The Explorer Winter 2018 Explorer_Fall_2018 | Page 19

TAKING INVENTORY TO SAFEGUARD
THE DENTAL PRACTICE
By: TDIC Risk Management
How easily could most dentists name all
of the moving parts that come together
to make a practice function — computer
systems, phone systems, delivery
systems, digital imagery and autoclaves
(and the list goes on). Next, how easily
could dentists name each piece of
owned equipment, including the model
number, serial number, purchase date
and estimated value?
Not very easily.
Relying on memory alone to recount
business assets is an exercise in futility.
While most dentists have a general idea
what they own and how much it’s worth,
not all have a thorough, detailed
inventory of their office contents.
Unfortunately, failing to document all
items of value can lead to a shortage of
insurance coverage should a loss occur.
The Dentists Insurance Company,
TDIC, reports many cases in which
dentists have failed to conduct accurate
inventories of their office contents, and
subsequently did not purchase enough
coverage. In one case, a dentist
purchased only $580,000 in coverage for
a practice with 12 operatories, which
had a value of at least $1.2 million —
not including the value of the reception
area, break room or sterilization room.
In another case, the building in which a
dentist housed her practice suffered a
fire, and while her property was
unaffected, she was forced to relocate.
But with four operatories and 1,600
square feet, her $287,000 coverage was
hardly enough to rebuild her practice in
a new location.
Waiting until after a loss occurs to
conduct an inventory can slow down the
claims process, and dentists risk
inaccurate reimbursements should items
be overlooked and unaccounted for.
Policyholders are encouraged to conduct
Los Angeles Dental Society Explorer
values and links to product manuals.
These entries can then be organized into
individual folders and subfolders. Entries
can be autosaved to Evernote or PDFs
can be exported to Dropbox. The app
features automatic backups and allows
users to sync devices through a secure
cloud. Available for iPhone and iPad.
thorough inventories preemptively to
avoid additional and unnecessary stress
that comes following a loss. Being
proactive, rather than reactive, means a
smoother claims process and a
reimbursement that is more in line with
the true value of the loss.
While a manual, pen-and-paper method
can suffice, taking inventory of property
has never been easier with the
introduction of apps and software
designed especially for this purpose.
Tools marketed for conducting home
inventories can also work well for
documenting business personal
property. Many are free or low cost, and
they walk users through the process
step-by-step, storing the information
securely online. Following are three of
the most popular, though it should be
noted that none is endorsed by TDIC.
ENCIRCLE
With a photo-based interface, Encircle
allows users to take a visual inventory of
their belongings. Items are organized by
room and prepopulated checklists
prompt users to enter detailed
information on each item. Encircle also
allows for multiple users, with entries
synched seamlessly. Data can be exported
to PDF or Excel. Available for iPhone,
iPad, Android and Blackberry 10.
SORTLY
Sortly allows users to take photos and
videos of each item, along with
documentation such as serial numbers,
KNOW YOUR STUFF
Developed by the Insurance
Information Institute, this app allows
for multiple properties. Photos, item
details and receipts can be downloaded
into easy-to-read reports and data is
stored via Amazon Web Services.
Detailed policy information can also be
stored within the app and an at-a-glance
feature allows users to see their data in
graph, chart and table form. Available
for iPhone, iPad and Android.
TDIC policyholders can refer to their
declaration insert to determine how
much coverage their policy offers.
Policyholders can make adjustments by
contacting a TDIC agent who can work
with them to assess the value of their
office contents and develop a coverage
plan that ensures they are not under- or
over-insured. To request a property
evaluation by phone, email the TDIC
Service Department. Dentists who are
not TDIC policyholders should contact
their insurance carrier.
Ensure your practice — and everything
in it — is taken into account. Failing to
document all contents can mean major
headaches should a loss occur. Taking
complete and regular inventories of
office contents allows for purchase of
the right coverage and will ease the
process of filing a claim.
TDIC’s Risk Management Advice Line at
800.733.0634 is staffed with trained
analysts who can answer coverage and other
questions related to dental practice. 䡲