Upgrading certain technologies in a practice that you are preparing to leave makes good sense. In most cases, today’s prospective purchasers of dental practices will be much more fluent in the use of current technology than the seller. Preparing a practice for sale is about creating perceived value. Recognizing that your target market may have certain technology expectations can help you evaluate possible upgrades, which create that value.
1 Use email and text messaging personally
The most influential factor impacting the perceived value of the brand is the dentist with whom the existing patient base has a relationship. The next generation of dentists simply assumes that everyone uses email and text messaging, and can’t imagine anyone being effective without these tools.
2 Internet and email access
To facilitate the use of email, it is important that Internet access is available in the office. Can you believe that some dental offices still don’t have Internet access?
3 Create Or Update Your Practice Website
The practice is a brand, and when people are evaluating a brand they go to the Internet first. If you haven’t already done so — have a professional looking website created for your practice. Employ the services of a graphic artist to create a custom logo and artwork.
4 Use your logos and artwork everywhere
Although business cards, brochures, letterhead, and mailers are not strictly ‘technology’ upgrades — make sure that your brand is represented in a variety of print materials. In addition, wherever time and money permits — use the logos and artwork that reflect your brand in creative ways digitally.
5 Upgrade CRT TVs & monitors to LCD/Plasma
Technology becomes dated very quickly. If you have CRT based TVs in the reception area or the operatories, or CRT monitors at the computer workstations — upgrade them to LCD or Plasma units.
6 Computer(s) In The Office
Some practices don’t use computers in the ops or for practice management. If that’s the case with yours — don’t try to computerize everything now. The ROI is likely not there. However, to not use computers for reports, patient correspondence, email and other routine administrative activities is simply not good business.
7 Digital Imaging
If your practice has not upgraded to digital radiography, it’s likely not prudent to do so simply to sell the practice. However, there are just so many ways that images, particularly digital images, are critical to dentistry, patient care, and the extension of the practice brand that this is simply not a technology that can be ignored. If you are still using film-based radiography, purchase a scanner to allow the acquisition of digital versions of the films. If you’re not currently using a digital camera for case documentation, purchase one and learn how to use it.
8 Brand Your Patient Reports
One of the best reasons to use digital imaging, and one of the ways that it is most underutilized, is for the creation of reports and other handouts for patients. Create reports that can be printed for each patient who visits the practice. Systematize the creation of these types of letters and reports.
9 Review Your Systems
Get passionate about the details again, and make sure everything is the best it can be. Look at your technology from the buyer’s point of view, and recognize that the little things that have been neglected during your day to day routine, might become the red flags that highlight areas of concern for a prospective purchaser.
10 Use Technology Well — Or Not At All
Finally, remember that the purchaser is buying a business, not a collection of technology items or even a collection of names. Learn how to get the most out of the technology that you have currently, and upgrade small pieces if appropriate. Now is not the time to make big changes, but the time to refine what is currently in place.
Craig Wilson is president of Compudent Systems Inc., a company providing support services for organizations and individuals involved with dental and medical imaging applications.
