Maximizing Data: Part 2

Reports

May 2023

We all know that money in the bank is the #1 performance indicator! But that number shouldn’t be a guessing game or a surprise each month. Let’s dive into some questions to get started: What indicators are you using to measure practice performance? What database reports do you use regularly and how often? Are you setting performance benchmarks for the practice and for your staff and associates?

SET GOALS & METRICS

Printing a bunch of reports can quickly feel overwhelming if you feel like you don’t know what your numbers “should” look like. So, the first place to start is to define your practice’s goals. Next, think about how you would define or measure success in relation to those goals. Here are some examples:

• Goal: Attract new patients and increase production

  • Metrics: # new patients each month, # total patients, production compared to prior month/year, # appointments, # appointments kept, # evals, # upcoming appointments, etc.

• Goal:  Have a strong referrer-base

  • Metrics: # patients by referrer, # completed treatment by referrer, revenue by referrer, etc.

• Goal: Reduce aged receivables and become more profitable

  • We’d love to help you with this one! Call or text us any time at (860) 435-7344 to learn more.

GATHER DATA

Once you have an idea of what you’d like to measure and why, you can then identify which reports will provide the data you need. Most practice management software has a fairly generous selection of “canned” reports. However, if you need data beyond these reports, consider these options:

• Reach out to a software representative to discuss the possibility of custom reports;

• Explore the option of data query and export when offered;

• Consider a third-party vendor that provides visual analytics by linking to your existing software for a fee or subscription.

Looking ahead, there is a growing emphasis on more flexible and user-friendly data reporting directly within newer software options – and many existing programs are adding reports features. Yet another reason to stay current on your software updates!

MONITOR / IDENTIFY TRENDS / SET BENCHMARKS

Even if you don’t have all the data you want just yet, leverage the data you do have by reviewing it monthly. You will quickly see trends in your data month over month and this alone will help you know when something is amiss. For example, if 80-90% of your production is typically sent to insurance and suddenly only 60% is sent one month, act immediately to figure out why before it affects cash flow!

Don’t go it alone! Share goals, metrics, and trends with staff and associates to help set performance benchmarks and accountability. If you are looking to grow, set a # of new patients as benchmark each month and celebrate the achievement practice-wide when you are meeting your goals.

And lastly, ask for help!

Dental Billing & Consulting Professionals provides tailored consulting services to meet your specific needs, including report monitoring. Contact us today or call or text us any time at (860) 435-7344 to learn more.