Key Metrics to Track in a Dental Practice Management
Modern dental practice management system has built-in modules that merge all the information and present the key measurements in an effectively traceable dashboard. This simplifies the act of following key metrics. Insightful systems can get to alarm you when something is amiss, therefore keeping a consistent eye on the metrics that genuinely influence the productivity of your practice. Getting of the key metrics requires significant thought as a great deal of these metrics can be gotten from the vast amount of information gotten. While some are valuable indicators, others have no genuine significance and may even show a contrary pattern. There are three metrics to look at namely Operating, quality and financial metrics. Below is how these metrics work.
Under quality metrics, you have the revisits, productivity, and the ratio of hygiene. As you know, revisits are a vital genuine metric to quantify patient satisfaction, therefore, revising this metric is likewise an awesome method to boost assured revenue in hygiene. Productivity is also an important metric and can be measured individually. When it is measured individually, it is done at a provider level. Productivity guarantees provider can talk and agree to treatment plans and designs with your patient. Following this metric enables you to focus in on the non-productive providers and offer them training in patient administration. The ratio of hygiene is a vital metric as well as it will enable your regular patients to choose you for your helpful care.
Operating metrics consists of three factors namely schedule efficiency, staff productivity and check ins and outs. Higher efficiency implies you can expand your practice while low efficiency means you need to center around expanding your outreach and efforts to getting new patients and patient engagement increment so as to receive better revisits. The metric checks on the scheduled slots total number divided by the available slots. This, in turn, gives you a good thought of where to look at increasing income. Staff productivity has various metrics that will inform you if you are over or understaffed. This is because it measures time each team member spends on a task. Overstaffing prompts low practice effectiveness and under-staffing prompts terrible client encounter. Check times also do improve efficiency. If you spend fewer times attending to patients and providing great care, then you will have more patients that you will attend. This, in turn, results in more revenue.
This metric consists of profit earned, gross revenue and free cash. These three metrics are most important and should be measured closely. However simple it may sound, many dental clinics fail to track the exact profits, gross revenue, and free cash as they miss out on inefficiencies.
Measuring and continually examining all the KPI’s is the best way to precisely see how your practice has performed before and have a rough idea of how it will in the future. In any case some areas are performing badly, then you can adjust and this is only possible when you use the practice management software.