Having an advantage in dentistry is rarely the result of one strategy. Like sports it’s more of a team effort relative to understanding the analytics that drive best-practices for your dental practice.
Data, or “big data” as it’s called, that’s carefully monitored can improve revenue streams, increase profitability, and enhance your patient experience.
That looks good “on-paper”…but you’re gonna need something more
You probably started your dental career logging, storing, and accessing most of your vital information on paper. It’s all you had (or knew how to use). But it’s likely that valuable best-practice analytics were lost between the lines…or altogether.
These days digital and paperless technology helps eliminate data loss and improves data analytics. Innovations like cloud-based dental practice management software provide you immediate access to best-practice data.
- Track production
- Pull collection and AR reports
- And much, much more…
It’s all about ease of access and measurement. Your unique dental practice goals are best achieved by tracking and innovating around accurate and useful analytics.
Five analytics that drive best practices for your dental practice or dental organization
1-Long-term vision aligned with short-term goals
Vision is where you’re going. Goals are how you’ll get there.
It’s important to not confuse the two.
Goal based data requires clarity and measurability. Equally so, your vision for the future should be clear and measurable relative to the steps (goals) required to reach it.
Vision and goal analytics could include:
- Hygiene reappointment data
- Case acceptance data
- Broken appointment and cancellation data
- New patient acquisition data
Analysis of these and others can then be aligned with specific actions toward improving your numbers.
2-Cash flow monitoring and improvements
Accounting based issues are typically monitored. Even so, they’re also a common challenge.
The financial health of your dental practice relies on anticipating cash flow drains and working to build healthy stop-gap measures.
- Track monthly expenditures relative to cash flow
- Monitor revenue stream trends
- Tighten spending when possible (based on data analysis)
These measurables might not guarantee a change but you’re more likely to see improvement due to your analysis.
3-Operations and clinical outcomes
Financial metrics (i.e., cash flow) isn’t the only practice health indicator. The overall patient experience you provide starting with engagement to acquisition to care is an essential metric.
Your operational metrics are what impact each step on a patient’s journey with your practice or organization. Clinical outcomes driven by your care standards are traceable to your operations and workflows.
Production analytics reveal much about how you’re doing.
- Practice production per hygienist
- Practice production per provider dentist
- Practice production per net collections
A routine, strategic deep-dive into this data will give you insight into what’s working and how it can be sustained or improved.
No doubt reporting helps you/your team(s) know what’s firing on-all-cylinders. But it’s common for that data to have a short energy cycle.
Real-time or at least a somewhat timely analysis can provide a more accurate picture. Again, this is a benefit of a duly equipped dental practice management software platform.
In-the-moment monitoring allows for…
- Adapting to changes or making necessary decisions
- Improved communication across your practice(s) departments or throughout your group or DSO
- Simplified scaling of essential changes to workflows and systems
- Preventing costly gaps relative to insurance reimbursements, payments, and collections
5-Industry innovation comparisons
How you’re doing relative to other dental practices and/or DSOs is an informative comparison. A benchmark analysis across the industry – or if applicable – across your group or organization will reveal useful data.
- Set or refine your goals
- Become a competitive leader around an innovation or improvement
- Pinpoint areas where you could make adjustments
A routine analysis of best practices inside and outside your practice(s) is a proactive process that produces essential data for growth. And while you’re compiling and analyzing the data you can also test the effectiveness of your reporting process.
Check-out the following resources to stay on-trend and on-task regarding dentistry best practices:
Consider a cloud-based solution and improve your reporting processes and KPI measurement
You might find the cloud solution like Denticon to be a more efficient report gathering platform to monitor and drive your overall dental practice or dental organization’s performance.
Aside from its under-the-hood reporting horsepower, the Denticon platform also provides:
- A predictable, monthly subscription rate
- Data hosted in the cloud that’s remotely and securely accessible
- Savings that compared with a “legacy” system can total an average of 40%
It makes sense to look below the surface and see the massive potential of upgrading to a cloud-based dental practice management solution with a more advanced reporting and KPI module.