Business decisions are a part of daily life for dental professionals. Whether you are a provider and owner, or you have a different role in a practice, you have an impact on and are impacted by the practice’s business decisions.
COVID-19 brought economic stress to most industries, including dentistry. While most practices in Canada are open to some extent, whether to see emergency patients or to offer a wider variety of services, it will be some time before things are “back to normal”.
As your practice gets back on its feet, it’s as important as ever remember the words of management thinker Peter Drucker, who said “you can’t manage what you can’t measure”. While the business environment will improve as the negative impacts of COVID-19 subside, some practices will recover more quickly, in part by measuring their practice performance and finding opportunities to improve at all stages of the recovery.
Key Performance Indicators (abbreviated as KPIs) are measure the most important indicators of practice success. During this unusual time, it might be beneficial to look at the KPIs you measure to ensure that they are well suited to your needs in the coming months. For example, tracking the potential for non-essential treatment may help you to determine how quickly to add hygiene hours to your schedule.
In late 2019, we discussed three options for measuring KPIs for your dental practice by generating reports. The three methods included using Microsoft tools such as Word, Excel, and Power BI, and also doing it manually by extracting key information from standard reports. If you use our practice management software, we have a solution that doesn’t require third-party software.
ABELDent Insights is an upcoming integrated data measurement tool from ABELDent that generates viewable statistics based on ABELDent data. Viewing the KPIs and data trends in ABELDent Insights can help ABELDent users to determine their practice’s strengths, weaknesses and progress toward goals. Measuring these critical success factors helps practices to know what is working, and to plan adjustments where there is an opportunity for improvement.
ABELDent Insights provides simple displays simple infographics on such measures as production, including often-used KPIs such as the ratio of production generated by dentists compared to hygiene providers. ABELDent Insights also shows scheduler downtime, including statistics regarding no-shows, cancellations, and inactive patients. This can help to identify which days or times are hard to fill in order to adjust provider hours or try to fill those gaps.
Once you have identified your practice’s KPIs, you can work towards finding solutions that are feasible for your practice, and ideal for your team and your patients. Maybe a provider needs to focus on taking on a few more patients, or perhaps some inactive patients need to be contacted for their hygiene appointments. Regardless of what your practice’s needs are, there is a huge benefit to knowing your areas for improvement, as well as knowing what your office does well.