CHECKLIST: INVEST IN NEW TECH

In a world of advancing technology, it is critical to keep up with the latest equipment. Are you contemplating your next equipment purchase? If so, consider the following steps.

FINANCE
    Perform an analysis ¹

STRATEGY SESSION:
    Create an equipment wish list ²

FACILITY:
    Evaluate space ³

HUMAN RESOURCES:
    Train the staff ⁴

MARKETING:
    Make “hi-tech” part of your marketing message ⁵

1 PERFORM AN ANALYSIS

Consider the financial ramifications of investing in new technology. Cash flow can be tight in the early stages of a practice. Overinvesting in technology, especially when current revenues and profits do not justify the purchase, can put a financial strain on other areas of the practice, such as payroll or lab bills. Take 60 minutes.

2 CREATE AN EQUIPMENT WISH LIST

As revenues grow, it’s important to reinvest in your practice, but you will want to prioritize your needs. Consider the following: How much use will I get out of the equipment? Will I get a positive return on investment? Will it improve efficiency and patient flow? Will it allow me to provide better quality of care? Will it make my staff’s jobs easier? Rating these questions will help determine what piece of equipment or instrumentation will provide the greatest return. Take 30 minutes.

3 EVALUATE SPACE

Square footage can be a limiting factor in the growth of a practice. Evaluate the space available to house the new equipment. How big of a footprint will it create in your office? A hi-tech practice with cutting-edge technology and instrumentation can be very impressive to patients, but not if it leads to bottlenecks and reduced patient flow. For many practices, this is the time they consider moving to a bigger location. Take 30 minutes.

4 TRAIN THE STAFF

Staff can sometimes be resistant to learning new things. Make sure staff is adequately trained with the new technology. One of the best ways to learn something new is to teach it to someone else – known as “the protégé effect.” Have employees demonstrate the new technology on you or for you. Observe employees who use the technology to make sure they continue to use the equipment as instructed. If there is any hesitation or resistance to the new technology by staff, help them understand the benefits of this technology for both the patients and them. Take 90 minutes.

5 MAKE “HI-TECH” PART OF YOUR MARKETING MESSAGE

As you continue adding new equipment and branding yourself a “hi-tech practice,” don’t overlook the marketing opportunities. Great marketing communicates to the consumer why your business is superior to the competition. Technology that allows you to provide superior patient care and an enhanced patient experience is certainly a message worth delivering! Take 60 minutes. OM

DR. VARGO serves as Prima Eye Group’s vice president of Optometric Consulting. A published author and speaker with more than 15 years clinical experience, he is now a full-time consultant advising O.D.s in all areas of practice management and optometric office operations. To comment on this article, visit tinyurl.com/OMcomment .