Key performance indicators (KPIs) are metrics that gauge the success and efficiency of your practice. They can be monitored and tracked over time to help measure growth or decline and make necessary changes.
KPIs are measurable values that show how effectively a practice, office, or business is meeting its goals, objectives, and targets. KPIs can be financial, operational, clinical, or patient-focused. They can include metrics such as how much revenue the practice is bringing in, how many patients are being scheduled and scheduled, how many new patients are being seen each month, how many cases are being performed, and so on.
Dental Key Performance Indicators
- Track Practice Production and Income
Monitoring practice production numbers is an effective way to evaluate practice performance. Comparing production numbers to other practices in your area is a great way to assess office success.
Tracking production numbers allows you to see what types of cases are being completed and in what time frame. Tracking production numbers can also reveal which procedures are most profitable for your practice.
By tracking your practice’s production, you can make strategic decisions to maximize profit.
Production can be tracked by reviewing patient ledgers, reviewing reports from your practice management software, reviewing reports from your dental labs, and reviewing end-of-year reports. Income can be tracked by reviewing monthly profit and loss statements and reviewing end-of-year statements.
- Establish Production Goals for every provider and RDH
Setting production goals doesn’t have to be difficult or time-consuming. But they must be realistic and attainable. Your production goals should depend on your practice and the providers on your team.
Production goals should:
- Be challenging but attainable
- Be based on production year to date (PTY)
- Be based on production goals set for comparable professionals on staff
Before implementing any production goal monitoring program, you’ll need to define your production goals. Start by establishing your production goals for all providers and RDHs. Then, communicate those production goals with the entire team, and be sure all providers are held accountable for meeting those goals.
- Establish Collection Goals for practice
Dental practices have collection goals that they must meet. Not meeting those goals is a sign that there are issues with collections. A dental practice needs to collect on all of the claims they receive. If these claims are not being collected, then the dental practice is losing money.
Measure adjustments, average revenue per patient visit, procedures by procedure code, and many more.
It is important for dental practices to track adjustments to procedures completed for your office. You can measure procedures by procedure code, payer, provider, treatment phase, and more.
Using average revenue per patient visit, you can determine the success of your marketing efforts. A high number is an indicator that your marketing efforts are successful.
The average revenue per patient visit metric tells you how much revenue your practice is generating per patient visit. This is the average amount a patient will spend during each visit.
Seeing which procedures are being performed most frequently can help you prepare for future office visits, track practice growth, and plan your marketing efforts.
Need help with dental key performance indicators? Call us at (714) 293-2195.