Return on investment is a very important concept for any business, whether it is a grocery store or a dental practice. It’s a financial term that tells you if an investment is good for the business or not. ROI comes into play for most decisions you make regarding your clinic. Is the rent you pay worth the space you get in return? Is upgrading to the latest tools justified by the time you save for certain procedures?
That same ROI is important when you purchase a new EHR, upgrade to the latest paid version or switch to a competitor. Deploying a new EHR system can be expensive and there are many different costs to consider. You need to know if the savings, cost benefits and efficiency improvements are commensurate with the costs you incur. No one wants to spend thousands of dollars on new equipment only to find out that it saves them a few bucks each month! A positive ROI means that the returns generated by the investment are more than the money you spend on it. A negative ROI implies that the investment (hardware, software, technology etc) is not worth the money you paid for it.
Calculating ROI for an EHR
So how exactly do you go about calculating the ROI for an EHR system? First you need to consider all the costs involved. This generally includes the cost of buying hardware (computers, mobile devices, servers etc), software licenses (monthly subscription, annual contracts, one time fees), training expenses and even loss of business if you have to schedule fewer patients while you make the transition away from paper.
Once you have the total, you should quantify all the benefits you expect to get from the new tools. For instance, if you are moving from a paper based system, you’ll have fewer printing & postage costs. That’s just one benefit though. Suppose you can see 2 more patients each day thanks to your new EHR. That extra revenue is also part of the value you get from the EHR.
With Dovetail, you get many advantages that are easy to quantify. You and your staff save time since all your patient records are accessible in an instant. No more hunting for old files that may have been misfiled or lost. You save on equipment costs since you don’t need your own servers or even workstations. You can use Dovetail on your existing phone or tablet. Instead of hidden fees or contracts, you pay the same amount each month for the most up to date version of Dovetail.
Using the Dovetail ROI Calculator
We’ve even created a tool that makes it easy to calculate your ROI once you start using Dovetail. The Dovetail ROI calculator lets you change many variables like the number of patients you see per day, the number of dentists in the practice etc. Once you have the sliders to the correct numbers, the calculator will tell you the estimated yearly ROI. You can use the calculator for any type of dental practice – whether you own a small clinic or work in a large multi-speciality dental care center.
The exact figures for any single practice will vary according to specific circumstances but this tool will give you a rough figure quickly. You can then refine your calculations to see if Dovetail is right for your practice from a financial perspective. Dovetail is a cloud based EHR solution that is flexible and designed specifically for dentists. Even if you ignore the productivity benefits, switching to Dovetail might just be the best decision you make for your practice.