Numbers matter. Especially, when it comes to dental practices. Without numbers, you cannot determine the health of your dental practice accurately. But how do you know which numbers matter the most? And how, exactly, do you measure success?
Measuring practice’s growth without KPIs isn’t hard…it’s really hard.
For example, you may track your new patients’ appointments and see a 30 percent increase last month over the previous month. But what that doesn’t give you is the whole story. Did those appointment lists result in any profit or loss? Why did potential new patients not confirm appointments? Did existing patients schedule appointments or not?
You need to determine what to measure and how. This is where dental Key Performance Indicators (KPIs) come in.
KPIs Provide Deeper Visibility into Your Dental Practice’s Performance
When your dental practice’s schedule is super busy, everything feels good. Whenever you find, something is not going well in the schedule, suddenly the numbers matter to you. Are we correct? That’s why we recommend tracking a specific KPIs that offer a more holistic and actionable overview of your dental practice. This data, if analyzed properly, will show how well your practice is doing and what to adjust to improve your performance.
There are a lot more numbers to track and monitor. Here, we’ve identified eight KPIs you should be tracking and analyzing of your dental practice. But these eight KPIs are the ones that offer the most potential for change in your practice’s growth. In fact, insights you’ll gain by paying attention to these numbers can drive big results in your practice’s health.
Always Make Data-Driven Decisions!
By managing your KPIs, you can not only determine the performance of your practice in the past but also in the future. Having the right metrics, allows you to evaluate your practice’s progress over time.
On a higher level, you’ll gain valuable information about how your practice is doing, be able to pinpoint areas where you can focus on making improvements, and develop a plan for future growth.
Remember, learning your numbers is the first step to growing them. Because, “What gets measured, gets managed.”
In dentistry, Numbers = Growth (Profits)
Here we’ve explained our eight KPIs which every dentist must track, monitor, and analyze for practice’s success. Take a look and know what to measure, monitor, and how to master it.
Turn data into actionable insights with our dental KPIs
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.
This KPI helps to analyze the total number of patients visited your dental practice
This KPI helps to find out the recall rate of your dental practice i.e. how many patients revisited your clinic through our reminder system.
Production KPI measures how much revenue has been generated to your dental practice from the patients and the insurance carriers.
This KPI helps to measure the due amount from patients’ billing and insurance claims. The Account Receivable KPI shows whether your practice is actually generating revenue 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 and collected at the end of the day.
This KPI helps to measure the due amount from patients’ billing and insurance claims within the time period between 0-30 days, 31-60 days, 61-90 days.
If you want to run a thriving private dental practice, providing high-quality dental care is not enough to keep your doors open. Monitoring KPI metrics will allow you to pinpoint problems that are cutting your practice’s profits and make strategic improvements that improve your quality of care and your bottom line as well.
So, you need to know your exact practice’s numbers to improve growth. And you should simply compare them period-by-period to understand if you’re growing your bottom line at a faster rate than your top line or not.
If you are, then keep up the best work!
And if you’re not and if you’d like to see consistent growth in these key KPI metrics, let’s connect. We’d love to connect with you about helping your dental practice grow.