Have you ever sat in a traffic jam? Stopped on the highway, pushing your brake, thinking about what you should do? Since you can only see a few cars in either direction, you have limited information – so at best, you can guess at whether you should get off at the next exit or perhaps call the person you were headed for a meeting with to let them know you will be running late.
Now, imagine you’re in the traffic helicopter and you can see exactly where the accident occurred – and you can tell which cars will get through this delay quickly and which others would do better to exit the highway immediately. Knowing your numbers helps you to think strategically so you can see the big picture of your practice’s performance – and make better decisions.
For Dentrix users, I can provide you with the top 10 performance measures for your practice. These include:
- New patients
- Referral sources
- Production/collection vs. Staff Compensation
- Hygienist performance
- Overhead (in key categories)
- Recall success
- Total active patients
- Case acceptance
- Unfilled time
- Aging / Insurance
Here are the type of decisions you can make more confidently with this information:
- New patients / Referral sources – Which are the most successful referral sources? Which are the least? (And, if you provide me the cost of each marketing program, I will provide you a return on investment for each.) Find out the actual number of referral sources you are documenting vs. leaving blank each month.
- Production / Collection / Staff compensation – How is the entire practice performing financially? How productive is each RDH? (And, if you provide me the staff compensation data, I will provide you with a collection goal for your overall practice.) How does each RDH production compare to her salary – and how does that compare to the benchmarks in dentistry? If you track EFDA (expanded functions dental assistants) production separately, I will provide you a comparison for her production vs. salary also.
- Overhead – How are expenses compared to the benchmarks provided in dentistry? (If you send me an income statement, then I can provide comparisons for dental supplies expense, lab, staff compensation and marketing.)
- Recall % / total active patients – What % of patients are returning for recall visits? How many total active patients do I have in the practice now? What is the age breakdown? How many have insurance?
- Case acceptance / unfilled hours – How much open time do I have in my practice? How much treatment that I diagnose is not scheduled?
- Aging – How is my practice doing at collecting personal payments? How am I doing at getting paid on time by insurance companies? What % reduction am I taking in fees on a PPO plan?
- Quality – For children patients coming in regularly, how many are staying healthy and decay-free?
Are you curious to know your numbers?
Here are some additional benefits to receiving this reporting package:
- Consider this a third party review for each of your systems and your staff performance – how would you like to compare the aging report that your office manager provides you with the one I create? What a great way to make sure you’re receiving accurate information!
- See your practice performance in comparison to the benchmarks in dentistry. Know whether to pat your staff on the back or talk with them on how to improve.
- Use these reports as the beginning of regular reporting in your practice – you, your spouse or your office manager can run these reports at end of month and continue to track your performance.
- Identify gaps in your documentation – for example, in one practice I reviewed, I discovered that the hygienists were not charging out the procedures they provided to patients – instead these were walked out to the dentist – causing the hygienist production reports to be in error. What’s it worth to document your staff’s productivity accurately?
- Learn which insurance plan is the largest in your practice and what reduction in fees it requires for membership.
- Talk with an experienced business manager about your numbers and identify opportunities to improve your practice.
To get started right away, the fee is $550. This covers an estimated 5 hours of time to generate these reports and create a summary for you. Please send me your income statement for the most recent month including year to date compared to last year’s same month and last year’s to date. Also send me your last full month and last quarter’s payroll report so I can see the hourly and total month compensation for each staff member. Other information I need to complete this analysis for you:
- Your remote access info – https://secure.logmein.com/ offers a free 14 day trial
- The Windows ID & Password on the computer I will connect to
- The Dentrix ID & Password that has administrator rights
- Names and Dentrix ID for each Dentist
- Does each Dentist work with an EFDA that receives credit for her work & is usually considered a team for production/collection?
- Names and Dentrix ID for each Hygienist
- Names of the PPO Insurance Plans you’ve joined
Once I receive your payment, I will contact you to set up remote access to your computer system. You are welcome to stay online with me while I run these reports or to simply help me get connected and then I will disconnect when I am finished. You will receive your report summary within 2 weeks of my receiving your income statement, payroll information and the remote connection to your practice.
I am happy to provide a signed HIPAA Business Associate Agreement – just click HIPAA Business Associate Agreement and download a blank copy and insert your dental corporation name and the date at the top and sign the bottom.