Breaking Down Tech Adoption Barriers in Dentistry - Cost.
- Vagelis Yiaglissis
- Apr 15, 2024
- 2 min read
Updated: Jul 17, 2024
The journey towards adopting new technologies in dental practices and labs is often halted by a formidable barrier: cost. In this post, we will break down the cost barriers and share solutions based on research and discussions with industry experts.
The intensity of price wars has become clear: average selling price (ASP) for dental technology products is dropping, with new companies emerging mainly focusing on lower prices. While competitive pricing is crucial, these strategies can offer short-term gains but fail to pave the way for long-term innovation, growth, and enhanced customer experience.
Considering the macroeconomic environment and tribulations discussed in the 2023 full-year financial results of many dental companies, such as Envista Holdings Corporation, Straumann Group, and 3D Systems Corporation, it's evident that companies should focus more on understanding customers' needs. Adopting new strategies to help dental professionals overcome these barriers and maintain competitiveness is essential.
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Breaking Down Cost Barriers
High initial cost of investment (Probably the most significant barrier).
Uncertain return on investment (ROI).
Limited financing & cash flow options.
Anticipated price drop in the near future.
Strategic Solutions for Dental Companies
Flexible Financing Options: Offering payment plans, leasing, or subscription models can make technology more accessible and lessen the burden of upfront costs.
Demonstrate Clear ROI: Through case studies and data-driven evidence, show how technological investments can boost efficiency, improve outcomes, and enhance profitability.
Educational Initiatives: Raise awareness about the benefits and advancements in dental technology to help professionals recognize the value of innovation.
Technology as a Differentiator: Encourage dentists to see technology not just as a cost, but as a tool to attract more patients and offer superior care.
The Bigger Picture: Shift the narrative from cost savings to the broader value technology brings, including enhanced patient experience and the ability to offer new services.
Investing in the Future: Encourage dental professionals to adopt a long-term view of how technology can transform operations, patient care, and competitive positioning - an investment in their future!
Adopting these strategies is not just about selling products; it's about partnering with dental professionals to navigate the cost barrier, embrace technology and improve patient care.
Let's navigate the future of dental market together!
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