Do you know how your dental practice is performing in terms of profits?
Do you have an idea how to turn numbers into actionable insights?
Have you identified development issues or improvement areas of your dental practice?
If you haven’t spent time reviewing these in the past, there is no better time than now to take a deep dive into your practice metrics.
Being a dentist or dental practice owner, you need to track your practice growth and take corrective actions in time to stay profitable. However, we’ve seen, most of the practices are under-prepared for such a dynamic action plan. Further, the new practice owners-starting new or purchasing an existing dental practice-must be prepared to track these critical dental KPIs to plan for gross and break-even profits.
What’s are the most important dental KPIs for your dental practice?
What are the numbers you should be tracking to grow your dental practice and your bottom line?
To help you, we at BPK Tech have created a custom dental dashboard, which help you track your practice from anywhere.
KPIs – The True Dental Metrics for Your Practice’s Success!
Let’s take a look at the eight KPIs of our custom dental dashboard are:
• New Patient
• Total Visitors
• End of the day
This KPI provides a detailed overview of the number of new patients visited the clinic, the number of treatment plans presented to the patients and how many patients accepted the treatment plans.
Collection KPI measures how much revenue has been collected to your dental practice from the patients and the insurance carrier.
Total Visitors KPI helps to analyze the total number of patients visited dental practice per a day.
The Recall KPI help you or your staff to find out the recall rate of dental practice i.e. it let you know how many patients revisited your practice through our Patient Reminder System.
The production KPI measures how much revenue has been generated to your dental practice from the patients and the insurance carriers.
A/R (Account Receivables)
This A/R KPI helps to measure the due amount from patients billing and insurance claims. The Account Receivable KPI shows whether your dental practice is actually generating revenue/profits or not.
End of the day
End of the day KPI represents how many active patients visited, new patients accepted for the treatment and how much revenue generated & collected at the end of the day in your practice.
This KPI helps to measure the due amount to be received from patients billing and insurance claims within the time period between 0-30 days, 31-60 days, 61-90 days.
Gain control over your practice’s data to deliver striking insights
Here, we have narrowed down the value of our major KPIs – Key Performance Indicators to help you gain a deeper understanding of how well you can operate your dental practices functioning.
KPI #1: Last Three Years Production
Helps to track the production numbers for hygienists and for doctors separately to let you know how much revenue your affiliated dental practice has generated. This dental KPI also helps to set personalized production goals for your dental practice, as well as for individual doctors and hygienists.
This measurement compares the production of your hygiene department to that of your doctors. Knowing who generates what percentage of your production can help you to determine what innovations to invest in.
KPI #2: Last Three Years Collection
This KPI provides a bird-eye overview of the value your dental practice generates. Comparing Last Three Years Production to Last Three Years Collection can show you if your practice has a problem turning production into revenue.
This KPI is the amount of Last Three Years Production over a given time period deducted by the Last Three Years Production during that period. This dental KPI is a key metric because it gives you how much your dental practice collected in revenue over the past three years.
KPI #3: Year to Date (YTD) Production
Analyzing your practice’s performance based on a specific period of time gives a better understanding of your practice strengths, weaknesses and opportunities. This KPI dashboard solution shows you how many patients visited and the amount generated from the insurance plan.
Comparing the patient’s portion and vs. amount generated from the insurance plan can show you if your practices are having a problem turning production into revenue, and can help you to target marketing efforts and other outreach efforts.
KPI #4: Year to Date (YTD) Collection
The Account Receivable management KPI shows whether your dental practice is actually making money or not. This KPI helps to compare your practice’s KPI statistics to industry-standard benchmarks and shows the actual growth.
When your practice’s profit fall below the benchmarks, our BPK Tech’s KPI dashboard software offers recommendations to help you to improve profitability. Our custom dashboard also provides valuable insight into accounts receivable so you can take the appropriate measures to receive.
KPI #5: Account Receivables
This dental KPI shows whether your practice is actually receiving money or not. And it also helps to compare your practice’s dental KPI statistics to industry-standard benchmarks and shows the actual growth.
When your practice falls below the benchmarks, our dental KPI dashboard offers recommendations to help your practice to improve profitability. Our custom dental KPI dashboard also provides valuable insight into accounts receivable so you can take the appropriate measures to get paid.
KPI #6: New Patients Trends last 12 Months
This KPI#6 is more important for identifying your practice-specific issues. If new patients make up too small a portion of your patient base you might have a patient shortage on the horizon. Spotting this issue early can help you head it off with increased marketing or new patient specials.
If new patients make up too large a percentage of your patient base it can indicate that you are doing something that discourages your practice return visits. Our KPI management software can help sound the alarm to increase patient retention strategies.
KPI #7: Active Patients Count
This KPI helps to retrieve the active patient count of your dental practice. A steady increase in active patients for both doctor and hygienists from year to year is a sign of a healthy, growing practice.
Our custom KPI dashboard software also helps to increase the efficiency and productivity of your dental practice. Active Patients Count forecasts the active patients and it is a major source of your practice’s growth and production.
Making the dental KPI metrics easy for you!
It is critical to track these key performance indicators (KPIs) for a dental practice to plan ahead and keep focused on the growth. If you need help with these dental metrics, BPK Tech provides an out-of-box and seamless dental KPI software to track these key metrics.
We want to help your practice succeed with our KPI dashboard software. You can download our case study and master KPI metrics to measure your practice growth.
Schedule a free demo and learn how BPK Tech’s KPI management software is the perfect choice for your practice management.