Also, how do you know what is important to your patients?

Here are seven key steps to help O.D.s stay in the game.

1 Evaluate what you have.

Take an inventory of what technology you have, what is new and going to be around for a while and what is likely to get replaced in the coming years. Remember the added complication of HIPAA’s Privacy and Security regulations, and make certain the equipment you purchase is equipped to meet the standards that exist today and will continue to meet those standards as they become more complicated in the future.

2 Determine what you want.

Shoot for the stars, and design the perfect piece of equipment for your practice’s needs. (It may not exist, but doing so will create an individualized “needs” list.) It is imperative to remember what the vision/mission for your practice is, then create a five-year to 10-year plan for your practice, including the technology that fits within this plan.

For example, if you want your practice to spend more time in the area of vision therapy and/or vision rehabilitation, make an effort to attend industry meetings where you can evaluate the equipment available. Also, visit a colleague’s practice to see what works best for them, and create a plan or list of what you need to create the practice of your dreams. Walk through every step in your office, and look at what you currently do (i.e. checking patient’s IOP, refractions, “thank you” letters, filing claims and even running credit cards), and evaluate how technology could make it easier, more efficient and create a “wow” factor in every area.

3 Document what you actually need.

Have a checklist of the “must-have,” “would like to have,” and the “optional” categories. Some pieces of equipment are “must-haves,” that is, mandatory in today’s healthcare environment. One of those is a visual field analyzer. The beauty of the latest technology available in the area of visual field testing is that it provides the option of glaucoma progression analysis, which, when utilized, helps you to determine whether a patient’s current treatment plan is working.

As a result of the increasing number of diabetic patients, another technology quickly moving into “must have” category is the retinal camera/OCT. The devices allow practices, especially those working with accountable care organizations, to manage these patients using HEDIS measures, a tool now used by more than 90% of the health plans in the United States. There are several combination units available that can acquire photos and OCT with one footprint. These can be valuable if space is limited in your practice. Also, you have the opportunity with a combination instrument to have four CPT codes for which you can bill (external photos, retinal photos, anterior segment OCT and posterior segment OCT).

Based on your needs, continue to develop the list using your vision/mission as a guide to understanding the essential purchases for your office.

4 Investigate your options.

Take time to shop around at the various industry meetings’ exhibit halls. Try out the equipment to see whether it’s easy to use, and talk to people who already utilize it. Some equipment companies will even allow you to “test drive” the equipment to see how it works in your office.

A caveat: Make certain the technology can be integrated with your EHR system and other technologies in your practice.

5 Assess financial obligations/terms.

Many times we forget that a technology-focused practice can and will be able to justify greater fees by creating value in the minds of the patient. I always recommend evaluating the insurance reimbursement for the procedure associated with a new technology purchase. That said, this should never be the only factor when evaluating return on investment. Reimbursement rates are not predictable and often drop, so do not build a practice that is dependent on insurance.

Build your dream practice one piece of technology at a time. Plan the purchase in your budget with higher fees, referrals and insurance reimbursement in mind. Remember to look at the Local Carrier Determination (LCD) for any procedure code as well to determine when you can bill for the procedure, for which diagnosis, symptoms and frequency.

Always ask your vendor how to get the best pricing and terms for payment. Leasing with an option to buy can be an attractive option because it allows for greater cash flow. Don’t forget that in some cases, you can be better off selling used equipment to a vendor instead of using it as a trade in. Ask around for used equipment dealers, and see what the value of your equipment is before trading it in.

Used equipment can be difficult to bring up to current government standards for HIPAA security measures, so “buyers beware.” Work closely with your IT company and equipment vendors to be certain your new purchase is a good one. It can be a challenge to understand the interoperability of technology with your network and existing hardware, software and other technology currently in your practice without the help of a professional.

6 Remember a plan for implementation.

Any equipment purchase is risky if you have no plan for implementation. Do your homework, and evaluate how your new technology will fit into your patient flow.

Also, make certain you have a plan for training your staff on the new technology, including the operations and protocols of when to implement the technology in their workflow, keeping in mind the practice’s schedule.

For example, it may not be wise to purchase and take delivery of a new EHR at “back-to-school” time. You may find it helpful to have your team plan the why, when, how and how often of your purchase with you. A bonus: If they are part of the purchase plan, they are much more likely to embrace the new technology in the practice.

7 Develop a practice of distinction.

I truly believe technology can be the key to developing a practice of distinction. (For more information on creating a practice of distinction go to www.practicesofdistinction.com.) Look at the four profit centers in your practice. Implement new technology in each area as your are able, and watch your practice grow. Never be satisfied with the status quo. Always believe in the promise the future brings, and find ways to bring it to your practice. OM

Dr. Jasper is a Vision Source Administrator and in private practice in West Palm Beach, Fla. E-mail her at drjasper@aeswpb.com, or comment at optometricmanagement@gmail.com.