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I Can See Clearly Now
As we have discussed in previous issues of The Dentist’s Network newsletter, there are a number of technologies that are becoming very popular. Anyone that was at the Chicago MidWinter meeting last week saw how dentistry is becoming a 3-D world, with advances in Cone Beam technology like the i-Cat and 3-D impressions like the Cadent iTero. Often forgotten, though, is that there are many high-tech items that have been around for close to 20 years that still are an invaluable part of the dental practice. Probably the best widely used of these is the intraoral camera, and while more than 50% of all dentists use them, it still is important for new practitioners or dentists upgrading their equipment to understand the current state-of-the-art.
Are IntraOral Cameras Still An Option?
In a word, yes. The biggest competition to intraoral cameras has been the plummeting cost of extraoral digital cameras. A complete extraoral system from a dental-specific vendor like PhotoMed can be found for under $1300, well below the $3500-$5500 cost of a high-end intraoral camera. The image quality of these extraoral cameras is typically far better than any intraoral camera; resolution is higher and the shutter speed is quite a bit faster. However, the main advantage of the intraoral camera is ease-of-use and time to see image. With an intraoral camera, you can have an image on the screen a few seconds after picking up the handpiece. With digital extraoral cameras, you need to turn on the camera, use retractors and/or mirrors, frame the shot, take the picture, and then download the image into your software. Hygienists and staff usually prefer the intraoral cameras because of this. I do feel that both systems are a great addition to any practice, as each has their own ideal clinical application.
Fiber Optic
The first and most popular camera systems on the market were the fiber optic systems. These systems typically use very high-end optical systems to produce the best image quality possible. The light source is in a separate “box” and there is a fiber optic cable from the box to the handpiece. Until very recently, these were the only type of intraoral camera systems available. While the image quality is above average to excellent in most camera systems, there are a few reasons why some offices didn’t find these cameras to be a good fit for them. The camera and light source are quite heavy and are difficult to move from operatory to operatory. Some of the original camera systems were so heavy that a cart that contained all the components (camera, light source, monitor, and printer) was suggested as the best way to handle this issue. As any dentist knows, though, when the camera isn’t a few inches from your finger when you want to use it, it’s not going to be used as much as it should be used. One of the solutions offered was to put a docking station in each operatory. While this made carrying the camera much easier, it added on around $1000-$1500 per operatory to the overall cost. The best known fiber optic cameras today are the Gendex AcuCam and the Digi-Doc.
USB Cameras
Because of the challenges of moving fiber optic cameras, a number of manufacturers in the past few years have developed USB camera systems. These cameras are typically very lightweight and unlike the fiber optic systems, the light source is built into the handpiece, usually a ring of lights around the lens. This allows the camera to be extremely portable and can easily be moved from room to room. Since they use standard USB connections, they can be attached to any computer easily.
However, like all systems, there are pros and cons. Because of the small size of the lens and the LED lights that are used, some people do not find the image quality of these cameras to be ideal, especially for diagnostic use such as locating a fracture or canals for endo procedures. Also, since all USB devices require a small piece of software called a driver to be recognized, the USB cameras will only work with specific software programs. You’ll need to check with your image software vendor to determine which cameras are compatible. One of the best USB cameras out there is the Claris i310D.
Lorne Lavine, DMD is the Founder and President of Dental Technology Consultants. Dr. Lavine holds two prestigious certifications, the A+ Certified Technician designation and the Network+ Certified Professional. These designations demonstrate proficiency in computer repair, operating systems, network design and installation. Dental Technology Consultants provide dentists a full range of services relating to the implementation of technology.
Dr. Lavine can be reached directly at 1.866.204.3398.
Interested in speaking to Dr. Lavine about your technology concerns? Email him at Drlavine@thedentistsnetwork.net
Interested in having Dr. Lavine speak to your dental society or study club? Click Here.
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Employee Retirement Plans Offer Big Benefit to Dentists
Too costly? Too cumbersome? Too big to manage? That pretty much sums up how many dentists view employee retirement plans. The idea is often relegated to the “sure it would be nice” pile of benefits that dentists would like to offer but seldom do for fear of the perceived costs and complexities that have been associated with employee retirement plans.
However, Tom Burns, a senior consultant at San Diego Pension Consultants, says that over the last five to 10 years, the expense associated with these plans has decreased significantly while administration and tax benefits have improved considerably, making it a welcome tax savings for the dentist as well as a valuable team recruitment and retention tool that also provides.
While doctors should start planning for their own retirements as soon as they begin practicing and may save sporadically, the reality is that many dentists are in their 40s before they begin to think seriously about retirement. They reach a point in their careers in which they need to accelerate their personal retirement savings as well as ease the tax pressures on the practice. Employee retirement plans can address both issues.
Mr. Burns notes that there are a number of plans available. “When we work with clients to determine that best type of retirement plan, we analyze options available to come up with an overall plan that provides substantial tax deduction and retirement savings for the doctor, as well as offers a nice benefit to the employees who are loyal and remain with the practice over time.”
In addition, the tax savings should be high enough to offset the cost of implementing the plan itself. “If it costs $2,000 a year to establish and run an employee retirement plan in the practice, but we can save the dentist $20,000 a year in taxes, that’s a good business decision and that’s the goal of these plans.”
Mr. Burns recommends that doctors work with their CPA or financial advisor and explore qualified retirement plans, including profit sharing and 401k plans. Dentists haven’t given serious consideration to these retirement plan options because of the longstanding perception that they carry high costs and numerous administrative headaches.
Consequently, few practices offer the benefit. In reality, the cost of running such plans has come down substantially in recent years largely because of the advances in the use of technology and online transactions. “You can set up a plan for a small five-person practice that offers a very good retirement benefit and tax deduction and is very reasonable to implement and maintain,” emphasizes Mr. Burns.
Currently, a combined profit sharing 401k plan allows each person in the practice to contribute up to $45,000 per year. Those age 50 or over can contribute up to $50,000. “The 401k limit alone is $15,500 per person and $20,500 for those 50 or over. Above that, the practice has the option to make a profit sharing contribution, which would allow the plan to go to the higher limit of $45-$50,000.” explains Mr. Burns.
Additionally, dental practices that offer profit sharing are allowed to set classifications of employees and provide different levels of profit sharing among the classifications. “That allows dentists to optimize their contribution and keep employee costs to a minimum.”
Mr. Burns notes that profit sharing plans typically are on a vesting schedule, which is normally 20% a year for six years after the employee’s second year with the practice. Therefore, if a dentist makes a profit sharing contribution to a staff member’s plan for three years and the employee leaves, they take 60% or only what they have vested. “The idea with profit sharing is retention. It’s the golden handcuff. Plans that have a vesting schedule enable the practices to attract and retain the better employees.”
The cost of establishing employee retirement plans typically involves two fees, a set-up fee and an ongoing administrative fee. “Depending on where a practice is located, to set up the plan for a five-to10 person practice will cost about $1,000-$1500. Depending on the type of plan, ongoing fees for administration would be in the $1,000-$2,000 range annually for the entire group,” explains Mr. Burns. However, the cost of administering the plan is tax deductible and the Internal Revenue Service provides a tax credit of $500 each year for the first three years. “When you look at it, the costs are minimal compared to the potential for significant return for both the dentist and the employees,” notes Mr. Burns.
For further information, contact Mr. Burns at tomburns@sdpension.com
Sally McKenzie is CEO of The McKenzie Company, Inc. a nationwide dental management, practice development and educational consulting firm. Working “on-site” with dentists since 1980, McKenzie Management provides knowledge, guidance and personalized systems that have propelled thousands of general and specialty practices to realize their potential. Sally can be reached directly at 1.877.777.6151
Interested in speaking to Sally McKenzie about your management concerns? Email her at Sally@thedentistsnetwork.net
Interested in having Sally speak to your dental society or study club? Click Here.
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