Dental Intelligence Analytics provides the best way to look at your practice's data. At a glance, you can see how your practice is doing as a whole and how each team member is performing individually.
In this article, we'll run through how you, as a practice owner, can most effectively use Analytics to improve your practice's performance.
Understanding Production and The Profitability Formula
Where Does Production Come From?
One of the most important things to understand in a dental practice is knowing where production comes from. Luckily, it only involves TWO variables! As you can see below, the only two variables that impact your production are the number of visits you have and the amount produced per visit.
Everything revolves around these two variables. As you reappoint more patients, you get more visits. As you increase the doctor's case acceptance or reschedule more unscheduled treatment, production per visit increases.
The Profitability Formula is the foundation of success in a dental practice. Dental Intelligence's Profitability Formula is designed to take all aspects of performance into consideration, to tell you exactly how profitable your practice is.
Breaking down each factor of the Profitability Formula provides greater insight into areas of opportunity for your practice. Need to increase production? Look into your Re-Appointment and Case Acceptance rates for clues about where your practice is missing out. Need to increase collections? Dive into your AR Aging and AR Days metrics to better understand where your payments are falling behind.
One of the best ways to reach your practice goals is to monitor your progress daily. The Analytics Morning Huddle feature takes you through a quick recap of yesterday's performance, today's opportunities, and tomorrow's schedule. Whether you have a Morning Huddle with your team each day or decide to review on your own, it will help you see the daily successes and where you can improve.
Watch this short video for a quick look into how implementing the Morning Huddle can make your practice more successful:
Daily / Weekly / Monthly Reports
Analytics also provides daily, weekly, and monthly reports that follow the same format as the Morning Huddle. These reports allow you to quickly review your practice's performance for any specific day, week, or month.
You can access these reports by clicking on the Reports icon on the left side menu of Analytics.
Automatically Receive Monthly Reports
Dental Intelligence works hard to make viewing your practice's performance easy. You can turn on Monthly Report review emails to get a quick look at last month's performance. To receive monthly emails, toggle on the option shown in the upper right corner of your Monthly Report page in Analytics.
Tracking Individual Performance
Analytics provides many different ways to look at your entire practice as a whole. But what about breaking it down by individual performance? Analytics has areas where you can see how individual team members performed, both as providers and non-providers.
Tracking Provider Performance
The Provider Pulse breaks down all performance by individual providers, allowing you to see who is performing well and who is struggling. From this data, you can talk to your top performers to see what they are doing differently from the other providers. How are they performing better than their colleagues? What are they doing that you can implement with your other providers to help them increase their performance?
To access the Provider Pulse, click on the Dashboards icon in the left side menu and then choose Provider Pulse.
From the Provider Pulse, you can access any of the metrics you want to look at from the left side menu. You can also change the date to look at any desired time frame.
Use the Provider Pulse to identify who your most effective providers are, then help implement the successful strategies they use with the rest of your team. As you train your providers on these "best practices", you'll see not only their individual performance improve, but the performance of the practice as a whole increase as well.
We know this is a lot of information to take in, but as you can see, Dental Intelligence offers a lot different tools to help your practice in all aspects. Don't worry about using them all at once. Pick one aspect your practice is lacking, and work on improving it!
We took data from thousands of dental offices all over the country. We looked at their numbers and then compiled all of the data so you can see how you compare. Take a look at these benchmarks, and see how you stack up. Then, pick something to focus on improving and make it happen!
Measuring Non-Provider Performance
Using Follow Ups in Dental Intelligence is the best way to improve production and increase appointments in your practice. Watch the short video below to get started:
Follow Ups manage patient activity for you and automatically notify the team member you have assigned when you want them to follow up! Use Follow Ups to make sure you never lose track of a patient again.
Access Follow Ups from the left side menu by clicking on the bell icon:
Follow Ups Results will give you a breakdown of performance by team members. You can see the number of calls each team member made (attempts), how many patients they contacted, how many patients they scheduled, and the amount of production they brought back into the practice.
This is HUGE! You can now see the direct dollar amount that each team member brought back into the practice. The practice in the picture above brought back over $5,000 of Unscheduled Treatment in ONE WEEK.
Again, use the Follow Ups performance tracking to see who your most effective team members are. Find out what they are doing differently: How are they talking to patients on the phone? What wording are they using? How are they performing so well? Then, take these tips to the rest of the team and help them improve their performance.
Finally, we have the Collections Board. This feature allows you to quickly look at how your practice is doing at all things related to collections. Watch this short video to learn more about navigating the Collections Board:
At a glance, you can see how your practice is doing at collecting overdue accounts, calling on insurance claims, and letting patients slip through the cracks. Collections are the backbone of any practice, and you can produce all you want, but without collecting payment, your practice won't grow. Work with your team to improve how fast your collection turnaround time from both patients and insurance.