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.
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 - on the "Production Formula" - 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. Once you understand that these are the only variables that can increase production, you can begin focusing on increasing visits and production per visit.
These four metrics include:
(1) Active Patients - How many patients have had an appointment in the last 18 months?
(2) Pre-appointment % - How many of your active patients have a future visit (of any kind) scheduled?
(3) Future Visits - How many future appointments are scheduled for your practice?
(4) Production Per Visit - What is the average production per visit for all providers?
One of the best ways to reach your practice goals is to monitor your progress daily. 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 or want to review this by yourself, it will help you see the daily successes and where you can improve.
This quick video shows you the most important parts to run over in the morning huddle.
Daily/ Weekly/Monthly Reports
Analytics also provides daily, weekly, and monthly reports. These follow the same format as the morning huddle. Again, these allow you to quickly see how your practice's performance for any specific day, week, or month.
You can manually access them when you are logged in to Dental Intelligence through the navigation bar on the left side of the screen.
Automatically Receive Daily / Weekly / Monthly Reports
You can also get these reports emailed to you as a printable PDF document. To get these reports, select the Receive (Daily/Weekly/Monthly) Report Email toggle slider in the top right hand corner of each reports page.
Tracking Individual Performance
From what we've gone over so far, you can see that 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 the providers and non-providers.
We'll look at the providers first.
Tracking a Provider's 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 Provider Pulse, click on the main menu and go to "Provider Pulse".
From here, you can access any of the metrics you want to look at on the left-hand-side menu. You can also change the date to look at any desired time frame.
Again, 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 go up, but the performance of the practice as a whole increase as well.
Measuring Non-Providers Performance
One of the most helpful tools in Analytics is the Follow Up Reminders. You can set up these Follow Ups to get reminders of patients you need to focus on calling. If you don't know what Follow Ups are, check this out first. To track your team's performance, they'll first need to be using Follow Ups.
Already know about Follow Ups? Let's look at how you can track your team's performance. Hover over the Follow Ups tab and click on the Follow Up Results option.
Once you're there, it will give you a breakdown of performance by team members. Like in the image below, 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 Unschedules Treatment in ONE WEEK.
Again, use the Follow Ups performance tracking to see who your most effective team members are. See 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. Click on the main menu and go to the Collections Board to view this information.
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.
Again, use Follow Ups to help get reminders of key patients to focus on FIRST.
The Profitability Formula
Everything that we've covered in this article has led to this - The Profitability Formula.
At Dental Intelligence, our goal is to help you increase your team performance, patient care, and profitability. You'll see dramatic growth in your practice and enhanced patient care given through using these tools. Becoming a thriving and profitable practice comes down to four variables.
Focus on increasing your visits and production per visit. Find out what your best team members are doing and have the whole team replicate this. Focus on increasing the amount of production collected and work on cutting down the time it takes to collect payment. Finally, identify expenses that you can lower or eliminate. As you follow these steps, you'll see your profitability explode!
Refer to your personalized Profitability Formula Dashboard. This can be accessed under the Calculator Icon:
Included below is a further breakdown of what can directly effect each area of the Profitability Formula:
We know this is a lot of information to take in - 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!