Start strong and finish strong!
That’s a good daily goal, right? It’s why end-of-day (EOD) reporting has value to your dental practice or DSO.
It’s game-on every day. It begins with your morning huddle continues through pre-lunch production and culminates in the afternoon push towards closing your day with a win.
Attention to detail
It’s worth repeating: what’s monitored and measured gets improved. That core principle would apply to your EOD reporting strategy.
As you know, data reveals the truth about your solo/private dental practice, group dental practice, or DSO. Attention to the right details on a daily basis helps you know where to benchmark, scale, and direct your team’s energy.
It’s easy to get-lost-in-the-weeds of doing dentistry. After all, production creates the sense that things are moving along nicely.
But there’s more to achieving production goals than cranking out treatment. A more measured and strategic review of why a day was productive and financially solid (or not) can reveal holes in your workflows that could use some attention.
We get it – data can be overwhelming. Even so, the more you implement data-driven systems the better your opportunities for profitable production.
EOD reporting that produces consistent ROI
As you know, your charge-list highlights what’s been charged for the day. This bottom-line data check is good place to start your EOD process.
Look for some key data points:
- Correct provider number(s)
- Synched chart notes
- X-rays and other charge outs
It’s helpful to stay on top of these details throughout the day as well. Think of doing so like an extended “morning huddle” that reaffirms your next steps.
Routine checks help avoid missed data at the end-of-day.
Of course, your day-sheet or deposit ledger gives you an overview of what’s been collected or posted as payment for services daily. A few dollars or cents missed here-and-there happens on occasion. It’s good for business to stay aware.
A similar data analysis is important to your day’s payment report.
- Confirm payment types (e.g. cash, check, charge)
- Confirm the account type
- Confirm provider(s)
These reporting details might seem elementary. But keep in mind that across a large practice or organization payment posting misses can impact your revenue cycle and profit forecasts.
Timing as well as tenacity matters with claims management. Charges and provider data are an essential point of review during your EOD process.
- Create a workflow that works for you and your team member(s) tasked with this portion of your EOD system.
- Bake-in some flexibility to allow for any changes before creating your day’s final report.
- Apply some intuitive timing to your insurance claims process. Experienced managers know that end-of-day is a high-traffic time for insurance processors (i.e. like rush-hour on the freeway). What about early the following day?
- Check and re-check your insurance reimbursements and adjustments before creating your final EOD report.
- Include an extra-set-eyes on adjustments and EOD final report data. You (the dentist), your practice manager(s), and/or a business team member responsible for the EOD data produce an effective eyes-on routine.
Ongoing efficiency upgrades
Be unafraid to make changes to how you approach your EOD process. A workflow pivot can save time and team energy.
You can also improve reporting accuracy. Accurate reports lead to improvements that can increase profitability.
- Evaluate “clunky” or non-scalable processes that delay payment(s), create confusion, or cloud your bottom-line results.
- Empower the right team member(s) according to their capacity to navigate and mine your data relevant to you EOD reporting.
- Equip your practice(s) with the technology that helps scale your EOD workflows and reporting accuracy.
Finishing the day on a well-reported note helps set you up for success the following day. You’ll spot gaps in your system(s) and be prepared to follow where the data is leading you to scale back or scale up.
Check out the following resources to gain more insight into how you can effectively perform data analysis in your end-of-day reporting:
Technology matters when analyzing your end-of-day reporting data
The Jarvis Analytics platform helps assure that you’re tracking the important metrics and staying on-track with your goals as your dental practice and/or DSO grows and expands.
- Integrates seamlessly with your chosen practice management software/platform
- Presents the metrics you want and need in an easy-to-view dental dashboard that reduces data complexity for growing dental practices, dental groups, and DSOs
Experience Jarvis in action. Request a demo today!
Contact us for more information about data analytics that lead to profitability.
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