“Throw a dart and see where it lands!” That might feed your desire for spontaneity but it’s a poor strategy for making business decisions.
On the contrary, you can eliminate randomness and use your data to drive better business and care decisions for your dental practice or DSO.
Better than ”blind” ambition
Perhaps you’ve learned to trust your intuition. And your ambition has probably created opportunities for your dental organization.
Taking it a step further, blind ambition is somewhat less effective than data-informed decision-making.
Let’s define “data-driven decisions.”
“…you group together historical information to analyze trends and make decisions for the future based on what’s worked in the past – rather than make decisions based on gut feelings, opinion or experience.”
Simply put – data is at the “core” of your decision-making process.
- Less risk
- Learning from success (and failure)
- Leveraging what’s worked
”Businesses using big data experienced a profit increase of 8–10%, and a 10% reduction in overall cost.”
”While 91% of companies say that data-driven decision-making is important to the growth of their business, only 57% of companies said that they base their business decisions on their data.”
Where does the data lead?
Letting data inform your dental organization’s decisions increases your potential for growth. But where does data point the way?
Your revenue stream
Data can help you make more cost-effective decisions about staffing, new service offerings and related promotions, and technology investments.
Your dental marketing initiatives
Data informs you about what marketing channels/platforms are working, the channels that produce the best ROI, the demographics that align best with each channel, and how patients search for dental services.
Your patient experience
Data gives you insight into how your patients interact with your team and care standards. It also provides details relative to patient reviews, surveys, and follow-up strategies.
Your dental organization’s growth curve
Data reveals the truth about what produces patient loyalty, what strategies are scalable, and the goals that require refinement or elimination.
How to use data to drive better decisions for your dental practice or dental organization
Own and overcome your “blind spots”
Decision drift can easily occur as you lead your practice or organization. Biases and intuition create a comfort zone for decision-making but they could also cause you to miss new opportunities.
Remember, data-driven decision-making helps you identify what might be missing in your approach to dental practice management and overall organizational leadership.
- You’ll have a more realistic perspective on your KPIs
- You’ll have a more accurate assessment of how your practice or organization is functioning
- You’ll have the ability to spot and create opportunities for growth
Identify your strengths and weaknesses
Data reveals the truth about your successes and your failures. The common ground is that each (success and failure) educates your next decision.
You will be better equipped to maximize your strengths and target your weaknesses for improvement. Core areas to focus your data can include:
- Patient acquisition and patient attrition ratios
- Patient follow-up and scheduling
- Patient case presentations and acceptance comparisons
Data analysis around these and other areas gives you an opportunity to test and measure various strategies. Educated observations about what works and what doesn’t can save you/your team time, energy, and costs.
Refine your patient experience
Your patients will often let you know how you’re doing relative to their experience with your practice(s). The data they share with you via reviews, surveys, conversations, etc. will give you insight into making decisions about improvement.
- Read between-the-lines in your patient reviews for personal and emotional insight
- Listen to chairside patient conversations for insight into your patient’s opinions about dentistry, treatment diagnosis, care costs, etc.
The data you harvest from patient interactions can enable you to make more informed decisions about your care standard and the comprehensive experience patients have with your practice(s).
Develop team performance measurables
Team role satisfaction correlates to data-driven goals. Blanket performance standards will often fall short because team roles, skills, and experiences differ from person to person.
Data helps you and your practice management make more accurate decisions about team performance metrics per team role.
- Your hygiene department can focus on measurables for recare and reactivations, pre-appointment, etc.
- Your front-office team can focus on metrics relative to follow-up, scheduling, etc.
- Your business team can focus on goals around insurance reimbursement, collections, etc.
Data gives you an accurate perspective for making the crucial decisions that impact your dental practice or dental organization’s growth. Collect data, analyze it, and use it to inform your decisions.
Equip your dental practice, group practice, or DSO to make more informed, data-driven business and patient care decisions
The Jarvis Analytics platform helps assure that you’re tracking the important metrics, staying on-track with your goals, and making the most strategic decisions.
Experience Jarvis in action. Request a demo today!
LIKE WHAT YOU SEE & READ?
Join thousands of other people, subscribe to our newsletter, and get valuable business tips delivered right to your inbox.