What Is Trending In Your Dental Practice?
The Trends Dashboard features Key Performance Indicators that many nationwide dental consultants want every practice to monitor on a daily basis. Now you can start tracking KPIs in multiple areas of your practice at a glance in any timeframe to measure your practice’s overall performance. Knowing your practice’s past performance numbers, good or bad, is an absolute necessity to establishing accurate goals for the future.
Activations are patients who have had an appointment with your practice recently. The exact definition of 'recently' is set by you, the practice, or generally defaults to 18 months. Ongoing monitoring of activations is essential to track practice growth and decline. Tracking this number provides valuable insight into the health of your practice.
The Production Daily square displays the average daily gross production within a specified time period. This is different to Collections in that this money might not yet have been collected from the insurance companies or the patients.
Consistent monitoring of your practice’s production daily amounts allows you to have immediate feedback of revenue increases or decreases and the ability to adjust accordingly. Tracking your averages enables you to set better benchmarks and have a clearer picture on overall provider performance.
The Adjustments square displays the practice’s gross production that is offset by percents of credits/debits being made against revenue totals. Ideally, you want to keep this percentage as low as possible.
Monitoring your adjustments is important for tracking the amount of your practice write offs through insurance contracted fee amounts or practice courtesy discounts.
Collections Hourly displays the average hourly revenue being collected by your practice. We analyze collection totals by appointed hours of chairside time within a specified time period. It is displayed as a dollar amount, as opposed to the Collections square which represents collections as a proportion of overall production.
Ongoing monitoring of hourly collections provides you with insight into scheduling efficiency by maximizing provider units of time and the practices ability to collect patient and insurance portions when they are due. Average practices are $500/hour and above average is $750/hour with highly efficient practices closer to $1000/hour or more.
The Reappointment square shows the percentage of patients who visit your practice for an appointment and are then booked in for another appointment of any kind. Naturally, the higher this rate, the better. While every practice would ideally have a re-appointment rate of 100%, a more realistic goal of 98% is applied as a default, although this can be redefined by the user.
Ongoing monitoring of practice reappointing is important in maintaining your active patient base and to keep the schedule full in the coming months.
This square displays the total gross production amount on average within a specified time period. Consistent monitoring of your practice’s production monthly amounts allows you to have feedback of revenue increases or decreases over a given month and the ability to adjust future months accordingly. Tracking your averages enables you to set better benchmarks and have a clearer picture on overall provider performance.
The Collection square shows the percentage of what is being collected from the adjusted gross production amount. Gross production less adjustments gives us net production. We compare net production by collection amounts to give us the percentage. If your practice consistently has a collections rate of less than 100%, you are producing work and not receiving payment for this work.
Monitoring your practice collections is fundamental in understanding your practice’s financial well being. Tracking this number provides valuable insight into team performance in regards to over the counter collections and insurance payments when services are completed.
This scheduling efficiency square reveals your practice’s ability to fill all provider’s available working hours. We set available time as a benchmark and compare by how many actual hours each provider was appointed for.
Ongoing monitoring of your scheduling efficiency will show available time that could have been scheduled and the amount of time that was over scheduled due by provider units being double or triple booked or by not allocating assistant units accordingly. Understanding your practice’s worth by the value of a 10 or 15 minute unit of time can make a huge impact in maximizing daily activity. The ideal standard is to achieve is 100%. If you’re over 100% there could be some scheduling improvement that needs to happen. If it is under 100% your practice isn’t filling its schedule to its potential.
The Cancellation square deals with data regarding the number of appointments which are canceled before they happen, and how often these cancellations are rescheduled after the fact.
Ongoing monitoring of your cancellations gives you insight into your patient’s commitment in keeping an appointment and how well your team is at rescheduling the lost opportunity. We don’t track the patients who you simply move appointments around for. We track the patients who you break the appointment with, which is normally within the cancellation policy time period.
The Forecast square differs from the others in that it deals with future data rather than historical. This square uses both projected production and new patients with their first appointments scheduled in the future. These two metrics are used to create a picture of the practice's direction over the next 60 working days.
Ongoing monitoring of future production and new patient values is mandatory to ensure your practice’s success over the coming months.
The New Patient square displays the amount of patients who have visited the practice for the first time within a specified time period.
Ongoing monitoring of new patients is important when specific marketing efforts are being done by your practice. Understand that 10-15% of your patients leave the practice from natural attrition, so you need to reach a certain number of new patients every month is just to maintain.
The Case Acceptance square shows the practice’s percentage of cases that have been accepted within a specified time period.
Monitoring your case acceptance is essential for understanding how well your practice is presenting treatment opportunities and communicating the right message in order to get the patients scheduled for treatment.
See how your performance trends in your dental practice!
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