One of the questions we get asked often is some variation of this: "Why is Dental Intelligence important to my practice?" There are a lot of good answers to that, but most of them come down to one common core–access to high-quality information leads to better business decisions and ultimately a more healthy dental practice. But how do you know what you should be measuring?
This post will cover what we think are three of the most important dental metrics you can measure and manage to improve your practice. By understanding and improving these following metrics, we're confident that you will improve your financial position and the quality of your lifestyle.
#1: Daily Production
On its own, daily production may not be the most important metric. It's generally a pretty large number and can be hard to really affect. After all, when considering a $10k daily production goal, what difference does it really matter if you upsell your hygiene clients on fluoride or whitening services?
But that's not the point of tracking Daily Production. (That's more of a production per visit sort of thing. More on that in #3). Daily production is important because it serves as a foundation and guidepost for the rest of your metrics. It's the metric you'll use to base the effectiveness of all the other metrics you measure, to determine whether you're moving in the right direction or not.
Most offices think that they want new patients, and it makes sense that you might think that. New patients are often considered the quickest and easiest way to increase production, visits, and collections for the practice. But you don't really need new patients to achieve those things. You just need more patients.
Think about this for a minute: which type of patient requires more of your energy and effort? The new patient who doesn't know you at all yet, or the long-time patient who knows you and your staff, who trusts you and brings in coffee for the whole staff when they visit?
It is so simple, yet overlooked. Visits (aka butts in the chair) is one of the most important metrics for any dental practice to measure. That includes all patients, new and returning patients. You must know the number of how many visits are being made to your office.
It is that simple, don't overcomplicate it.
#3: Production Per Visit
Everyone tracks their daily production, but it's not actually the most important production metric that dental practices should be tracking. It's not specific enough and is therefore nearly impossible to improve on its own. Instead, you should be focused on measuring production per visit.
Production overall is a number that is difficult to understand how to consistently improve. For example, if you just tell your team that you want to produce $10k per day, then what? How do you know if you're on track or not? Some days you might hit it, but other days you won't. When you don't hit your goal, will you know why?
Production per visit is much easier to track, monitor, and improve. The #2 metric we suggested that you track is visits, so you should already have a good idea of how many visits you can expect on average every day. You should also have a clear daily production goal as we suggested in metric #1, which makes the math here fairly straightforward. For example: If your daily production goal is $10k and you average 33 visits per day, you will need to average roughly $300 per visit to hit your production goal. That's a number you have control over, a number you can work to improve every day. Improve that number and watch the effects ripple up into your business.
Want a free snapshot of how your practice is performing in each of these areas? Click here to watch a demo of Dental Intel and get your personalized Practice Snapshot.