There’s no shortage of strategic insights for growing your dental organization.
It helps to distill the mass of information into a set of best practices for data-driven dental organization growth and success for 2022.
Again, the technology research and consulting firm, Gartner, defines the role of data analytics as an asset for business success.
”…more than 90% of business leaders view data as a strategic asset, yet fewer than 10% utilize its monetary value.”
Simply stated: the value is in how you use the data to grow your dental organization. With that in mind, let’s narrow the success discussion to a few key data-centric best practices to use in 2022 and beyond.
Best practices for data-driven growth and success in your dental organization
Reminder: it’s not merely the amount of data you have available. As a DSO, group dental practice, or solo/private dental practice you probably have more data available to you than you realize.
But data (as noted earlier isn’t the endgame) – it’s how you use data for scaling and growing your dental organization.
The strategic use of your data requires ease of access and the ability to extract useful insights. Often, rich veins of data are lost within outdated spreadsheets or an ill-equipped dental practice management platform.
You want to be able to access the competitive edge within your available data. A capable dental analytics platform will enable you to answer some core growth-oriented questions:
- What’s the “full value” of your data?
- Are you using it to “grow your business?”
- What metric(s) do you check each morning?
- What KPI is most important for measuring the success of your dental organization?
To scale and grow your organization requires that you leverage available data-friendly tools and technology. A dedicated dental analytics platform and a dental dashboard do the heavy lifting.
A comprehensive best-practice: mine the data that lifts organizational accountability and drives strategic initiatives.
Gain more insight into how to use your data in this context through the following themed resource:
There’s a common thread within those who are considered “high growth DSOs.” Their growth and success is somewhat traceable to how they achieve a competitive advantage using data analytics.
Tools are a vital part of their “edge.” The baked-in value of their chosen data analytics platforms are where they experience the “gains” such as:
- “Cost reduction and revenue generation”
- “Better decision making”
- “Improved productivity and operational efficiency”
Those confirm what thought leaders believe: that data analytics is too important to ignore…if you want your dental organization to have a competitive edge.
Speaking of thought leaders here’s a sound-byte sampling of best-practice benefits a few see within their data analytics platforms.
- “Cost savings…” – Keith Miller, President and CEO of Partners for Dentists
- “Efficiency and productivity gains…” – Fred Ward, CEO of Marquee Dental Partners
- “A driver for practice and clinical excellence…” – Dr. Nathan Kupperman, Owner and CFO of NAK Dental Group
- “Better decision-making…” – Tom Clark, CEO of Dentine
- Anytime, anywhere access to analytics – Santosh Patel, President and Co-Founder at Complete Speciality Solutions.
Gain practical insight from how each of these thought leaders explain their use of data analytics for a competitive advantage here:
What about all those decisions coming at you? Growth creates complexity and that requires understanding how to make informed (and big) decisions for your dental organization.
There’s no longer a need to go blindly into your decision process. Higher altitude perspective is the guiding “norm” for key decisions such as:
- New patient data
- Production data
- Collections/accounts receivable data
The truth holds – “what’s measured can be improved.” This makes data-based decision-making an effective best practice.
Mining your data around measurable goals and KPIs (Key Performance Indicators) requires two things:
Apply these data qualifications to drive specific growth decisions for your DSO or dental practice.
- Your patient experience
- Your dental insurance networks
- Your operations and care delivery
You can reduce the complexity of your decision-making process. The following resource provides some related, simple insights about using data for your growth decisions:
A solid financial foundation is common for growing and successful dental organizations. Best (financial) practices rely on a healthy revenue cycle management (RCM) system.
Your RCM is multi-layered.
- How quickly (or slowly) your patients pay
- Your claims submission process
- The reimbursements you receive from insurance providers
Unfortunately, some leave money on the table. This happens as a result of a lack of synergy between their business of dentistry mindset and clinical care.
A healthy RCM system revolves around three basic questions:
- Who is your patient?
- What has changed since your patient’s previous dental visit?
- How will you bill the insurance provider and your patient for treatment?
Each of those questions can and must be answered with practical actions driven by available data – case by case. Review best practices in the following resource to maintain a healthy RCM.
And wrapping things up…
Much of your dental organization’s growth is organic or internal. On occasion, outside expansion opportunities come your way.
As noted throughout, we’ve lifted the value of technology. And relative to expansion it can speed up merger and acquisition due diligence.
It’s common for this to be anything but time-consuming. Nine to twelve months seems to be the average timeframe for the necessary due diligence prior to treating patients post-expansion.
Here’s how data analytics technology like a dental dashboard can help your pace.
- Streamline data collection
- Establish common “data language” across your organization
- Compare organizational production standards
- Lighten the acquisition process load on you (the dentist)
Get a thorough explanation of acquisition due diligence best-practices here:
And for additional 2022 best practices around your data check out this resource:
Proven technology supports your data-driven best practices for organizational growth and success
The Jarvis Analytics platform helps assure that you’re tracking the important metrics and staying on track with your growth and success strategies as your dental practice and/or DSO grows and expands.
Experience Jarvis in action. Request a demo today!
Contact us for more information about data-driven dental organization systems.