“If you can’t measure it, you can’t change it,” and, “What gets measured gets managed.”
Have you been looking at your dental practice’s metrics to understand where you’ve been, where you are currently and where you could be headed, where you’re doing well and where you need to improve?
You may even have goals for your dental practice, such as to increase patient flow, revenue, and reducing no show or missed appointments. In order to reach these goals, you need to clearly understand your practice’s strengths and weaknesses.
In this post, we’ll introduce effective and useful KPIs (Key Performance Indicators) that can help you evaluate your practice and set new goals for better future performance. KPIs are simply a way of measuring performance against your targets and help you understand how your dental practice is performing. This makes it easier to make small tweaks and changes to keep everything moving in the right direction.
Needless to say, good measurement always alerts you to potential problems before they become real issues. If your patient flow is slowing down, or revenue in certain areas is falling, then the KPI metrics gives you a bird’s eye view of your practice to alert you early on.
We’ve identified below the most important KPIs as metrics for you to track your dental practice.
KPI #1: Last Three Years Production
KPI #2: Last Three Years Collection
KPI #3: Year to Date (YTD) Production
KPI #4: Year to Date (YTD) Collection
KPI #5: Account Receivables
KPI #6: New Patients Trends Last 12 Months
KPI #7: Active Patients Count
The above KPIs help you build your patient base, focus on profits, and ultimately help your dental practice measure success.
After reading this article you probably can see how important KPIs can be, and how those metrics can transform your dental practice. It’s very important to understand that KPIs are just a starting point. They give you the information to make and track decisions, but you still need to carry them out.
It is vital to track these key performance indicators (KPIs) for a practice to plan ahead and keep focused on the growth. If you need help with these KPI metrics, Interphase provides a seamless dental dashboard to track these key metrics with the help of custom reports. We want to help your dental practice succeed!
So, try setting new goals for your practice and be proactive about your dental practice’s growth and profits. Happy tracking!