Since 2000 there has been an increase in the average transaction year over year. Although the growth slowed during the recession, this trend has started to reverse in 2017 and 2018.
When I think about running a dental practice, I’m reminded of nurturing my garden. I have to tend to a lot of weeds to make sure that my beautiful flowers and vegetables can flourish. Running a dental practice also requires that you pull out those nasty weeds, fertilize the soil, and tend to the practice on a regular basis if you want to see the fruits of your hard work. The time and effort put into keeping things clean and organized will be rewarded with improved collections, increased production, and a much better idea of the health of your practice.
Fee setting can be one of the biggest challenges a dental practice faces. Without benchmarking data, it can be difficult to set competitive fees, maximize revenue and negotiate with the dental insurance companies.
Join Kevin Henry and Teresa Duncan, M.S. of Odyssey Consulting on August 14th as we unveil the fee trends you need to know.
Watch the webinar recording here.
Your dental practice was created as a business to help improve the oral health of your patients. But you can’t serve your patients and thrive as a practice unless you have an idea how your practice is doing.
Sikka Software has just compiled data from more than 13,000 dental practices throughout the U.S. in more than 70 different categories within the practice. In this two-part series, I’ve looked at 10 key metrics and boiled down the nationwide averages for the last seven years. Part 1 examined aspects of hygiene, preventive, and doctor production along with the number of active patients.
It’s always an excellent idea for dentists and team members to know what numbers are making an impact on their practice’s bottom line and to have some numbers from across the U.S. that they can use as a comparison to see how well, or not so well, they’re really doing.
As IgniteDA co-founder Kevin Henry often reminds dentists and team members during our monthly webinars, you aren’t just running a practice, you’re actually running a small business. Knowing your numbers is a key part of keeping that business successful.
For the first time, Sikka Software will be releasing its latest data on dental practices around the country for the year 2017.
What was the average gross production for the dentist and hygienist? What were the average number of new patients per practice? How about the average AR carried before and after 90 days? These questions and more will be answered and dissected.
Join Kevin Henry and Dayna Johnson on July 17 as we unveil this critical information!
Watch the webinar here.
As with other key performance indicators (KPIs), tracking doctor production is crucial to maintaining your dental practice. Setting and achieving goals motivates you and your team by holding everyone accountable for work on a daily, weekly, monthly, and yearly basis.
This KPI provides the big picture of how your practice is doing at any given time. A busy practice is not necessarily a productive one. If you have a schedule full of patients and your numbers are not justifying the busyness, taking a look at doctor production can help you identify any issues. Here are some factors that can help.
Working in the dental field is rewarding! There are endless opportunities to serve people and to change lives one smile at a time. But as a dental professional, you still have to be profitable.
Dentistry has one of the highest overheads in the health industry, and when you add the ever-growing contractual write-offs, profits can quickly dissipate. What if there were a way to increase production without drastically affecting overhead? This can easily be achieved by refocusing the way appointments are scheduled.
Ahhhh, we all love new. We love that new car smell. We love a new spring day with the right amount of sunshine. New clothes, new shoes, new house! New is exciting!
New patients in our practice means growth … and growth is exciting. When new patients receive impeccable customer service in our office, they leave excited. Creating an atmosphere in our practices that fosters great customer service, a friendly team, and communication where patients feel comfortable and welcomed is a tall order but absolutely necessary to set ourselves apart from the other offices around the corner.
For any business to be successful, it must know and grow its customer base. Understanding even basic demographics of its customer base helps a business develop effective marketing strategies, and asking the hard questions about why a client switches to a competitor can help a business determine how they can improve their client experience moving forward. When a dentist commits to running his or her practice like a business, these statistics will be among those that he or she needs to know on a consistent basis. Understanding the Active Patient Base in the practice will shed a bright light on the facets that measure the success of your business.