Three Reasons To Bring New Tech Into Your Practice

Running a successful eye care practice demands a focus on both high patient care standards and multi-faceted business acumen. In today’s dynamic health care environment, leveraging innovative solutions — particularly advancements in technology — is essential to meeting patient expectations, optimizing outcomes, and maximizing profits. Health care technology is evolving at a rapid pace, leaving private practitioners a wide variety of choices, some of which bring the power of virtual reality (VR) and other cutting-edge advancements into the exam room.

The decision to invest in any new technology comes with many considerations. Can it provide fast and accurate data that enhances the patient experience? Does it require space considerations? Will it positively impact staff and appointment time? And will it result in a high return on investment?  Let’s examine three significant considerations when determining which technology is right for your practice. 

1. Time Savings/Doctor And Staff Efficiencies
   Some new technologies can reduce the amount of doctor and staff time typically required during appointments. In the case of VR, one unique application completes a patient’s diagnostic assessment, and afterward, explains to the patient both the findings and a recommended solution, all before the doctor enters the room. This feature helps prime patients to initiate informed conversations with their doctor around recommended treatment. 
   
   A related consideration is how the new technology fits into the practice workflow or exam lane. Does the technology address pain points in a daily routine or idle time that doesn’t benefit the patient? By leveraging technology that maximizes or seamlessly integrates into appointments or other processes, doctors can optimize both patient and doctor/staff time.
    
2. High Return On Investment 
   It’s important to understand the incremental revenue potential any piece of new technology represents. If there is a high prevalence of conditions that the new technology addresses, it could prove to be a strategic investment for your practice. PECAA Finance & Strategy Advisor Bryan Hoban advises owners to determine if they’ll have the ability to generate positive cash flow when looking at payments over a five-year period. The magnitude of the investment, the terms of purchase, and time to recoup your investment are all relevant factors to consider.
    
3. Improved Patient Experience
   While new technology can increase revenue and produce efficiencies, perhaps the most important consideration of all is the impact on the patient experience you deliver. Does the technology you are considering deliver a wow factor that will have your patients leaving positive reviews and telling their friends about your practice? Will it help diagnose and treat a problem for which they’ve been seeking a solution? Patients, who also must be thought of as consumers, are surrounded by technological advancements in all areas of their lives and are always looking for what’s new and better; they expect that from their eye care professional as well.

As the field of eye care continues to evolve, embracing innovative solutions ensures practitioners stay at the forefront of patient care, practice efficiency and financial success. If your practice is considering the benefits of technology, PECAA’s Finance & Strategy Advisor, Bryan Hoban, is here to help! As a PECAA Max member, you can receive expert advice from PECAA’s Member Business Advisors at no additional cost! Already a member? Book a meeting with Bryan here to get started. Not a PECAA Member? Contact us to learn how PECAA can help your practice thrive.