Predicting the future might seem a bit out there! On the other hand, the use and effectiveness of predictive analytics in dental practice management doesn’t seem so farfetched these days.
In fact, the gamut of data analytics solutions is key to driving a number of core practice management tasks and workflows.
- Informing decision-making.
- Optimizing dental practice operations.
- Staying current with industry trends and patient preferences.
Those are only the beginning of how predictive analysis using vast data resources can make a difference in your dental practice or DSO.
What is predictive analytics?
Essentially, this data-driven tool enables you to analyze a historical collection of available data while utilizing statistical algorithms to help predict future outcomes for your dental practice processes.
The applications are significant for the various facets of dental practice management.
For example, here’s what you can expect relative to your key management workflows:
- Predict patient trends.
- Determine potential risks across your practice and care protocols.
- Better optimize your revenue streams and resources.
The efficient use of your dental practice resources could potentially be better aligned with your analysis of patient demographics, patient appointment history and patient treatment patterns.
With that basic understanding and perspective, let’s dive into some practical applications of using predictive analysis.
How and where to use predictive analytics to help drive dental practice success
Enhanced treatment planning
A leading application of predictive analysis in treatment planning would be the use of historical data. This practical application can enable you to forecast and promote treatment outcomes.
This specific brand of analysis would typically involve:
- Your patient records.
- Your treatment success rates and related treatment perspectives.
- Your assessment of procedural effectiveness.
As noted earlier, more strategic analysis of these core areas — relative to treatment planning — informs your decision-making processes and assists with tailoring treatment solutions to each patient.
Optimized inventory management
Workflows and revenue monitoring rely on the efficient use of available inventory and projected inventory requirements. Predictive analytics plays a beneficial role in that process.
- How are resources being used?
- What are your resource usage projections?
- How can you optimize current inventory levels?
The positive outcome provided by predictive analysis around inventory management helps monitor expiration dates on certain supplies, evaluate supplier/vendor relationships, control supply costs and reduce waste.
Improved financial performance
The ability to make revenue forecasts alongside potential financial growth projections is worth considering. And doing that with minimized risk makes predictive analytics in your dental practice financials all the more appealing.
- Explore and analyze patient billing and payment history.
- Analyze insurance reimbursement rates and pace.
- Monitor and review procedure costs.
Revenue trend predictions and fee strategies enable you to look for opportunities to expand your services, improve patient retention and refine your billing and payment processes.
Overall, predictive analytics for your dental practice or DSO gives you strategic and scalable insight into the future. The practical applications across your dental practice or organizational workflows can help sustain momentum and drive innovation while minimizing your risks.
Make data analytics a priority in your dental practice management toolkit. From measurement to monitoring your KPIs, analytics are an effective tool to have on hand.
The following resources can help you better use your data across your dental practice management environment:
Welcome the future and channel the trends by using proven data analytics tools and resources
The Jarvis Analytics platform helps ensure that you’re tracking the important metrics and staying on track with your goals as your dental practice grows and expands.
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Contact us for more information about data tracking that leads to standout patient care and organizational profitability.
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