As a group, dentists have become more savvy in the area of practice management, but many are still too quick to accept some of the notions that have been perpetuated by dental magazines, by professional organizations, by the media, or by their dentist friends.

These myths and notions swirl through the dental community with surprising intensity and regularity. Sadly, many dentists fall victim to these myths and lose precious time and money chasing avenues that don't really exist.

Here is the second of five myths that pervade the practice of dentistry - and the reality.

Myth:

Investing in every new technology or gadget is essential to success. (Or, having new technologies in your office implies you are doing well.)

Reality:

The cost and time required to integrate new technology is usually greater than you may think, and your bottom line may not always be enhanced by these new technologies. On the contrary, the costs could be a drain on your profits.

You know the vendor's pitch all too well: Our new equipment/technique will transform your practice; it's easy to use and requires little maintenance.

Inevitably, however, many new technologies increase complexity, involve a steep learning curve, and require more maintenance and service. While you may be excited by the technology, the new piece of equipment may not bring in a flock of additional new patients. Before investing in any new equipment, understand its true capabilities and assess all the risks involved.

Estimate your return on investment (ROI) realistically and then proceed. The financial analysis and return on investment estimates provided by the vendors are usually too optimistic and often do not consider all costs (such as future replacement parts, additional accessories, or costs for support services and maintenance) or all the hassles involved.

Some of the new technologies are presented as time-saving devices, and the ROI calculations assume that every second of the saved time is spent seeing another patient. Are you comfortable with that assumption? Check out all the assumptions behind the calculations.

The benefits of new technology are not always certain, but one thing's sure: it will increase your overhead and debt significantly.

You do have to invest in new technologies to keep up with some of the advances in dentistry, to stay motivated, and to learn new things. It can be exciting for you and your staff. However, examine the costs and the benefits carefully before proceeding. We see too many dentists going overboard on technology and suffering the financial consequences.

If our perspective strikes you as good sense, we invite you to request a confidential practice assessment so that we can quantify for you the hidden profit potential in your practice. It's free. Request a practice assessment.