Want to Learn More? Schedule an Introductory Call Today!

3 tips to grow a specialty dental practice

by | Dec 2, 2019

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?

  1. 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.

  1. 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!

  1. 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.

Eliminate dental accounting mistakes with these 3 tips

3 Common Dental Accounting Mistakes (And How to Fix Them) Dental practices exist to serve patients. As a dentist or practice manager, you don’t want to spend all your time doing administrative and accounting tasks instead. However, proper dental accounting is key to a...

Specialty dental practice accounting improves patient outcomes

4 Ways Great Dental Practice Accounting Means Happier Workers Specialty dental practice accounting presents unique challenges that many dentists and managers simply don’t have the expertise or time to do as well as they would like. There’s no doubt that quality...

Improve dental practice cash flow with these 5 steps

5 Steps for Improving Your Dental Practice Cash Flow Controlling cash flow is at the heart of building a successful dental practice, but many dentists and practice managers are alarmed to discover the complex and time-consuming nature of managing their finances....

Dental practice accounting software scales for all dentists

7 Advantages of Dental Practice Accounting Software For the dental industry, accounting can be a struggle that steals time away from patients and business development. It’s a bit of a catch 22. You can’t provide the patient service you strive for if you are spending...

Benefits of a specialist dental accounting partner

5 Characteristics to Look for in Your Dental Accounting Partner If you’re considering working with a dental accounting partner, you’ve probably decided that the time you spend on your dental practice’s accounting and business management is detracting from what matters...

5 best practices for dental reporting and analytics

5 Best Practices for Dental Reporting and Analytics Does your practice make the best use of data to achieve your vision? Dental reporting and analytics are powerful advantages that, when done correctly, can help you understand your operations on a deeper level and...

Recognize these 6 problems in your dental practice?

6 Signs Your Dental Practice Accounting Needs Help Are ineffective accounting processes hurting your dental practice? Whether you have a general dentistry practice or focus on specialty services such as endodontics, restorative dentistry, or periodontics, accurate...

4 forecast & budget tips for Multi-location Dental Practices

Forecasting and Budgeting Tips for Multi-Location Dental Practices When it comes to driving financial success for your multi-location dental practice, budgeting and forecasting are essential steps. Proper forecasting ensures you’ll have the right amount of money to...

Send Us a Message

Let’s get started with a thorough assessment to build your detailed report on risks, metrics, and how-to guidance.

We can help you transform your practice and simplify your life. Your partnership with us begins with an introductory meeting to work with you to determine if our services are a good fit and—if they are—set up an accounting assessment.

Free eBook