Australasian Dentist Magazine May June 2021

Category 116 Australasian Dentist more OFTEN softwa e D id you know that 80% of dental practices admit to not knowing enough about their business? Research also shows that over 60% of practice managers don’t know how to use business analysis tools.* This means that a significant number of dental practices aren’t properly analysing their business to position themselves for future growth. How is the business tracking? Dentists use evidence-based materials for clinical work as they are reliable and can be trusted. The same is true of the business data within the practice, using accurate and up-to-date data means decision-making is based on facts and is therefore more reliable. Having performed business reviews and provided business coaching to countless practices across Australia and New Zealand many dentists assume that the practice is tracking well as a result of them being very busy. This can be a dangerous assumption, as being busy does not necessarily translate into being more efficient or profitable. Without understanding the numbers behind crucial metrics like revenue, chair-time utilisation, average hourly rate, and patient recall rates, practices may struggle to grow in a competitive landscape. Some practices struggle to acknowledge that they are not just The power of using business analytics to grow your dental practice running a dental practice, but a business. Looking closely at the business data is essential to ensure they are providing the care to their patients and the wider community that’s needed. Having a quality dental software with analytics and dashboards in place helps practices easily track these key metrics and set business goals to further improve. It also assists with benchmarking the practice in relation to industry standards as well as other practices in the same locality. Knowing where to invest time and effort Business analytics helps identify where there is room for improvement. Utilising business analytics to grow your dental practice means getting clear insight based on actual output and data, not speculation. These insights help form business targets to share with the practice team to help implement the changes as well as track the effectiveness. Setting overall business targets and drilling down to individual targets can also help motivate and engage team members. Our research shows that the most successful dental practices embrace metrics analysis and reporting on their performance on a regular basis. Dental practices that have effective tools and processes in place to track and review their performance are setting themselves up for significant growth over time. Key metrics to track and review Monitoring the following key performance indicators help practices get a clear overview of their business: u Practice revenue u Patient recall effectiveness u Un-booked treatment plans u New patients u Lapsed patients u Chair-time utilisation u Fail-to-attend rates Take action Once you understand how your practice is performing, it’s important to take corrective action. For example, low recall effectiveness may mean that you need to review your communication strategy with patients and possibly review overall customer satisfaction. Taking the most effective action relies on getting the right advice. Our Customer Success Program is designed to help your practice track and analyse your performance and take action to improve your business. u If you need help with reviewing your practice performance, contact Henry Schein One for a complimentary business review or health check: Australia: call 1300 889 668 or visit henryscheinone.com.au/businessreview New Zealand: call 0800 930 171 or visit henryscheinone.co.nz/businessreview * Source: Performance Monitoring – The Gateway to Sustained Practice Growth Whitepaper, Software of Excellence (2016).