How Practice Analytics Software Can Boost Dental Practice Revenue

Nearly every dental practice and DSO out there wants to boost revenue. In fact, many practices are still working to recover from a nearly 18% drop in revenue during COVID-19. What tactics and strategies can you employ to help boost your revenue?

One of the best available tools is practice analytics software.

What are Practice Analytics?

Practice analytics are a way for you and your administrative staff to gather data about your patients and your practice that would be difficult to identify without the assistance of such software. This data includes key performance indicators (KPIs) you identify as particularly important to the success of your practice - usually based on a pool of KPIs that have been found to be particularly relevant to most successful dental practices. In short, practice analytics can help you measure your success.

For example, your practice may be trying to improve your services and increase patient retention rates. Practice analytics can help you measure reappointment rates and, with the right software, what treatments are still covered by their insurance - helping you reach out for missed appointments or care opportunities.

Practice analytics can help you identify revenue opportunities as well as measure your actual financial and operational performance.

Why Practice Analytics are Important?

Without analysis, data is just numbers and offers little meaning and value. But, when we put those numbers into the right framework, or on a data dashboard, you and your staff have access to the numbers that matter most.

As a DSO, practice manager, or practice owner, you have goals. Not only do practice analytics help you set those goals, but they help you measure your success. Practice analytics can help you identify areas for operational improvement or financial opportunities.

For example, if you’re not monitoring patient analytics including insurance coverage, you may miss opportunities for care and revenue. In contrast, if you’ve got that data at your fingertips in near real-time, you can confidently book an appointment with your patients before they even leave your office. This helps enable their acceptance of treatment plans without all the post-visit communication attempts. This paradigm shift has the potential to substantially boost your financial efficiency and secure your revenue streams.

Which Practice Analytics Should You Monitor?

In the age of big data, you have a lot of numbers and metrics coming at you. Failing to prioritize or organize those can be as dangerous as not measuring them at all. Still, how do you know what to monitor?

Well, that depends on your goals. If your goal is to increase restorative patients and office utilization, then you’d need to monitor not just the procedures you offer, but which clients need those procedures and, perhaps more importantly, which patients have insurance that will cover, at least partially, those procedures. From there, you can create a realistic utilization goal and then track a variety of metrics to arrive at your restorative chair(s) utilization rate.

Without the right tools though, this is a time-consuming process. Even if there weren’t staff shortages, can your dental practice really spare the staff to dig through files, perhaps make calls, and put together the reporting you’d need to properly track this type of important measurement?

How Practice Analytics Software Can Boost Dental Practice Revenue

Imagine, instead, easy to access automated reports based upon your unique goals without sacrificing your staff’s time and effort. That’s precisely what practice analytics software can do for you.

If you’re like most dental practices, boosting revenue is always a goal, but how do you know where the opportunities are and where you need operational improvements? Practice analytics software can reveal unfulfilled treatment plans, open accounts receivable, patient recall status, and more. With this data at your fingertips, you can help ensure your chairs stay full and your revenue stream steady.

With VDA Member Perks endorsed iCoreHuddle, you can get all that functionality as well as staff prompts to encourage closed treatment plans, synchronized schedules to maximize efficiency, and which scheduled patients have open AR enabling you to collect when they visit. In short, you’ve got an easy to use comprehensive tool that doesn’t just feed you data but also provides you with guidance on how to apply that data and reach your goals.

If you’re ready to discuss how the team at iCoreConnect can help you turn data into dental practice success, book a demo today!