I am planning to retire in a few years! Why should I convert to digital x-ray?
Most people who plan to retire in a few years become more conservative with expenditures. However, business owners need to start thinking about an exit strategy. What is a good exit strategy for a chiropractor? A good exit strategy includes the marketing and sale of the business.
Who are potential buyers? Younger chiropractors who have many years to contribute to the business and have been educated with the latest technology. For a prospective buyer, the value of the business would be based on the active patient volume, account receivables/payables, location of the business and capital equipment owned by the business. Digital x-ray equipment is a large part of each of these, even location.
Digital x-ray imaging allows for much quicker imaging than film, increasing both patient throughput and their experience during the exam. Buyers know this and value having digital equipment available. In addition, changes to reimbursement rates mean that buyers know DR equipment will not only be cheaper to maintain but produce more income per x-ray than a film processor. These calculations directly increase the value of the practice to a buyer.
Digital equipment is, of course, in itself a valuable piece of capital equipment that a buyer will count in the value of a practice. But it also frees up another valuable resource in the practice – space. Where once you had a darkroom and film storage, now you have open space that can be used for other purposes. More space makes any practice more valuable, but is especially important in the busiest and most crowded markets.
Digital imaging is no longer the future, it is the now. By having this technology in your clinic, you will assure an increase in the value of your clinic to prospective buyers. In addition, there is a very good chance that by having digital imaging a few years prior to retirement, the practice has seen an increase in the patient base. With increased patient visits and the latest technology, the business valuation should increase.