Word-of-Mouth Marketing: Shouldn’t Dentists be Especially Good at This?

Sales executives in every business will unanimously agree that referrals from existing customers are the of lead generation. Certainly for us, when a satisfied ABELDent user recommends our software to a colleague, we are thrilled on multiple levels.

First, it is testimony to the confidence that Dentists place in our product. We are honoured that they take the time out of their busy day to champion ABELDent! Second, the positive introduction promotes our solution and dramatically reduces the sales cycle. Finally, the direct lead to a qualified decision-maker is the most cost-effective method of welcoming new customers.

The same benefits apply to a dental practice whose patients trust them enough to recommend their services. Imagine for a moment if one-quarter of your existing patient base was to successfully refer just one new patient each. That would represent a 25% growth spike without touching your advertising budget!

As great as that sounds, it is actually realistic to aim to receive one referral per year from 40-60% of your existing patient base, of which ideally 10% will successfully convert to a new patient.

So how does your dental practice measure up? Do you even know how many referrals you received over the past year? Are you aware of the value to your practice?

Every dental practice should know:

  • The number of new patient referrals and revenue attributed to the new patients
  • Your referral conversion ratio – how many leads actually convert to new patients
  • The net patient growth of the practice (the number of patients leaving the practice vs. number of patients added over the same period)

The good news is that all of the information necessary to calculate these KPIs resides within your ABELDent data. Detailed Referral Reports present useful data about all referrals including names, sources, timing, and resulting revenue generation.

Now… considering the value of patient referrals, imagine the exponential benefits that could be achieved with a little proactivity:

  • Ask for referrals. Train your front-desk staff to be confident: “We’re expanding our practice. Do you know anyone who needs a great Dentist?”
  • Print out cards that your patients can easily pass along to contacts
  • Develop an email or texting campaign to make it easy for your patients to forward your coordinates
  • Create prestige whereby a referred patient receives a value promotion (and be prepared to offer that same promotion to existing patients upon successful referral)
  • Offer an incentive. Contests, random draws and Frequent Referral Rewards always spur participation
  • Establish a Patient Appreciation Event… remember the famous car maker that sponsored a free drive-in movie event each year for customers and their families and friends?
  • Maintain top-of-mind awareness through ongoing communication. Brief, interesting newsletters tend to have a high readership ratio

It is important to remember that new patient acquisition should only be a priority focus once a successful patient retention strategy is in place. To explore some practical ideas and strategies for patient engagement and loyalty, just re-visit my previous posts:

In with the new… Patients

Facts and Figures Speak Volumes about Dental Patient Retention

Every dental practice has a UVP. What’s yours?

In closing, we have recently launched our amazing new ABELDent 365. Do you know anyone who needs some great practice management software?

I invite you to continue this conversation by reaching out to our team at any time.

Take a Closer Look at your Dental Practice Practices

“Another last-minute cancellation… why does this keep happening?”

“I wonder how other dental practices promote preventive treatment.”

“What are the chances that patient will call back?”

A recent conversation with a Dental Office Manager revealed a few nagging complaints she regularly overhears from her staff. We were discussing common day-to-day frustrations in running a patient-reliant business, looking for ways to rise above them. I am a champion of practice management software – that’s a given – but it goes further than that. Any program can only be as effective as you make it, with trained staff who understand its potential and ensure its consistent, client-centric application.

The topic of internal processes and appointment scheduling effectiveness always brings to mind one of my father’s favourite quotes, loosely: How can you expect different – improved – outcomes if you keep doing things the same way?

Every aspect of your interactions with patients presents an opportunity to build positive perceptions. From the moment they arrive in your waiting room until the door closes behind them, each touchpoint is an opportunity to display empathy, direct communication, smooth processes, knowledgeable advice, and future focus. It is a mindset that can become intrinsic to your service.

Under the umbrella of ABELDent’s Practice Management By Objectives™ methodology, we developed a series of relevant KPIs – Key Performance Indicators – to assess your Internal Processes and optimize Appointment Scheduling protocols. You can easily extrapolate the data you will need from within your existing ABEL software database.

Here are seven quantifiable measures that will help you zero in on areas of opportunity. The formulas presented assume all parameters used are for the same time period.

Internal Processes KPI Chart

If you find your own numbers falling short of industry benchmarks, consider some of these short- and long-term initiatives:

  • Track patient appointment history and be proactive in bookings, confirmations and reminders
  • Communicate and apply cancellation policies
  • Book next appointments before the patient leaves the office
  • Emphasize the value of preventative measures with patients
  • Monitor production reports
  • Follow up regarding outstanding treatment plans and recalls
  • Establish and follow strict diagnostic protocols
  • Provide effective case presentations
  • Employ in-house specialists as much as possible
  • Provide advanced clinical training/continuing education
  • Provide and refresh staff customer service training

I hope this detailed information is helpful, or that at least it gets you thinking about your own internal processes. These KPIs are just one of the categories of the strategic practice management we champion. I invite you to continue this conversation by attending one of our webinars or by reaching out to a member of our team at any time.

Satisfied Patients Make Everybody Happy

A few common denominators propel the success of every business:

  • Developing and sticking to a meaningful Unique Value Proposition;
  • Having the right people focus on the right things at the right time;
  • Delivering a customer experience, product or service that is consistent, sustainable and of the highest possible quality.

These are just three basic principles that drive long-term viability and profitability, and they apply as much to managing a dental practice as to any other enterprise. Today’s blog is about end-user impressions – what your patients perceive, experience and remember – and the make-or-break impact they can have on your practice.

Beyond clinical excellence and value-based pricing, what is likely to influence positive patient impressions and drive repeat business? It really comes down to effective communication, smooth operations, disciplined follow up, and consistent service delivery. As part of ABELDent’s Practice Management By Objectives™ methodology, we developed a series of relevant KPIs – Key Performance Indicators – to help you assess your status and guide your progress in these areas. You can easily extrapolate the data from within your existing ABEL software database.

Here are six quantifiable measures that will help you zero in on areas of opportunity:

Patient Satisfaction KPI Chart.png

If you find your own numbers falling short of industry benchmarks, you may want to ponder a few questions:

  • What techniques has your team mastered to build patient satisfaction?
    See the section Dental Patient Retention… What’s it worth to you? in
    Through the Looking Glass: What Your Patients See
  • Is the team confident in asking for referrals? Do they look and listen for triggers?
  • Do you have defined time requirements for each procedure?
  • Are you using a patient kiosk for check in and follow-through?
  • Have you implemented doctor/chair time scheduling?
  • Are you and your team trained in dealing effectively with complaints? Who is empowered to ‘make it right’?
  • Have you established reasonable and realistic patient expectations? Do you provide a new patient welcome kit with written office policies?
  • Do you consistently source new supplies and/or treatment techniques to improve productivity and the patient experience?
  • Do you maximize available technology?

Overall patient satisfaction should be Job One on everyone’s agenda. Staff must be trained and continuously reminded to use empathy in understanding the patient experience. Engagement, loyalty and free-flowing referrals stem from positive patient perceptions.

This group of KPIs is just one of the categories of the strategic practice management we champion. I invite you to continue this conversation by attending one of our webinars or by reaching out to a member of our team at any time.

What will you do with your cloud-shift $avings?

There is no question that investment in technology can be significant for any business, let alone a small- to medium-sized dental practice. When it comes to your practice management software, the return on that investment and its inherent value to your bottom line is undeniable. But the cost of hardware, maintenance, security, and IT support can certainly add up.

One of the best advantages of working in the cloud is the prospect of dramatically reducing the technology expenses line item in your budget.

During a recent discussion with a client regarding her planned migration to our cloud hybrid solution, we got out our calculators to do a real-life cost-benefit analysis.

This led to a genuine “eureka!” moment for my client. She got excited about the many ways that she could spend the freed-up funds over the next year. She started out with practical suggestions; by the end of our phone call we were contemplating whimsical and downright hysterical options.

The whole topic went viral – if you can use that term for water-cooler conversation dominance – and before I knew it we were compiling a list of ideas to share in a blog post. Here are the team’s top ten picks:

10. A bucket-list trip on the panoramic Rocky Mountaineer through Western Canada and Alaska

9. Porcelain veneers

8. Two weeks on a beach in Maui with my mate

7. Home theatre with surround sound: one for my operatory and another for my rec room

6. A wellness spa retreat for my hardworking staff

5. A Jaguar hood ornament for my Honda Civic

4. “Everybody gets a car!” (well, maybe with a small cash infusion from Oprah)

3. A vintage Pac Man arcade game for the staff lounge

2. A staff lounge

1. A shiny new, state-of-the-art CAD and CBCT system – or maybe just an AI Dental Advisor. Siri, meet Carie

What’s on your wish list?

I invite you to share your top picks with me.
 

Healthcare Data Security Statistics that May Surprise You

Have you noticed the influx of Updated Privacy Policy notifications in your inbox?

Companies in the European Union – and any company anywhere with EU customers – are scrambling to meet the General Data Protection Regulation (GDPR) compliance deadlines. It’s just a matter of time before stricter privacy control legislation is imposed in other parts of the world.

The protection of personal data is an increasingly hot topic. With every news report of lost, stolen or hacked data, we all become a little more uneasy. Businesses ramp up their focus on protecting their clients, and customers focus on themselves.

With recent high-profile breaches of protected health information (PHI) at companies like Anthem and Allscripts, consumers are more worried than ever about their personal data being compromised. It seems to be a double-edged sword. Consumers are wary of sharing personal information – financial and health-related data top the list. Yet as patients, we expect health professionals to have complete access to our health profiles and background in order to make critical diagnoses, quickly.

The very nature of this information makes the healthcare industry a prime and profitable target for criminals. As you would expect, data security for the users of our dental and medical practice management software has always been a priority.

So naturally, I was intrigued by the findings of Verizon’s 2018 Protected Health Information (PHI) Data Breach Report. I came across a recent article by Suzanne Widup of Verizon’s Security Research Team summarizing findings from 1,368 incidents within the healthcare sector covering 27 countries. Interestingly…

  • 58 % of incidents involved insiders. Whether driven by financial gain, such as tax fraud or opening lines of credit with stolen information (48 %); curiosity in looking up the personal records of celebrities or family members (31 %); or simple convenience (10 %), poor internal controls pose a major threat to an organization.
  • 70 % of incidents involving malicious code within the healthcare sector were ransomware infections.
  • 27 % of incidents related to PHI printed on paper. Cyber hacking may be in the news, but it seems real breach activity can also be found in the paper trail. Mailed or faxed prescription information, billing statements, copies of ID and insurance cards… these printed documents are commonly mis-delivered, lost or thrown away without shredding.
  • 21 percent of incidents involved lost and stolen laptops containing unencrypted PHI.

At ABELSoft, our Privacy and Security Specialists are intimately involved at every step of product development and quality control. They champion control and vigilance with internal stakeholders as well as with every software user. Here are several short- and long-term measures suggested by Verizon and by our internal team to lessen the risk of some of these challenges.

a. Full Disk Encryption provides an effective and relatively low-cost method of keeping data out of the hands of criminals.

b. Integrated controls (like ABELSoft’s Authorization Manager, for example) define user roles and access requirements.

c. Documented policies and procedures that mandate routine monitoring of internal access demonstrate commitment to vigilance and repercussions.

d. Staff education regarding these policies is critical.

e. Preventive controls for defending against malware installation are key, as is minimizing the impact that ransomware could have against your network.

f. Unfortunately, ransomware attacks will not always be prevented. There are cases where protective technology gets breached and humans get misled. Good backups become the only recourse when preventative measures fail (other than paying the ransom or starting over, which are both unacceptable solutions).

g. Practices should work towards a reduction of paper-based PHI in their environments, and establish a holistic risk management program that protects not only ePHI, but also other sensitive data that they store and process.

As much as we like to think that we have become cyber-aware and digitally vigilant, we know that hackers and sophisticated criminals will try to get past our defenses. We cannot assume that our team members intuitively understand the importance of privacy and security of healthcare data. They must be educated, reminded and monitored to make sure that you remain the reader of cybercrime news reports… and not the subject.

Read the 2018 Protected Health Information Data Breach Report

Related Posts:

3 keys to cyber security: protect, detect and respond

Pharming and Phishing and Smishing… what next? (re-post)

In Control… or not? It’s up to you

Getting Down to Business: Boost Your Dental Practice Financials

I have written in this space about the importance of managing the performance of your dental practice through analysis of cold, hard empirical data. Facts rule. Numbers don’t lie.

At the end of the day, after you have demonstrated clinical excellence, professional achievement and patient satisfaction, the success of your business comes down to financial viability. I may be preaching to the choir: Rarely if ever do I come across a Dentist or an Office Manager who is not interested in improving productivity and profitability. Yet the nagging questions persist:

What should we be measuring?
Where do we start? Where do we sit today? Why?
How do we accurately monitor results and progress?
What is the industry benchmark?
What specific steps can I take to improve and grow?

For us at ABELDent, the answers unfold within our Practice Management By Objectives™ methodology. We have developed a series of KPIs – Key Performance Indicators – to guide your progress. The foundation of the program is the fact that all the data you need to identify and monitor your vital numbers resides within your existing ABEL software database; it’s as simple as generating the relevant reports and performing some quick calculations.

Here are eight quantifiable measures that will get you well on your way to analyzing, managing and ultimately improving your financial performance.

Key Performance Indicator Chart

If you find that your own numbers are below industry benchmarks, consider some of these short- and long-term initiatives:

Improve cash flow

  • Be clear in your communication with patients regarding financial terms and guidelines. Always inform before you perform
  • For costly procedures, ask for a deposit or upfront payment
  • Offer financing plans; limit payment plans to 60 days
  • Accept credit and debit cards
  • Use electronic claim processing
  • Provide statements and/or do regular collections follow-ups
  • Run frequent, regular A/R reports
  • Track patient payment patterns and address any issues proactively

Increase revenue

  • Focus on higher end dentistry
  • Monitor and improve case acceptance
  • Pursue outstanding treatment recommendations
  • Raise fees

Decrease overhead

  • Source less costly supplies, equipment and services
  • Evaluate all purchases based on ROI
  • Increase productivity of staff through training

Build your patient base

  • Ask your patients for referrals
  • Initiate or reinforce marketing efforts
  • Track the effectiveness of each marketing activity

I hope this detailed information is helpful, or that at least it gets you thinking about delivering more focus on your bottom line. Financial KPIs are just one of the facets of the strategic practice management we champion. I invite you to continue this conversation by attending one of our upcoming webinars or by reaching out to our team at any time.

Going Cloud: Three Common Myths Busted

The more I discuss cloud computing with dental practitioners, the more I recognize that there’s as much dis-information floating around as there are facts you can count on.

Moving to a cloud-hosted model is a big decision. Most companies choose it for business agility and cost savings. But there are drawbacks to consider. That’s why ABELDent now features a hybrid solution: Our practice management software users can enjoy all the advantages while minimizing the risk.

To help you separate fact from fiction and support any level of migration to the cloud, I thought it might be helpful to share the truth about the most common myths:

  1. If our data moves to the cloud, our business will no longer have control over our technology.

    Not so!  You still have total control over technology, but your IT department won’t have to worry about constant updates. The time they’re now spending on maintenance and software upgrades will be significantly reduced, allowing them to focus on advancing your organization’s technology and business operations.

    Instead of spending your capital budget on servers, you can think strategically about reinvesting those funds into growth initiatives. (Hmm… what else could I do with those savings?)

  2. Keeping our data on premise is safer than in the cloud.

    Not so!  It’s becoming increasingly clear that companies are routinely hacked without ever knowing it. Your practice may have a security expert, or use the services of a third-party professional. However, most companies can rarely assemble a team large enough to uncover and protect against the hundreds of possible alerts that come through each day.

    Cloud data centres like Microsoft Azure – our proven choice – are singularly focused on security and built with scale in mind. A dedicated team maintains security at the pinnacle of industry standards, using a wide range of processes and regulatory compliance expertise, to prevent, detect and mitigate breaches.

  3. Corporate spies, cyber thieves and governments will have access to my data if it is in the cloud.

    Not so!  This is a top fear about the cloud among many businesses, but it is unfounded. It’s your data, not anyone else’s. You determine access and options, rights and privacy restrictions. Strict controls and design elements prevent your data from mingling with that of other organizations. Physical access to data centres is secured and monitored continuously, and all data centre staff must follow stringent data access protocols.

    A respected provider like MS Azure guarantees that your data will not be mined for advertising or for any purpose other than providing services you have paid for. If you choose to leave the service, you take your data with you.

The more I learn, the more the benefits of cloud computing make solid business sense, especially within the context of our hybrid solution for dental practitioners. As always, we’ve dedicated our development resources to making sure we address the needs, concerns and real-world priorities of our users. Read more about our Best of Both Worlds solution. And please share this with any colleagues who need help separating fact from fiction when it comes to the cloud. It’s good to be on the same page: You’ll save time by not having to argue about these myths.