Monday, December 10, 2018

CORE NUMBERS A DENTIST SHOULD KNOW DAILY

The Minimum Information Needed to Retain Control of Your Dental Practice

Question: On any given day do you, doctor, have peace of mind about the business aspects of your practice? Or do you focus so intently on clinical dentistry that the business side of practice (production, collections, expenses, profit, scheduling, patient satisfaction, staff issues, etc.) goes unattended? Make a commitment to review the following business statistics daily. A spreadsheet with this information will be invaluable in understanding the finances and productivity of your practice.

At the end of every day, the dentist should receive a report that includes:
  • Production—total; production from treatment; production from hygiene
  • Collections—over-the-counter plus electronic and mail; goal=40% to 50% of that day’s production
  • Bank deposit—should be made daily
  • Aged accounts receivable report
  • Total of adjustments and write-offs with full explanation
  • Number of patients scheduled for treatment
  • Number of patients seen for treatment
  • Number of broken or canceled appointments for treatment; number rescheduled
  • Show rate for treatment—percent of patients seen as scheduled; goal=95% or better
  • Number of patients scheduled for hygiene
  • Number of patients seen for hygiene
  • Number of broken or canceled appointments for hygiene; number rescheduled
  • Show rate for hygiene—percent of patients seen as scheduled; goal=90% or better
  • Total number of broken or canceled appointments; reasons if known
  • Referrals received from named sources; referrals made to other healthcare practitioners
Daily review of these numbers will give you a constant pulse on the business side of the practice, allow you to address problems immediately, and make team members feel involved in the business as they submit data for this report. Daily review of your business statistics and analysis of problems as they occur rather than playing catch-up, trying to rectify problems using a rearview mirror, will add greatly to the success of your practice and give you greater peace of mind.

Be sure to check out our Free Resources for Your Practice for additional insights, information, and practice management tips.

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