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The Bottom Line: Buy Equipment Wisely

A few strategies in order to make the most prudent buying decisions possible.

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Vision Expo East is upon us, which means big equipment purchases for many owners. Here are a few strategies to take with you:

1. Assess your specific needs. Evaluate your patient base, services offered, and long-term growth goals to identify equipment gaps. Do you want to get into myopia management? You may want an axial length device and a solid topographer. Is there a glaucoma gap? You’ll need an OCT and visual field perimeter.

2. Consider high tech options. There is something to be said about offering patients a “WOW” factor. Providing a high-tech exam with cutting-edge technology can enhance their overall experience­—this is important in an increasingly competitive market.

3. Budget wisely. Consider financing options and ensure your cash flow can support this extra cost.

4. Calculate potential return on investment for each purchase. Consider increased patient volume, expanded services, and improved patient outcomes when determining ROI. Decipher how many tests/services you would have to capture in order to make your investment back and be in the green.

5. Inquire about warranties, maintenance contracts, and customer support. Reliable after-sales service can save significant costs in case of equipment breakdowns.

Equipment purchases are essential to grow revenue, but wise decisions maximize potential and avoid pitfalls. ODs on Finance offers a website to help owners: practice.odsonfinance.com/equipment-partners.

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