As a dentist, you are always looking for ways to improve your practice and grow your business. But how do you know which key performance indicators (KPIs) to focus on? Here are 9 KPIs that have been shown to drive growth in dental practices. Knowing which ones to track will help you make the most of your efforts and achieve the success you desire.
Revenue Per New Patient
Tracking the revenue generated from new patients can help you determine whether your marketing efforts are paying off. If you’re not seeing an increase in revenue from new patients, it may be time to re-evaluate your marketing strategy.
Number Of New Patients
The more new patients you have, the more revenue your practice will generate. But it’s important to track the number of new patients you see on a monthly or quarterly basis to identify any trends.
The no-show rate is the percentage of appointments that are not kept by patients. This KPI can help you track patient compliance and identify opportunities to improve your dental practice appointment reminder system.
Patient Retention Rate
It costs far less to retain an existing patient than to attract a new one. That’s why it’s important to track your patient retention rate. If you’re losing too many patients, it could signify that your practice isn’t providing the level of care they need.
Number Of Procedures Per Patient
The more you can perform on each patient, the more revenue your practice will generate. That’s why it’s important to track the number of procedures you’re performing monthly or quarterly.
Average Procedure Revenue
Not all procedures are created equal; some generate a lot of income, while others generate very little. That’s why it’s important to track the average revenue generated from each procedure. This will help you focus your efforts on the most profitable strategies for your practice.
If you’re not collecting payments from patients, your dental practice won’t be very profitable. That’s why it’s important to track your collection rate. The higher your collections rate, the more money you’ll have to reinvest in your practice.
Accounts Receivable Turnover
This KPI measures how quickly you collect payments from patients. A high accounts receivable turnover indicates that you’re collecting payments promptly and efficiently. A low accounts receivable turnover means that you’re not collecting payments as quickly as possible.
Net Profit Margin
This KPI measures how much profit your dental practice generates after all expenses have been paid. The higher your net profit margin, the more profitable your practice is. Tracking this KPI will help you ensure your practice is as good as possible.
Monitoring these KPIs regularly will give you a good idea of how well your dental practice is performing and where you need to focus your efforts to improve. If you’re not already tracking these KPIs, now is the time to start. Your dental software should make it easy to follow and analyze these KPIs. If it doesn’t, you may want to consider switching to a different software platform.