In an age where data is more valuable than oil or gold, leveraging this information is crucial to boosting the success of your dental practice. For example, search engines have proven that companies need to analyze their market and business performance to attract prospective patients for the past decade. Today, this is done through an analysis of key performance indicators.
This gold rush for data has the dental industry scrambling for an effective way to process all of these insights. This makes a dental practice analytics tool essential to drive practice performance further and improve patient outcomes.
Why Your Dental Practice Should Track Analytics
Numerous data experts have shown how using the right insights and analysis can help dental offices boost their revenue streams and a patient’s overall treatment experience. Every aspect of your business, from your office managers to your hygienists, can greatly improve efficiency, profitability and create sustainable growth for the long term.
While the majority of DSOs have a general understanding of patient and performance insights, dentists that are data-driven rely on dental practice analytics tools for many benefits, including:
Reduce workflow bottlenecks
Automate menial tasks like appointment reminders and follow-ups
Recall previous patients
Convert leads into booked appointments
Track ad campaign engagement
Measure productivity by department or individual team members
Uncover new revenue stream opportunities
What KPIs Should Your Dental Practice Be Tracking?
As a dental company owner or manager, you likely already track basic KPIs that involve services rendered, average appointment time for specific procedures, or even no-show rates. The reality, though, is operational costs aren’t falling but steadily rising every year. In addition, thanks to COVID-19, PPE and supply prices have increased dramatically. This inflation underscores the importance of measuring every patient visit.
Additional KPIs your practice should be tracking include:
Using marketing tools like Adit’s Practice Analytics integrative application can help you focus on many different targets you may not have realized significantly impact your company’s success.
Additionally, numerous indicators also fall under the KPI family umbrella and can have a high impact on your decision-making process for your practice. This could include many of the following:
These tell you more than just how many of your patients are active, but also retention rates and lead conversions.
Measuring your daily production, re-appointment rates, and even production tracking of your hygienists is crucial to maximizing your productivity.
Curious about how much overhead your practice generates every day, hour, or per employee or dental chair? Financial KPIs can provide a clear snapshot of how financially healthy your business is.
Patient Demographic KPIs
Demographics are crucial not just for service level standards but also in marketing. Using a dental practice analytics tool can help you determine numerous facets of your patients’ needs and wants, including:
Patient to team member ratio
Types of treatments frequently sought for their gender, age, or lifestyle
At Adit, our Dental Analytics tool uses state-of-the-art technology and automation to analyze the metrics you need to make real-time decisions about your practice confidently.
Future Trends Requiring a Dental Practice Analytics Tool
As COVID-19 restrictions continue to ease, dental practices and other DSOs are facing increased demand for treatment. While this past summer saw the highest service performances of 2021, Per-patient productivity also skyrocketed. This additional demand has strained availability and timeliness for oral healthcare around the entire U.S. With autumn here and winter fast approaching, your practice needs to be ready ahead of time for the inevitable end-of-year slowdown.
Adit Dental Analytics can help you forecast the coming months, focus on patient recall, reduce appointment no-shows, and help your DSO effectively take control of its growth and productivity.
Discover the Power of a Dental Practice Analytics Tool Today
When your practice generates even more revenue per patient, you can take a more aggressive approach to your digital marketing strategy. Determining how much your dental company earns from a new patient relies on re-appointment—using KPIs to measure your team’s progress toward this goal, including your treatment acceptance rates, production per visit, and getting patients to return for additional services.
At Adit, we help you leverage these KPIs to build a dental organization that will thrive against its competitors. Having the ability to create a roadmap to this success begins with leveraging the best analytical tools available. Adit provides cutting-edge technology and automation to help you achieve this goal and so much more!