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THE UNFORESEEN COSTS OF STARTING A NEW PRACTICE

Derek Seymour • Feb 27, 2020

If you’re planning to start a new dental practice, you will need new practice management software for increased efficiency in your business. Unfortunately, the cost of hardware for dental practices is not cheap, and many dentists fail to put this into consideration.

Many doctors rush to know how much software costs without factoring in all the additional costs associated with client-server software. A research performed by Gartner Group, a credible research company, established that management software represents less than 10% of the entire cost for most client-server installations.

Here is a breakdown of the cost associated with getting new practice management software.

• Implementation fees: This accounts for 43% fees and includes software purchases like Microsoft Office and data conversion costs.
• Hardware: This accounts for 26% of the total cost and can change due to constant upgrades of management software.
• Training: You may spend up to 1% on fees to train your employees on how to use new features. This can take at least half a day.
• IT services: This is an ongoing expense for any dental practice as they always need new software installations and configuration. It accounts for 14% of the total cost.
• Software license fees: This accounts for 9%, but may be higher depending on the software purchase. Always remember you don’t own the software but have a right to use it.
• Maintenance: This accounts for 7% fees and is the monthly fees that IT companies or dental software firms charge to ensure your software is running correctly.

However, this breakdown doesn’t include costs for patient communications, electronic statements, and e-claims. Many modern dental practices are investing in this for improved patient treatment quality; thus, you should consider factoring in their costs.

Price and practice management software

The prices of dental practice management software differ depending on the product and its ability to provide you with robust features. When shopping for software, look at its features as some may not be essential or necessary to your practice.

Additionally, before buying your software, look out for excellent customer support and a free demo to get a feel of how it will help your dental practice. Ultimately, ensure you consider all the costs you will incur over three years before beginning to compare prices of different software.

 

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