When I was thinking about how to structure this post, the Capital One credit card commercials where the rough and tumble Vikings advertise by asking “What’s in Your Wallet?” kept popping into my mind.
This obviously means I watch too much T.V. but I took the idea and, with a slight adjustment, applied it to running a dental practice.
“How?” you might ask.
No, I am not talking about which credit cards to accept, although this might be a good topic for another post.
I am referring to “What are You Tracking?” in your practice.
If you, or your designee, are not keeping tabs on several different components of your practice you may be missing out on vital information that would improve the health of your practice.
Today I am going to touch three basic items that we track on a a regular basis.
1) Production (charges): This is a no brainer.
You should establish daily production goals and closely track them.
You should also have monthly, quarterly, and yearly production goals that are in concert with your daily ones.
This also is a check to make sure you are charging for all the things you do.
For a while we were overlooking charges on some procedures but we implemented an “end of day” system to keep this from happening.
We have two patient care specialists (front office) go through the schedule at the end of the day and double check the treatment plan, actual treatment rendered, and charges posted.
This ensures we have the correct charges for the treatment rendered.
2) Collections: To do the work and charge for it is one thing.
To actually get paid for what you do is another.
We track our collections very closely.
I use a goal of 95%.
In other words, if we produce or charge $100,000 in a month, we should have a goal to collect $95,000.
A healthy practice should be shooting for collections above 92-95%.
3) Referrals: As a specialty practice we are extremely diligent in tracking how our patients hear about us.
In my opinion, this is the lifeblood of all practices.
If you do not know where your patients are coming from how do you know where to focus your marketing?
We track the referring offices, patient referrals, if the insurance sent them, or if they found us by searching the internet.
Although these are just a few of the things to track, they are some basic must dos.
Question: What else do you track?