Among others, your dental organization has two assets worth guarding. And data analysis is vital to helping you save them: time and money!
Data analytics gives you an advantage.
- Reduce organizational complexity
- Understand internal and external trends that impact your bottom-line
- Empower your planning and growth forecasts
Data technology helps your dental organization maximize your revenue potential and overall efficiency in the process. Let’s dive-in and explore some of the practical time and financial results your data can help deliver.
How to use your data to save time and money
Locate and close efficiency “gaps”
Data does the heavy-lifting for analyzing your dental operations. For example, your analysis can reveal production trends.
A dip or rise in production could be the result of patient dynamics, seasonal or societal circumstances, staff availability, timing of marketing strategies, etc.
Data analytics can provide a broad scope or pinpointed detail about any gaps in your dental organization’s care efficiency. You can then direct resources and energy towards closing those gaps.
Reduce operational and development costs
Data gives you a cost analysis perspective where you’re getting the most or least return. You might discover that there are repetitive financial investments that aren’t delivering.
It’s important to allow cost analysis to streamline your expenses. Some are worth duplicating. Others are an unnecessary investment that could be channeled elsewhere for a greater return.
Data helps you clarify the wisdom and potential of your dental organization’s operational and development costs.
Evaluate your vendor relationships
You might discover that you have under-utilized contracts across your organization. Data can help you compare the cost of a vendor service to your available in-house capacity to cover it (without a drain on team efficiency).
Or you could determine that an on-call vendor relationship is better than one on contract. Data helps you maximize available vendor relationships instead of being held to a contractural agreement (that may or may not be consistently used).
Control your inventory
Data can provide insight into the amount of on-hand inventory you have compared with what you actually use. You might discover that your vital cash-flow is sitting in unused supply inventory.
Data analytics is useful for inventory control.
- Monitor ordering patterns
- Determine supply and product usage patterns
- Keep in-demand supplies stocked and available
Compare your patient engagement strategies with your patient experience outcomes
The more information you have and analyze about your patient base the better. Data helps you focus on real “needs” and sidestep inaccurate assumptions.
This is vital to your patient engagement via marketing. The core of patient experience is being able to provide relevant touch-points that attract patients and sustains loyalty.
- Use data to design and deploy dental marketing campaigns
- Use data to refine your routine service and care promotions
- Use data to determine what drives loyalty within the patient experience
Build more efficient team workflows
Data helps create an efficient culture across the team(s) in your dental organization. High efficiency team members get noticed while others could improve alongside developmental strategies.
Track and analyze team data to determine who needs coaching, development, and/or promotion. Staff will rise to their potential as you get more intentional about their development.
Lead, coach, manage, and guide them with the actionable data you have available. Their growth will improve overall efficiency within designated role(s).
Data analytics is key to running a lean, efficient, and financially solid dental organization.
- Efficiency improves
- Costs are monitored and potentially reduced
- Vendor value is maximized
- Inventory is controlled and utilized effectively
- Patients are engaged and loyalty is sustained
- Team workflows and roles funnel toward more efficient outcomes
Explore the following resources for insight into monitoring your dental organization’s time efficiency and revenue cycle:
The Importance Of Dental Data Analytics For Achieving Operational Excellence
The Basics of a Healthy RCM (Revenue Cycle Management) System for Your Dental Practice or DSO
Practice Benchmarks: Track Production Ratios That Lead to Profitability (Part 3)
Track the data that’s useful to your dental organization’s operational costs and efficiency
The Jarvis Analytics platform helps assure that you’re monitoring and tracking the important data – including what keeps you operationally and financially healthy.
Experience Jarvis in action. Request a demo today!
Contact us for more information about data tracking that leads to profitability.
LIKE WHAT YOU SEE & READ?
Join thousands of other people, subscribe to our newsletter, and get valuable business tips delivered right to your inbox.