Ever wonder about the impact of your work in the office?
How can you help give patients better care and increase the profitability of your practice?
The secret is the profitability formula!
The Profitability Formula outlines what details of your practice you can work towards improving each day. These areas have a HUGE impact on the success of your office.
As an Office Manager, you oversee a lot of the day-to-day activities of the practice to keep things running smoothly. Each part of the Profitability Formula is something you can monitor to identify the strengths and weaknesses that need to be addressed within your office.
The top two areas of the Profitability Formula that you can personally impact are Visits and Collection %.
Visits: track and increase the number of appointments scheduled for your office.
New Patients: Make sure each new patient is scheduled for a follow-up appointment and has the best experience possible on their first day in your office.
Re-Activation: Many patients go inactive without even realizing how long it’s been since they’ve had an appointment. Give them a call to bring them back in!
Collection %: collect the maximum amount of production.
Reduce AR Days: AR days reflect the average number of days your office takes to collect on production. The more consistent you are in collecting past due accounts, the lower your AR Days will be!
Resolve Outstanding Insurance Claims: Don't let any past-due claims slip through the cracks. Keep track of aging claims and contact insurance companies consistently.
Immediately Address Past Due Accounts: Have a system in place to identify patients who hit the 30-day mark on their balance and begin your efforts to collect.
You can measure your personal impact and that of your team on each of these areas and more in Dental Intel. Track the progress of your office and identify trends to watch for opportunities and visualize success!