Zettabytes… and counting

The concept of Big Data is not big news. We’ve all by now embraced the term to describe the sheer volume of information that accumulates through electronic record-keeping. Corporate America is investing heavily in digital transformation; many organizations are already skillfully analyzing their data and applying their findings to better understand their customers, attract new ones, influence consumer behaviour, and personalize their business relationships.

There is tremendous potential in the digital records of dental practices that – to date – remains largely untapped. This fact is one of the drivers of ABELDent’s Practice Management By Objectives™: Our strategic methodology that guides dentists in turning their big data into smart data.

You may recall the invitation I extended last month in this space to attend a Digital Transformation seminar we co-hosted with Microsoft. The response was overwhelming… and so was some of the information presented.

In particular, I was very surprised to hear some of the statistics shared by Lynne Clarke-Drew, Customer Acquisition & Marketing Lead with Microsoft Canada:

  • Every 2 days, we create as much information as we did from the beginning of time until 2003
  • Over 90% of all the data in the world was created in the past 2 years
  • Every minute, we send 204 million emails, generate 1.8 million Facebook likes and send 270 thousand tweets
  • It is expected that by 2020, the amount of digital information in existence will have grown from 3.2 zettabytes today to 40 zettabytes

Jaw-dropping numbers, to be sure. (I had never even heard of zettabytes before this seminar!) Lynne went on to discuss the aspiration of the health industry to transform today’s “sick care” system by improving care outcomes, promoting population wellness and harnessing the data explosion.

I will recap additional highlights and learnings from this seminar in future posts. If in the meantime you would like to receive a recording of the full presentation, just call me at 1-800-267-ABEL (2235) Extension 350 or drop me an email at angelas@abelhealthgroup.com

A truly rewarding business trip

As a regular follower of my blog and member of the ABELSoft community, you probably know that my company has long been a Microsoft Gold Certified Partner. It is definitely an honour to be invited to their annual premier event for partners around the globe, this year newly titled Microsoft Inspire.

When I boarded the plane en route to Washington, DC with my colleagues, I had no idea that we would end up on centre stage at the main event just a few days later.

Indeed, there we were during the awards banquet standing in front of a big screen announcing our company’s award as the 2016/2017 Microsoft Dynamics ISV of the Year for Canada!

This level of recognition is momentous.

While we have always believed in the power and value of Microsoft’s products and services, we worked in extra-close collaboration with them over the past year to optimize the use of Dynamics 365 for ABELDent users.

As a result, ABELDent software is now integrated with Dynamics 365 for Financials. We’re even providing a free license to customers to underscore the value of better and faster service and richer enhancements. Today’s ABELDent users can manage their practices with real-time business information at their fingertips:

  • Advanced analytics
  • Integrated accounting, clinical and financial reporting
  • Streamlined Human Resource management
  • Patient acquisition and retention management
  • Inventory management

Partnering with Microsoft helps us maintain our pivotal role in the digital transformation of the dental practice. We’ve always known that our innovative solutions and services exceed customer expectations, help them surpass business goals  and deliver unparalleled value.

Clearly, Microsoft agrees.

 

 

 

Could your practice benefit from a digital makeover?

As pioneers of practice management software about to celebrate our 40th anniversary in Canada, we are very gratified to see how technology has evolved to support every aspect of the dental practice. Today, the office that is operating without digital support is the rare exception.

On the surface, this is a great achievement. Yet when I dig deeper, as I frequently do in business development initiatives, I am surprised at how few dental teams are actually utilizing their technology investment to its full potential. Some may be limited by their choice of simple software that satisfies only basic tasks like scheduling. But many others have invested in more robust software that is just waiting to be optimized.

Wherever you sit, it’s time to seriously examine the state of your technology. Increased competition; heightened consumer expectations; the quest for planet-friendly, paperless solutions; cybercrime… these are among today’s external pressures that will continue to impact your success. For a dental practice more specifically:

  • The security and privacy of your data is more important than ever, yet has never been more at risk.
  • Cloud computing presents the opportunity for huge advances in the speed, mobility, reliability, and storage capacity of data. It can be more cost effective and quicker to deploy while improving the efficiency of backup and recovery.
  • Integrated communication portals enable amazing levels of practice/patient interactivity, heightening patient engagement and loyalty.
  • From a reporting and analytical perspective, your practice data can offer a wealth of valuable insights. Awareness and measurement of your KPIs – Key Performance Indicators – is a gateway to continuous improvement.

If you are not yet tapping into the power of your software, maybe it’s time for a digital makeover… let’s talk! On Monday, June 26th, ABELDent Inc. is partnering with Microsoft Canada to present an evening of insight that has the potential to transform the success of your practice. Join us in person or online for this event by pre-registering today.

Are you Living your Vision, Mission and Values?

Audience fragmentation is a challenge that marketers have been grappling with for some time. Consumers can no longer be pigeon-holed into a few contact channels: They are increasingly adventurous, capricious, demanding, and armed with information. Just when you think you’ve built a toehold on a social media site like Facebook, the early adopters have already moved on to the next shiny thing.

Consumers want to understand what you stand for, but they also want you to understand what makes them tick. Increasingly, they expect responsiveness, interactivity and customization.

Dental professionals cannot ignore these trends. The current environment for attracting new patients is competitive to the point where clinical expertise and caring service are just part of the equation.

Market differentiation is necessary to fuel momentum. A practice that can define and clearly articulate what unique advantages they offer to their patients can often move the needle from surviving to thriving.

In ABELDent’s Practice Management by Objectives™ methodology, the development of a meaningful Value Proposition is fundamental to a solid business strategy. There’s a mutual underpinning between the Value Proposition, the Mission, the Vision and Values statements, and the Operating Plan. Learn more about Practice Management by Objectives™.

If you have not yet articulated your thinking on this, your Mission is a good place to start. It should describe:
a. Why you are in business
b. Who you serve
c. How your practice adds value or improves the life of those you serve

Next, explore your Vision:
a. How do you define success, both short and long term
b. How will you and your practice improve, grow and prosper over the next several years

Finally, identify your Values:
a. What’s your patient care philosophy
b. What principles and qualities are important to you
c. What behaviours model those principles

This exercise is both a personal exploration and a team exercise. In order to create a shared vision and encourage buy-in, all staff and stakeholders could be involved. Your operating processes, practices and systems evolve from this foundation. And so will the emotional connections you create with your existing and new patients.

How do you share success?

I’ve been hearing an expression recently that has piqued my interest: Skin in the game.

It’s not necessarily a new term: It is often used to describe buy-in to the success of an enterprise. Having some kind of risk or reward inherent in the “game” builds motivation, effort and positive outcomes. The usual context is financial and encompasses players like investors, franchisees, partners, and entrepreneurs.

But each time I hear it, I think… Why not employees?

Even if a team is intrinsically motivated to do a good job, I can’t help but wonder how much more productive they could be when inspired by tangible rewards. Incentive programs and performance-based bonus plans are instrumental in driving growth in many industries. A dental practice could derive the same benefits.

Achieving best patient care and optimum oral health are highlight goals for every practice. New patient acquisition is an obvious goal. Organic growth, i.e. developing business from within your existing patient base, can be realized through diligent follow-up and patient relationship building to optimize recall cycles and increase acceptance of recommended treatment. Improved collections and claims processing all impact the bottom line.

There are various models that could be appropriate for your group.

  1. Revenue-generation compensation plans are common and appropriate in many industries for business development roles. A small percentage of new patient revenue can be pooled to acknowledge admin support of business development activities.
  2. Profit-sharing plans are effective for celebrating company-wide success on a semi-annual or annual basis.
  3. Team incentives tied to achievement of specific performance goals are an excellent method to drive immediate results. The frequency keeps the motivation top of mind.

We all enjoy cold, hard cash – even when it is reduced by income tax payable. But softer rewards can be equally effective in promoting morale and practice results. “Employee of the Month” recognition, special perqs like a coveted parking spot, gift cards, team lunches, monthly prizes… these are all proven techniques that inject fun and camaraderie into your workplace.

Whatever the reward, the details of an incentive plan must be well thought out. Some pointers:

  • First understand and itemize which specific objectives you want to accomplish.
  • Identify your current benchmarks and articulate what you want to improve and by how much.
  • Make the goals challenging yet realistic: Make it understood that goals can be changed or increased to maintain momentum and avoid auto-collect.
  • Your plan must be fair and reflect the relative contributions of each member of your staff.
  • The details and terms must be established, documented, communicated, and understood with clarity.

Finally, the program needs to be carried out with consistency and excitement. Genuine appreciation should accompany the presentation of every reward: sharing success is a win/win/win!

In with the new… Patients

For many, fall is a time of great change and renewed beginnings. With that in mind, we turn our focus to business-building strategies: attracting new patients and retaining existing ones within your practice. Today’s complimentary Point-of-View Paper: “Through the Looking Glass: What Your Patients See” is chock full of techniques, tips and advice to help position your practice for success.