Are you thinking of investing in some shiny new dental equipment? Whether you’re replacing old equipment or planning to offer a new service with innovative technology, bringing in some fresh equipment is an exciting moment in a professional space.
It’s easy to get caught up in the process of buying new gear, but there are a lot of financial decisions to make before you commit to a purchase. To help, we’ve collated a few key questions you should ask yourself before buying new dental equipment.
1. Will This Item Generate Income?
A bad purchase can take a toll on your company. While new equipment can be exciting, it’s important to make sure you get a positive return on your investment. Consider if the purchase is worth the expense and if your patient care will improve from it.
If you are replacing a machine which you know drives an income, then you already understand how long it will take to pay itself off. Regular use items like dental chairs, sterilisers and handpieces will earn your money back quickly, however more specialised tools may take longer.
It may be beneficial to talk to other practice owners who have purchased the equipment you’re considering or to ask an expert if they recommend this item for your practice.
2. What Brands Should I Choose?
When it comes to purchasing new equipment, you want to make sure you’re investing in the best brand. The easy answer is to continue with the brand you most often use in your clinic. This way, you know what to expect and already have a feel for the functions the brand offers.
If you’re looking for a change, we stock some of the most trusted dental brands in the world. If you’re weighing-up what to choose, give our friendly and educated staff a call and they can help you decide on the brand that suits your needs.
We proudly stock:
3. How Will I Pay?
Will you pay by cash, credit or finance? While paying outright is an ideal way to avoid interest rates and additional fees, for many business owners, it is not feasible.
Apart from paying outright, there are a few options to help you purchase the equipment you need. You should consider if you want to lease or loan the equipment. While leasing allows you to pay in smaller increments, it means you never properly own the equipment. With loaning, you pay more to cover interest rates, but eventually, you will pay the equipment off. It’s beneficial to weigh these options up before purchasing.
We understand things have been tough for dental practices lately and we’re here to help. If money is looking tight at the moment, there are several dental finance companies which can help you pay off your investment over time instead of all at once.
4. Is Now The Right Time?
Is the price of repairs turning out to be the same or more than paying off the loan for a new piece of equipment? At this stage, you’re only prolonging the inevitable by clinging onto that old model. When it comes to this, it’s common sense to make the upgrade.
For equipment that is not as frequently used in your practice, the right time to purchase is not as clear-cut. Knowing your demographic is a key piece of information to consider. For example, it will take longer for a rural practice to get a return from a cosmetic dentistry machine when compared to a larger metro practice. If you’re trying to prioritise between a few items, it’s beneficial to pick the one that will produce a faster profit.
5. Has This Item Met the End Of Its Life?
According to The Veterans Administration and the U.S. Army (1), all dental equipment has a useful life expectancy:
- 15 Years – Dental Chairs
- 12 Years – Air Compressors
- 10 Years – Vacuum System and Dental stools
- 5 Years – X-Ray Units and Sterilisers
- 3 Years – Handpieces and Ultrasonic Cleaners
Higher or lower usage rates can impact the longevity of an item’s useful life duration. Use this as a rough guide to help identify the early signs of item failure so your clinic can continue to use efficient equipment.
Still looking for inspiration? Here are some great sources to help you decide if now is the best time to buy new dental equipment.
- Bite Magazine – 7 finance factors that influence your chair and equipment buying decisions
- Dentistry IQ – So you think you need new dental equipment? Know the ROI before you sign on the dotted line
At Dental Depot we are one of Queensland’s leading suppliers of A-dec equipment and offer a wide product range from the world’s most trusted brands. Browse our selection or contact our help team to determine which product is perfect for you. Not only are you getting expert service when you deal with us, but you’re supporting a family-owned Queensland business.