Some find the running of a dental business a natural process, however the majority of dentists find running a business is a major challenge, one which obliges them to work purposefully everyday in pursuit of greater business success to achieve their vision, alongside the consideration of patient care.
Essentially, as a dentist, you are looking for a ‘double whammy’:
1. To provide exceptional dental care and patient experience.
2. To see greater success, increased profits and the achievement of your vision for your dental business.
Measuring your numbers is a vital activity if you are an ambitious dentist and you want to achieve both these things. Now as I am an accountant to dentists and dental business consultant
I know you’d expect me to say that but stick with me here… I’m not talking about regular turnover, revenue and cost figures. These are the obligatory numbers most accountants help you prepare and then stop. It benefits you to go further though. At Clear Vision, we unashamedly bang on about additional numbers you won’t find in your accounts – key performance indicators (KPIs).
These KPIs are important because it’s these numbers which influence your financial results and help you achieve the vision for your business. These are the underlying numbers which drive your financials. Improving your KPIs obliges you to focus on your patient experience also. When you improve your KPI results, your patient experience improves. You see more growth and more profits. You achieve the double whammy.
New patients
A fundamental KPI to measure is where your new patients have come from, so you can be sure what forms of marketing are working for you. Plus you can work out what return on investment you are seeing from each of your marketing activities, do more of what works and stop paying for what doesn’t (or find a better way to do it). So measuring this can help you minimise your marketing budget, this is a big plus financially.
It is of course true that you have the greatest source of new patients right under your nose - your existing patients. But how do you systematically and consistently tap this resource?
Work in memorable moments (service touches which are notable or unexpected and leave a positive lasting impression) and you will have delighted patients, as well as a stream of advocates ready to recommend you and help your practice prosper.
Your recall rates
Without returning patients your dental business would fail pretty quickly. So your recall system really is your ‘bread and butter’. Improving your exam and hygiene recall rates feeds treatment. The more patients in your chair, the more diagnosis of treatments and services are required, and thus more profit and success for your dental business. You also have the opportunity to delight patients when they visit you. You can improve their oral health and make a difference to them, and when you do this, your patients appreciate the value and care you provide. Double whammy nailed.