There are many ways to measure success in businesses, different factors such as scheduling, accounting, payroll, inventory and others, generate the information that is necessary to know how your business is doing. You can take advantage of this information in different ways, but the key is to know how to implement this information and know which data actually indicates growth.
These KPIs can help your dental practice by providing evidence on how your practice is doing.
1. New/Existing Patients: A very important measure is knowing how many new patients are coming in each month in a year. Ideally this number should increase 10 – 15% each year. Also, knowing how many patients are returning patients is very important. This does not only measure customer loyalty, but it is also an insight into customer satisfaction.
2. Profit: Also a very important indicator, if not the most important indicator. Profit shows the total revenue after operating expenses are subtracted. Profit will indicate how well your practice is doing and you should aim to have this number increase each year to keep growing.
3. Cancellations and No Show rates: Do you have a high rate of no shows? Having an indication of how many people don’t show up also helps to measure productivity by showing the amount of gaps in the schedule where there is no productivity. No shows are a costly problem in many practices so make sure you use this indicator to know how your practice is doing.
4. Percentage of patients scheduled: What is the percentage of patients that are scheduled for their next appointment? Knowing this will allow you to know the percentage of patients that are wanting to book their next appointment, having a lower percentage can indicate patients weren’t happy with treatment or didn’t enjoy their experience. A way to address this is by often asking patients to leave comments or reviews about their experience. This is a great way to know exactly what patients liked and what they didn’t like and you can come up with ways to fix it immediately.
5. Collections: Is your practice collecting over 96% of the fees being charged? If they aren’t it might be an indication that you need to look over your policies and scripts and make adjustments.
It is very important to use KPIs recorded to compare information but also to be done often. A quick review should take a few minutes and in the long run can help you solve issues that would otherwise take longer to resolve. In time, this constant evaluation will allow you to make corrections to run a more efficient and productive practice. The next step is to analyze the data and share with the staff so everyone is aware what needs to improve.
Tralongo can help you manage the day to day operations while you focus on retaining your current patients happy. Call us for a quick consultation on 404 537 5211 or visit us at www.tralongo.net