3 tips to grow a specialty dental practice
3 Ways Analytics for Specialty Dental Practices Enable Growth
Why do specialty dental practices need analytics? There are many benefits, but to grow and succeed, you’ve got to consistently measure, analyze, and optimize your processes and profit. For dental specialties ranging from periodontics to prosthodontics, analyzing the details of your business is key to meeting your goals.
What do we mean by analytics?
In general terms, analytics—often interchangeable with business intelligence (BI)—is the result of analyzing an organization’s internal data typically presented in a visual, consumable way to help a business make improvements. Although BI is often discussed in terms of software solutions, analytics tools are at the center of the solutions.
Analytics for specialty dental practices usually involves tools and techniques such as reporting, benchmarking, and performance monitoring. This often means measuring front desk operations and patient experiences in addition to standard cash flow cycles and other core financial metrics.
How can business analytics help your practice?
- Improve quality of care
Amazing patient care will always be at the heart of success for your practice – whether that means successful oral and maxillofacial surgeries or top-notch endodontic treatments. Analytics help you quantify your quality of care by monitoring key metrics such as new patients by referral source, production to operatory chair, and production to net collections ratio. These aren’t just numbers, they’re indicators of patient experiences and happiness.
By paying attention to these indicators, you can gain a better understanding of your strong points when it comes to quality care and learn areas for improvement.
- Reduce costs
Minimizing costs is key to increasing profit and enabling growth – particularly for specialty dental practices. By creating timely reports on both your finances and the details of your operations, you can identify areas where time or money could be saved. Many practices make the mistake of not tracking small expenses closely enough – only to discover that these daily purchases really add up over the years.
Another area where many specialty practices could reduce costs is in front desk operations and practice administration. Inefficient office management processes can lead to wasted time, frustrated employees, longer collections cycles, or accounting errors. All of these might be costing you more than you realize, so it’s time to measure them and find out!
- Plan for your future
How does your practice compare to others in your specialty area? Use financial and operational benchmarks to learn how your business measures up to competing practices and set reasonable goals for future growth. Or, when working with a financial partner like PBA, leverage their experience and knowledge of your industry. By learning more about the state of your business now, you can effectively plan for your future and outshine the competition.
Wish you had relevant analytics to help grow your practice?
Performance Business Analytics (PBA) is a dental accounting firm with specialized industry expertise. We provide end-to-end dental accounting, analytics, and strategic advisory to transform your practice and help you achieve your goals. Contact us to learn more.
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