Cliff's Notes

The Business of Dentistry

Profit from Dental Technology

Cliff’s Notes For August 11,2008 E-NEWS LETTER & REPORT
Cliff Marsh, Henry Schein Dental……..201-321-7494 ………

How to profit from technology………
It has been almost 20 years since Harvard professor Michael Porter wrote, “Firms will not ultimately succeed unless they base their strategies in improvements and innovation, a willingness to compete and a realistic understanding of their national environment and how to improve it.” Some of us may not appreciate Wall Marts policies, but they have become a money machine and technology got them there. In the late 1980’s, Wall Mart recognized the need for predictable merchandise flow. Wall Mart partnered with it’s major suppliers and utilized technologies to reduce expenses and enhance services. One example is the inventory control coordination with Johnson & Johnson. Wall Mart created a format that every time a J&J product was purchased at one of their stores, the product scanner at the check-out counter reported to J&J that the reporting Wall Mart location needed to be re-supplied. The investment made in technology allowed Wall Mart to increase their number of inventory turns and greatly increase cash flow. By being more profitable on J&J products, they now had the desire and ability to promote the Johnson & Johnson brand at their stores. This was a win-win for both companies and provided Wall Mart’s customers with an opportunity to buy quality name brand products at lower prices. This concept holds true for any business including dental practices. Technology is here and it is only moving faster. If you want to grow and compete, you need to embrace the changing industry and demographics. Let’s start with computers and software. If you are partially or fully computerized you need to upgrade your hardware every 5 years. You need to upgrade your software annually. Do not spend a lot of money on any type of new technology until you have an evaluation of your hardware and determine what type of strain the new technology will put on your system. Your IT system is the heart of your business. When used correctly, it will reduce expenses in many areas, organize tasks and generate revenue by focusing on opportunities. Where do you start? Well, I would start by understanding that I do not know enough about any of this to attempt to do it myself. Ask experts that work with dental office (specific) networks and software. You are very good at what you do because you do it every day. You need to relay your wants and needs to the experts and allow them to return to you options and solutions. At that point, you will be able to make an informed decision with regard to the ROI (return on investment) for your business. Most practice evaluations are free. For more information, call Cliff @ 201-321-7494 or e-mail Don’t walk over dollars to pick up dimes. Too many of us would spend $30k or more on a new car, but are afraid of investigating the ROI of technology for the most important asset we have, our business & our livelihood.

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October 16, 2009 - Posted by | 1

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