Published on: September 29th, 2015
Do you make a budget for your medical practice? Specifically, do you realistically budget technology expenses for your practice? Like every business, you are mainly concerned about making your revenue higher than your expenses. So budgeting for an expense like bookkeeping, marketing, or technology is not always first on your list. Rarely, the reason you started your practice.
But, as you guessed, I am going to tell you that budgeting for technology expenses is important, for a couple of reasons.
Creating and maintaining a budget for technology expenses, will give you peace of mind. Instead of having anxiety every time it comes to making a purchasing decision about technology; do we already have something that we can use instead of buying a new one? Are we spending too much on this? Will I have to spend money on this again in a year? With a budget, you have already worked out these details quantitatively and can make your decisions easily, as opposed to the usual, stressful “on the fly”.
The second thing a technology budget does for you is it forces you to plan hardware upgrades. This is very effective in proactively heading off technology issues slowing down your medical practice’s operations. I like to tout how our software proactively monitors and maintains our clients systems, cutting down on emergencies and reactive troubleshooting. But our software can’t work miracles on aging systems. Hardware over five years old can’t keep up with constant updates and software that was designed for current hardware. So instead of hoping your server will “make it” one more year, go ahead and put getting a new one in the budget.
So a big question is, how much should you budget for technology for your practice? An easy to follow, basic rule for small business is five percent of revenue, however now would be a good time to consult your peer groups and associations to find out about others best practices from your medical specialty.
Finally, contact CT Business Solutions for a free consultation to help you put together a technology budget for your practice. We have experience in navigating through our client’s technology bills. Obviously, we would like our time saving and risk reducing B.E.S.T. Proactive Medical support plan to be a piece of your technology budget. But if we objectively determine that it doesn’t fit your current budget, we can explore alternatives or ask you to keep us in mind as your practice grows!
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With an evolving business comes expanding technological needs. If your business is sending you any of these signs that it’s time to update your technology.