New year. Fresh start. Clean slate.
However you frame it, consider your dental practice metrics among what to measure as you start fresh now, in the new quarter or at any point in the future.
Tracking metrics can appear overwhelming. That’s the case when you feel the pressure to track all available data-points.
The good news is that you can relax and create a narrower focus.
“Narrow your focus on the core values of your business to get the best results.” 1
The essence of what to measure
You can reduce the data overwhelm by focusing on three categories. According to Vin Cardillo, president and CEO of Maeva Dental Advisors, these metrics deserve your attention.
- Business metrics: daily transactions such as profit and loss data, supply and lab costs, and team costs.
- Operations metrics: production hours, visits, new patient data, treatment acceptance rate, and A/R percentages.
- Clinical metrics: synergy of care and profitability relative to doctor revenue, hygiene revenue, hygiene treatment percentages (e.g., periodontal treatment), and X-ray data. 2
As you focus on your core metrics, it’s good practice to maintain synergy between your patient experience and the routine tasks that drive your KPIs.
And speaking of KPIs, keep in mind that the essence of data analysis is to provide you with the knowledge for staying competitive, cost-aware and productive.
The “true” measure of your dental practice data analysis
Measure your workflow efficiency
Team productivity is an ongoing process. Clarity helps guide your analysis.
The more real-time your analytics are, the greater your potential for making changes and improvement. Focus your internal reports on the core functions that produce team efficiency.
- Communication systems.
- System and workflow scalability.
- Decision-making processes.
- Pace and consistency of reimbursements and collections.
Measure your revenue streams and cash flow
Profitability can dominate your attention — for good reason. Positive and negative trends are worth monitoring.
Reaching your dental practice financial goals requires that you measure the impact of those trends on cash flow.
- What is the impact of your monthly spending on cash flow?
- What trends are affecting your revenue streams?
- How consistent are your treatment compliance and completed appointments?
Measure the alignment of your dental practice vision and goals
This is a measurement that clarifies the distinction between your long-term plan and the daily path you follow to get there. Alignment helps assure that you’re on target.
Track the following analytics relative to vision and goal alignment:
- New patient acquisition.
- Active patients scheduled.
- Case acceptance ratios.
- No-shows and cancellations.
- Hygiene reappointment.
- Patient attrition.
- Lifetime patient values.
Measure operational metrics relative to patient experience quality
Profitability data is a good measurement. But financials aren’t the sole indication of your practice success or health.
Your dental practice operations and their affect on your standard of care reveal much about how your practice is functioning. For example, how is your workflow efficiency affecting patient satisfaction, production and revenue?
Analyze your production data, such as
- Scheduled appointments to actual production time.
- Production per hygienist and dentist.
- Staff costs compared to total collections.
- Production per treatment/procedure.
Measure your dental practice alongside industry benchmarks
This analysis provides a higher-altitude perspective on how you compare to colleagues or the dental industry as a whole.
- How does your technology spending compare?
- How do you compare relative to education and training?
- What is your EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) by comparison?
- How are you performing financially compared with other similarly sized practices, etc.?
Prioritize data analytics as a measurement strategy. A routine analysis of your KPIs provides an opportunity to make a fresh start.
Explore the following resources to improve how you measure your dental practice metrics:
Informed and accurate measurements rely on proven data analytics tools
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.
Experience Jarvis in action. Request a demo today!
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