Membership Matters - March 2018 - 15

MEMBER BENEFIT
OF THE MONTH

Taking Inventory to
Safeguard Your Practice
By DBIC Risk Management Staff

TAKE A QUICK MOMENT TO
REFLECT ON your practice. Imagine
the space-the reception area,
operatory and back office. Now,
consider all of the many moving
parts that come together to make
your practice function-computer
systems, phone systems, delivery
systems, digital imagery, autoclaves
and the list goes on and on. Lastly,
name each piece of equipment you
own, including the model number,
serial number, purchase date and
estimated value.
Not so easy, is it?
Relying on memory alone to
recount your business assets is
an exercise in futility. While most
dentists have a general idea of what
they own and how much it's worth,
not all have a thorough, detailed
inventory of their office contents.
Unfortunately, failing to document all
items of value can lead to a shortage
of insurance coverage should a
loss occur.
Dentists Benefits Insurance
Company, DBIC, reports many cases
in which dentists have failed to
conduct accurate inventories of their
office contents, and subsequently
did not purchase enough coverage.
In one case, a dentist purchased
only $580,000 in coverage for a
practice with 12 operatories, which
had a replacement value of at least
$1.2 million-not including the value
of the reception area, break room or
sterilization room.
Waiting until after a loss occurs to
conduct an inventory can slow down
the claims process, and dentists
risk inaccurate reimbursements
www.oregondental.org

should items be overlooked and
unaccounted for. Policyholders are
encouraged to conduct thorough
inventories preemptively to avoid
additional and unnecessary
stress that comes following a
loss. Being proactive, rather than
reactive, means a smoother claims
process and a reimbursement that
is more in line with the true value of
the loss.
While a manual, pen-and-paper
method can suffice, taking inventory
of your property has never been
easier with the introduction of apps
and software designed especially
for this purpose. Tools marketed for
conducting home inventories can also
work well for documenting business
personal property. Many are free or
low cost, and they walk users through
the process step-by-step, storing the
information securely online. Following
are two of the most popular, though
it should be noted that none are
endorsed by DBIC.
Encircle, with a photo-based
interface, allows users to take a
visual inventory of their belongings.
Items are organized by room, and
prepopulated checklists prompt
users to enter detailed information
on each item. Encircle also allows for
multiple users, with entries synced
seamlessly. Data can be exported to
PDF or Excel. Available for iPhone,
iPad and Android.

Sortly allows users to take
photos and videos of each item,
along with documentation such as
serial numbers, values and links to
product manuals. These entries can
then be organized into individual
folders and subfolders. The app
features automatic backups and
allows users to sync devices through
a secure cloud. Available for iPhone
and iPad.
If you are a DBIC policyholder,
refer to your declaration page to
determine how much coverage your
policy offers. Policyholders can
make adjustments by contacting
DBIC. To request a policy review,
email DBIC at dbicquestions@
dentistsbenefits.com. If you are not
a DBIC policyholder, please contact
your insurance carrier.
Ensure your practice-and
everything in it-is taken into
account. Failing to document
all contents can mean major
headaches should a loss occur.
Taking complete and regular
inventories of your office contents
allows you to purchase the coverage
that's right for you and ease the
process of filing a claim.
DBIC's Risk Management line
at 800.452.0504 is staffed with
trained specialists who can
answer questions related to your
dental practice.
March 2018

15


http://www.oregondental.org

Table of Contents for the Digital Edition of Membership Matters - March 2018

Nicaragua
New Members, Board Meeting Highlights
Events and Education
Molar Movement
Insider Results
ODA Member Benefit of the Month
Compliance Corner
Through the Loupes
The Importance of Emotional Intelligence in Dentistry
Dentists Take Bite Out of Opioid Epidemic
Service to Veterans
Dental Foundation of Oregon
Health Beyond Communities
Index of Advertisers
Classified Ads
Membership Matters - March 2018 - Intro
Membership Matters - March 2018 - cover1
Membership Matters - March 2018 - cover2
Membership Matters - March 2018 - 3
Membership Matters - March 2018 - 4
Membership Matters - March 2018 - Nicaragua
Membership Matters - March 2018 - 6
Membership Matters - March 2018 - New Members, Board Meeting Highlights
Membership Matters - March 2018 - 8
Membership Matters - March 2018 - Events and Education
Membership Matters - March 2018 - Molar Movement
Membership Matters - March 2018 - 11
Membership Matters - March 2018 - 12
Membership Matters - March 2018 - Insider Results
Membership Matters - March 2018 - 14
Membership Matters - March 2018 - ODA Member Benefit of the Month
Membership Matters - March 2018 - Compliance Corner
Membership Matters - March 2018 - 17
Membership Matters - March 2018 - Through the Loupes
Membership Matters - March 2018 - 19
Membership Matters - March 2018 - The Importance of Emotional Intelligence in Dentistry
Membership Matters - March 2018 - 21
Membership Matters - March 2018 - 22
Membership Matters - March 2018 - 23
Membership Matters - March 2018 - Dentists Take Bite Out of Opioid Epidemic
Membership Matters - March 2018 - 25
Membership Matters - March 2018 - Service to Veterans
Membership Matters - March 2018 - 27
Membership Matters - March 2018 - 28
Membership Matters - March 2018 - Dental Foundation of Oregon
Membership Matters - March 2018 - Health Beyond Communities
Membership Matters - March 2018 - 31
Membership Matters - March 2018 - 32
Membership Matters - March 2018 - 33
Membership Matters - March 2018 - Classified Ads
Membership Matters - March 2018 - cover3
Membership Matters - March 2018 - cover4
Membership Matters - March 2018 - outsert1
Membership Matters - March 2018 - outsert2
Membership Matters - March 2018 - outsert3
Membership Matters - March 2018 - outsert4
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