Half of 2017 is gone. Do you know how your dental practice is performing? If you haven't been keeping track, here are four trends you need to check into in order to do well the rest of the year.
This article originally appeared in the Principles of Practice Management e-newsletter. Subscribe to the twice monthly ENL here.
We’re at the halfway point of the year, so how is 2017 treating you so far? Great, good, or not so good?
Or maybe you don’t know. If that’s the case, here are four trends that will tell you how your practice is doing, what lies ahead, and what improvements you should implement.
1) Is production 10% higher than at the same time last year?
Take a look at your production for the first half of this year. How does it compare to 2016? If it has increased by 10% or more, that’s a good sign. If it’s below 10%, think about what adjustments you can make to reach your goals during the second half of the year.
2) Are collections 95% or higher?
If collections are less than 95%, this is an opportunity to boost revenue. Higher collections mean an instant cash infusion to your practice and your wallet. According to the latest Dental Economics/Levin Group Survey, practice collections stood at 91% for general practices. That means you’re losing $9,000 for every $100,000 produced. Don’t throw away money. Train your team to collect fees, including co-pays, at the time of service. Contact patients who owe you money with a series of three phone calls, three emails, and three letters over nine weeks. Most patients will pay once they see your practice is serious about collecting money owed.
3) Have you received a referral from at least half of your patients?
Most patients are happy to refer if they know your practice is accepting new patients. Of course, your customer service must be exemplary. If it’s just OK then your patients won’t be excited to tell their friends and family about you. When patients do refer others, make sure to send an email or handwritten card thanking them. That way you’re letting patients know that you appreciate their efforts, and you’re also encouraging them to continue referring new patients.
4) Is the hygiene schedule 90% full for the next 90 days?
Your hygiene schedule is a barometer of your future production. If your schedule is only at 50%, then it’s time to reactivate inactive patients, reschedule patients who canceled, and ramp up your marketing efforts. Don’t wait until the last minute to manage open appointments. Get started now to fill the hygiene schedule for the next 90 days.
Conclusion
If your practice is doing well, continue to build on your success. If your office has struggled in the first half of this year, use these four benchmarks to make some positive changes. December is still a long way off, but the adjustments you implement in the next few weeks can have a big impact by year’s end.
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CE for GPs:Attend Dr. Levin’s “The Mid-Career Plateau”seminarthis year and receive six CE credits.To see dates and locations, visit levingroup.com/gpseminars.
