Just imagine a real-time scenario: what if you are going for a long drive without a dashboard. That means no - fuel gauge, speedometer, oil gauge, temperature gauge, voltmeter, engine health, or any other indicators.
Then how can you find out how many miles you’ve traveled, how much gas/petrol is left, how much speed you’re maintaining thought your journey? Ahh, we can’t even remotely imagine flying without observing all these essential gauges on the dashboard. Right?
Well, in a similar way, if you are a dentist, how you are running your dental practices without observing their gauges. What are these gauges and how can dentists see?
They are the key performance indicators (KPIs). This may not be news to you since more dentists are becoming aware of and tracking certain KPIs. However, not many know how important they are or what they mean. We’ll cover some of the essential KPIs and what they mean for your dental practice.
There are more than 100 KPIs that need to be tracked in a dental practice. Some of them are very essential, and some are simply good to know. Here we have curated EIGHT KPIs which helps you track your dental practice’s metrics in a simple way.
#KPI 1:
New Patient
This KPI provides a detailed overview of the number of new patients visited the clinic, the number of treatment plans presented to the patients, and how many patients accepted the treatment plans.
Collection
Collection KPI measures how much revenue has been collected to your dental practice from the patients and the insurance carrier.
Total Visitors
This KPI helps to analyze the total number of patients who visited your dental practice.
Recall
This KPI helps to find out the recall rate of your dental practice i.e. how many patients revisited your clinic through our reminder system.
Production
Production KPI measures how much revenue has been generated to your dental practice from the patients and the insurance carriers.
A/R
This KPI helps to measure the due amount from patients' billing and insurance claims. The Account Receivable KPI shows whether your practice is actually generating revenue or not.
End of the day
End of the day KPI represents how many active patients visited, new patients accepted for the treatment, and how much revenue generated and collected at the end of the day.
Insurance
This KPI helps to measure the due amount from patients' billing and insurance claims within the time period between 0-30 days, 31-60 days, 61-90 days.
Final Thoughts
It is very important to track these key performance indicators (KPIs) for a dental practice to plan ahead and keep focused on the growth. If you need help with these dental metrics, we at BPK Tech provides an out-of-box and seamless custom Free KPI dashboard to track these key metrics. We always want to help your practice succeed.