Patients choose dental care providers based on several key factors, including reputation and services offered. However, one criterion is becoming more important in differentiating dentists and their practices: Access to the most advanced equipment, software, and related technologies.
Digital transformation has been changing all industries, including the healthcare market. Yet, it can be difficult for many dental practice owners to buy high-tech purchases outright.
Fortunately, financial solutions can help ease the burden of costly equipment purchases and technology upgrades.
With dental financing opportunities, professionals can strategically grow their patient populations and continuously deliver high-quality care. All without interrupting their cash flow.
What Does Dentistry Look Like in a Digital World?
Dentistry has seen many groundbreaking changes since the dawn of the digital era. Case in point: Today, 3D printers can fabricate custom-made crowns, and intraoral scanners can accurately map a patient’s entire mouth in seconds. In some instances, oral surgeries can be completed with help from robot assistants. Nearly every aspect of the dental world has been touched by technology.
Both dentists and patients are becoming more aware of these technologically advanced dental capabilities, solutions, and procedures. The result? Providers who invest in the most modern advancements can set themselves apart to enjoy several lucrative advantages.
The first is a serious competitive edge. Being an early adopter of the newest proven techniques, tools, and systems can provide significant marketing leverage. Patients are willing to pay higher prices for premium services and reliable results guaranteed by advanced technology. Consequently, providers who adopt these cutting-edge advancements are more likely to keep patients coming back.
Another benefit of modern advancements in dentistry is the provider’s ability to scale. Consider the question, how can a dentist increase revenue? The answer is simple: Scaling up keeps money coming back into the practice. The money can then be used for a variety of purposes, including more financing for dental office equipment. Remember: although figuring out how to increase patient volume in a dental office can be challenging, bringing in advanced equipment and tools is a strategic way to see constant, steady growth.
A third benefit to making technical upgrades is better service and support. Digitization can strengthen the dentist-patient bond. Patients want to feel more connected with their providers and get medical solutions tailored to their specific needs. Technology can allow dentists to build a more trusting relationship with patients, which can spill over into increased referrals.
The fourth and final benefit of adopting modern technology for dentistry is that it allows providers to offer state-of-the-art services and treatments. Dentists can’t advance their careers if they don’t advance their technology, too. By adding selectively to onsite equipment, they can do more as professionals and grow their service offerings. They can also control the quality of their patients’ experiences by lessening their reliance on outside dental labs and third-party entities.
How to Manage the Financing Process Successfully
There’s little doubt that financing for dental equipment can be a massively overlooked opportunity for dentistry practitioners, their offices, and their teams. Nevertheless, figuring out which steps to take can seem overwhelming. One way to make it less daunting is to follow some simple steps:
1. Identify the equipment to invest in.
Figuring out which technological items to invest in immediately is essential. For instance, a dentist who wants to expand their practice to include new treatments may want to purchase specialty tools or software right away. Other tools may be more “nice to have” and, therefore, put on the back burner for another quarter or year.
2. Find a desired seller.
Some technological products for dentistry are made by just one manufacturer, while others may be created and sold by dozens of medical supply companies. Determining where to buy each piece of equipment is critical because it allows for smoother budgeting. Additionally, working with one supplier for many pieces of equipment could allow dentists to be approved for volume discounts.
3. Have documentation handy.
Most financing partners make applying for loans relatively straightforward. But they’ll all want to see some form of documentation, such as banking statements or tax-related spreadsheets. Gathering these necessities in digital format can make uploading them easy and uncomplicated. Digitizing them will also ensure they can be used for other equipment financing applications down the road.
4. Explore equipment financing through PEAC Solutions.
Equipment financing opportunities at PEAC Solutions are designed to help dental practices expand and upgrade technically and affordably. Featuring quick, 10-minute online applications available on-demand, PEAC promises a speedy approval answer. Equipment financing applications approved by PEAC often result in payments to equipment sellers within 24 hours of PEAC’s receipt of fully executed contracts.
Forget about the dentistry of the past. Today, patients expect a more tech-forward experience, whether scheduling a routine check-up or undergoing a complex procedure. With office equipment financing vehicles, dental providers can serve their patients and stand out in their field.
PEAC Solutions is a DBA of Marlin Leasing Corporation. Equipment financing is provided by Marlin Leasing Corporation. Working capital loans are originated by WebBank.