Dentaltown October 2015 - (Page 10)

howard speaks column Don't Go it Alone How Sharing Technology and Knowledge Saves Money and Makes Us All Smarter Writing my book, "Uncomplicate Business: All It Takes Is People, Time and Money," got me thinking even more than usual about how dental entrepreneurs can make the best financial decisions. Some financial wisdom I'd like to share is this: buy what you can afford when you can afford it, and only if you really need it. This is especially true when it comes to big technology purchases. As a practice owner, you want to find that balance between having modern technology and having a stable financial situation. Now some endodontists will say, "I don't want to teach you because then who will you refer to me?" But in my case, I wasn't referring to this person in the first place. The latest and greatest can be cool, but I know many dentists who spend way too much on technology they don't need. Those purchases seem fun at first, but often come with a built-in migraine. You have to research before you buy, you may need to reconfigure your office, your operatory or your wiring, and you have to train on the machine/technology and teach people how to use it. That doesn't sound like a day at the beach. When you hear that "everyone" has a certain piece of technology, it's tempting to think that you need it too. However, even though a certain piece of technology is good for another practice, it might not be right for you. Don't feel pressured to buy it all, or all at once. Space out your big purchases and talk to everyone and their brother before you make your choice. The Dentaltown message boards are an amazing resource for this. Product reps often know a lot about a product, but you definitely want to talk to dentists who have used that product, and who own it. Ask many questions. * Do they use it as often as they thought they would? * Is it saving them money? * How long did it take before they turned a profit on that investment? * When it comes to technology, keep up with your needs and what your accountant tells you, instead of keeping up with the (Dr.) Jones's. Do you need it? If you're established in your career and you have a strong fi nancial situation, taking a chance on a technology purchase won't destroy you. But if you're young and you have $250,000 in student loans, why do you need to spend a boatload of money on technology when you don't have a dime and only have debt? If you're going to use other people's money to buy this technology you think you need, you'll likely pay interest, so factor that into the technology price. If I said to all of you, "How about you buy that technology in cash?" it would be a whole different game. Now, don't get me wrong. I love technology. Technology has brought dentistry a long way. You need access to CBCT, but maybe you don't need to own it. Let's say you want CBCT but you don't want to spend $150,000. Well, I never met a specialist who Continued on p. 12 by Howard Farran, DDS, MBA, Publisher, Dentaltown Magazine 10 OCTOBER 2015 // dentaltown.com http://www.dentaltown.com

Table of Contents for the Digital Edition of Dentaltown October 2015

On Dentaltown.com
Howard Speaks: Don’t Go it Alone
Professional Courtesy: Great Patient Relationships? F.U.!
Continuing Education Update
Industry News
All on Four’d Out
A Direct Hit to the Jaw: Bisphosphonates and Osteonecrosis of the Jaw in Osteoporosis and Cancer Patients
Five Components to Team Synergy
Practice Solutions: Clear-Aligner Therapy
In Focus: Microphotography using the Dental Operative Microscope
Anesthesia Safety
The Practice that Perseverance Built
What Kind of Payment Plans to Offer?
Are You Providing Five-Star Service?
Am I Being Too Conservative?
You Should Know: Healthy Grid
The Benefi ts of Mini Dental Implants
Denture Stabilization with Small- Diameter Implants
Independence Day
Post-Treatment Management of Orthodontic Patients
How to Track True Treatment Acceptance
CAD/CAM as a Marketing Tool
New Products
Practice Solutions: Voco
Poll
Surgical Crown Lengthening
Product Profi le: Umbie
And Sealants for All
Ad Index
Human Herpesvirus Infections and What They Mean for Dentists
Quick, Conservative and Highly Esthetic Treatment Planning for Severe Anterior Tooth Wear
Dentally Incorrect

Dentaltown October 2015