How to Make Better Purchasing Decisions for Your Practice

We all have that piece of equipment in our office that we pass by every day and think to ourselves, “How did I take care of my patients without this?” The next question typically comes to mind is, “Why did I wait so long to purchase this?” On the flip side, we all also have that expensive paperweight sitting somewhere in our office collecting dust. You can’t win them all, but you can be better informed to make better choices.

Whenever you make a purchase, whether big or small, there is a time commitment, a financial commitment, and an attention commitment. In this article, I share what I look for and what I avoid when it comes to investing in a new piece of equipment or technology for my practice.

QUESTIONS TO ASK

For better guidance when thinking about making a big purchase for your practice, such as a new device or technology, ask yourself the following few questions:

Will It Benefit My Patients?

If the product in question elevates your management with earlier detection, better care, improved patient satisfaction, etc, then the answer is crystal clear. If it doesn’t provide some sort of benefit, it may be better to look elsewhere.

Does My Patient Base Support It?

Most of us are not running a charity when it comes to providing for and taking care of our patients. Thus, patients are part of the purchasing equation. Will you charge out of pocket, or will insurance reimburse you? As we all have barely gotten a raise from our insurance providers, this is a big factor in your decision making. If you don’t anticipate insurance playing a large role, or any role, will your patients be able to cover this cost? Frame it as solving a problem rather than selling a product to get as many on board as possible.

What Is the Investment?

Be aware of the investment, both personally and professionally, and whether it’s worth it to you.

What Is the Return on Investment?

Ask yourself if it’s worth spending $1 to make $10 or save 10 minutes. It is ironic what we spend on and what we skimp on. We are more likely to spend $100,000 on a piece of equipment in the back of the house than invest in technology for the front of the house that can automate procedures or make it easier for our patients to do business with us. Don’t overlook the value of technology. The return on investment should be clearly spelled out for you; however, do your own math. It is important you know your business and your numbers to make better decisions for your practice.

How Long Will It Take to Pay Off the Device?

This is another way of looking at return on investment and whether you should lease or pay off the device. What I don’t do is look at the insurance reimbursement for a device, as this is a dangerous factor off of which to base purchasing decisions. Reimbursements can change overnight, and then you are stuck trying to figure out a way to pay off your new purchase.

Do I Believe in the Investment?

As more of us get involved with specialty areas such as dry eye, med spa, aesthetics, and myopia management, reps are coming out of the woodwork with “new” devices. Do your homework and get advice from trusted sources.

Is Someone in the Practice Excited About It, Willing to Advocate for It, and Able to Implement It?

Adding a new associate colleague or specialty to your practice is a great opportunity to invest in new equipment. Ask your associate colleagues what they are passionate about and get behind those passions; they will thank you and so will your patients.

Can I Get My Team on Board?

At the end of the day, investing is your decision, and you have veto power, but it is much easier to grow when your team is behind you rather than against you. Ask for their input; this includes both the positives and the negatives.

What Does Implementation, Training, and Customer Support Look Like?

It takes time to become an expert, let alone proficient, so be patient as you get comfortable with your new purchase. Don’t throw the towel in too soon. Map out a training and implementation plan, as this is the biggest battle in busy clinics. Know your customer support outlets. Make sure that if you do want to pull the plug, you are the one making the decision, and only after considering all sides of the coin.

PITFALLS TO AVOID

As we get excited about new purchases, here are some pitfalls to watch out for:

Be Careful of Information Sharing

We all know the saying: If it’s too good to be true, then it probably is. Listen to your gut. Be careful and cautious about who you give your data to because it may be used against you and in ways that will come back and bite you. This is especially prevalent with the everchanging technology landscape.

Don’t Buy Something Just for the Tax Savings

Again, you will always pay in some form—whether it’s in the way of time, money, or attention. Nothing is ever truly free. Know your practice’s numbers and patients so you are able to make an educated decision.

Don’t Give Up too Early in the Process

Give things time to develop and work out the kinks as you learn your new device or system. No one really likes change, but evolution is inevitable and necessary.

Work Through Glitches

As we are living in a tech-centered world, we know by now that things will go wrong. Don’t be afraid to ask for help, and be part of the product development process.

STAY CURRENT, STAY CURIOUS

Our patients notice new additions to our office. My reply to them is, “You invest in us, so we invest in you.” This is my way of saying thank you to my patients for allowing me to provide top-of-the-line service using top-of-the-line equipment and for continuing to trust me with their continued eye care.

As our profession and the world around us continues to evolve, it is on us to keep up, rather than catch up. Stay in the loop by asking your colleagues and friends what they are focusing on and investing in. Just like reviews and referrals help grow our practices and patient bases, so too does curiosity.