In this week’s episode Jeff Richmond shares his insight on the topic, Buying Smart- Buying Safe,which Jeff is an expert with over 2 decades of experience and how his knowledge and experience has helped his practice in their purchases and increased profits over the past years.
Key Discussion Points:
- How do you choose the procedures
- How to think about the investment
- Cash Flow and financing or Purchase and ROI
- ROI
- Marketing Plans
- Profits
- Tax Savings
- Negotiations
- How to get the best deal from your rep
Key Highlights
- How do you choose the procedures?
- How do I buy or pick the right equipment
- You need to think of your long term goals when making purchases
- What is the procedure I should focus for my practice
- What is my speciality what makes me & my practice unique & special
- What wavelengths or what energy sources you require and look for the manufacturers who have those
- Is your practice focused on Volume centric business
- Are you building your practice and focused on bringing in more new patients
- How to focus on more low cost high volume procedures
- Are you an established practice and want to make more money and work less
- How to increase per hour per room revenue
- Focus on procedures which demand a higher rate
- Physicians more and more have been calling information from Social Media and social Media does not validate Science.
- If you are not an experienced Doctor who has manufacturer relationships and if something is not FDA cleared, don’t be a pioneer.
- Cash Flow and financing or Purchase and ROI
- How to decide to pay for the equipment
- Financing for an equipment and repayment
- What is the ROI
- Buying a used equipment and the risks
- Equipment line of credit
- Tax savings – what you need to know as a Physician
- Negotiations and how to get a good deal
- When negotiating with a rep, sell to them why they should give you a good deal. How they could benefit from you.
- Sell the Partnership to your rep
- Conclusion
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