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MEDTECH Aaron Lech, OD, shares the four elements that comprise the process of deciding whether to invest.
Optometrists navigating through an array of new technologies to invest in need to consider several elements to make an informed decision. These include tangible and intangible factors, along with compatibility and practice fit, all of which contribute to determining a technology’s value to the practice.
Key Points:
- Evaluate intangible aspects like practice brand compatibility, potential wins and losses, and business life cycle considerations before assessing ROI.
- Analyze tangible aspects, including financial impacts such as net-present-value, break-even time frame, payback analysis, and potential short- and long-term business impacts.
- Consider the general practice fit, including the technology’s physical footprint, ease of use for staff, and support/service offered by the manufacturer.
- Ensure compatibility by checking if the technology can be integrated with existing management platforms and contributes to data interoperability.
Additional Points:
- Perform a comprehensive financial analysis using multiple comparative scenarios to understand the estimated impact of technology on cash flows.
- Take into account factors like patient need, lost revenue or impact on other technologies, capital, fixed and variable costs, rate of return, and other costs.
- Evaluate the technology’s physical footprint and whether it impedes other practice functions.
- Check if the technology requires significant training and development time, which may affect its utility.
- Understand the manufacturer’s reputation for providing excellent on-boarding and ongoing support.
Conclusion:
- Optometrists need to consider both intangible and tangible aspects when deciding on new technology investments. It’s important to look at the fit of the technology in the practice, ease of use, vendor reputation, and compatibility with existing systems.
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“Assuming the optometrist’s analysis…supports purchasing new technology and the decision requires an investment above $1,500 to $2,000 (a reasonable threshold amount), it’s time for the OD to crunch the numbers.”
Aaron Lech, OD, FAAO
