Welcome back to the Sikka Software Podcast! Here at Sikka we are passionate about bringing you tools and solutions that benefit your patients and your practice.
Today, we’ll be giving you the breakdown of five key metrics that all dentists should know in order to make sure that their practice is maintaining profitability and serving all patients effectively. Utilizing these statistics will help practices run more efficiently and help providers better serve their patients.
Number One: No Shows to Appointments. If you’re getting a high amount of no shows relative to appointments, the problem may not be with the patient. A high amount of no shows means that a practice needs to look at their communication practices. We consider more than 1 in 100 appointments being no shows to be abnormal. Be sure to send reminder messages to your patients prior to their scheduled appointment times on a medium where they’re likely to see it.
Number Two: New Patients vs. Total Patients. This KPI shows how well of a job that you’re doing attracting new patients to your practice. If the amount of new patients is relatively low, it may be time to reevaluate marketing techniques.
Number Three: Comprehensive Exams for New Patients. Every new patient that is brought to your practice should be given a comprehensive exam. If that’s not the case, your practice is missing treatment opportunities. Be sure that your front office is putting new patients through the proper pipeline to help promote better health outcomes in patients and generate more revenue for the practice.
Number Four: Dentist Gross Production. Using this metric, you can see how much each revenue each individual provider produced and compare that actual production to goals. Sikka’s Practice Optimizer allows you to set these goals for each provider.
Different providers might naturally have different outputs. But you can set individual goals that can make sure that each provider can maximize what they contribute to the practice while still maintaining their desired work-life balance.
Number Five: Production vs Collections. We’ve done a whole podcast on this metric before, but we really cannot stress it enough. If your practice is collecting less than it’s producing, you’re leaving revenue on the table. You may want to look at setting up payment channels that are easy for your patients to use, such as Sikka’s Patient Mobilizer with the Worldpay integration.
Sikka’s Practice Optimizer gives dentists the opportunity to easily track all of these statistics over time as well as graphs and reports to help identify growth opportunities for your practice. Using these analytics allows providers to make data-based decisions to serve patients efficiently.
This has been another episode of the Sikka Software podcast, where we give you tips and strategies to optimize your practice’s performance. If you want to send us any questions or comments, send us an email at firstname.lastname@example.org. Until next time.