KPIs—your recipe for a successful dental practice

This article is sponsored content brought to you by Software of Excellence.

Every business owner should have measures in place to track how their business is performing. However, one of the challenges in putting performance measures in place is knowing what to measure. These are known as key performance indicators (KPIs) and should be clearly linked to the drivers of success in your business, such as chair-time utilisation, new patients, recall effectiveness, FTAs, patient satisfaction and more.

Equally as important, the use of KPIs should not be limited to just the principal dentist or business owners. Ensuring your entire practice team are aware of these measures is paramount to your success as this will help drive success and productivity.

Moreover, without processes and systems for setting relevant KPIs and then measuring how you’re tracking, you’re relying on gut instinct to tell you how you’re performing. And this is a dangerous territory to be operating in.

80 per cent don’t know how their practice is performing

A recent Software of Excellence survey found that 80 per cent of practices didn’t know enough about their business performance. This is a worrying statistic and one that every principal dentist or business owner should pay attention to.

However, to successfully tackle this problem and launch your business to the ‘next level’, it’s essential to play to your strengths. While nobody knows the ins and outs of your business like you do, it’s okay to admit there may be some areas where others with specialist knowledge can support you.

That’s where we can help.

The Good to Great Challenge

The Good to Great Challenge by Software of Excellence is a 12-month program, which explores the key factors that contribute to financial growth and patient satisfaction in detail and gives you the guidance and support you need to measure and improve your business performance.

Challenge practices will receive coaching and regular advice in the following areas:

  • Optimising your diary. The ability to effectively utilise surgery time is a key factor in driving practice revenue performance. Learn how to boost chair-time utilisation and make the most of every available working hour.
  • Maximising your hourly rate. Maximising your average hourly rate will boost revenues without any extra time commitment within your practice. Learn how to increase your hourly earnings and achieve the ideal treatment mix.
  • Improving patient satisfaction. Attracting new patients and retaining existing ones is the key to long-term success. Learn how to effectively promote your services to potential new patients and increase treatment uptake and customer satisfaction across your patient base.

What will you learn during the Good to Great Challenge?

  • The Key Performance Indicators that drive success
  • How to set targets to boost performance
  • Best practice in managing a dental practice
  • Why and how to automate your workflow and processes

What does it include?

  • Business health checks
  • One-on-one consultations
  • Monthly progress reports
  • Access to market leading software
  • Ongoing advice and support

Not quite ready for the Challenge?

Software of Excellence also offers a no-cost Best Practice Health Check designed to help you optimise your practice performance, efficiency and profitability. This offer is not just for Software of Excellence clients—principal dentists and practice owners using any practice management system can book in a Best Practice Health Check.

During your Health Check, we will:

  • Compare your performance against top performing practices.
  • Identify areas for improvement within your practice.
  • Recommend strategies and solutions based on ‘best practice’ research from over 1,500 dental practices across Australia, New Zealand and the UK.

Our specialist will analyse your performance in several key areas. The first is in driving recall effectiveness, where our research shows that average practices run at just 57 per cent efficacy, compared with top-performers’ recall rates of over 85 per cent.

The next is in ensuring optimum chair-time utilisation, where ‘next level’ performers regularly see 95 per cent utilisation. And the third is in helping practices attract a regular flow of new patients, market effectively to existing patients and monitor overall practice performance.

For more information on the Good to Great Challenge, simply visit
www.g2gchallenge.com

Alternatively, to book in your Best Practice Health Check, simply visit www.softwareofexcellence.com/au/healthcheck or contact us at
1300 138 063 or email consult@softwareofexcellence.com

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