Being a dentist is a challenging and rewarding profession. You get to help people with their oral health, improve their smiles, and change their lives. But running a dental practice is not just about fixing teeth, it’s also about making sure your business is healthy, growing, and profitable.
One of the keys to success is tracking the right metrics. But with so many numbers to keep an eye on, it can be tough to know where to start. That’s why we’ve created this guide to help dentists keep their practice on track and growing.
So, let’s take a bite out of the most important metrics to track!
1. Patient Acquisition
The first metric to track is patient acquisition, or the number of new patients you’re attracting to your practice each month. This is the foundation of your business. Without new patients, your practice will eventually dwindle away. To track this metric, simply count the number of new patients you’ve seen in the last month and divide that number by the total number of patients you’ve seen in the same time period.
2. Patient Retention
Once you’ve acquired new patients, it’s important to keep them coming back. Patient retention is the number of patients who return to your practice for follow-up appointments or to receive additional treatments.
To track this metric, divide the number of patients who’ve returned to your practice in the last month by the total number of patients you’ve seen in that time period.
3. Case Acceptance
Case acceptance is the percentage of treatment plans that are accepted by your patients. It’s important to track this metric because it indicates how effectively you are presenting treatment plans to your patients and how confident they are in the recommended treatments.
To track this metric, divide the number of treatment plans accepted by the total number of treatment plans presented.
Collections refer to the amount of money you’ve collected from patients for treatments rendered. This is an important metric to track because it helps you understand the financial health of your practice.
To track this metric, simply calculate the total amount of money collected from patients in a given time period.
Overhead refers to the cost of running your practice, including rent, utilities, supplies, and staff salaries. Keeping a close eye on your overhead can help you understand how much money you need to generate to cover your expenses and turn a profit.
To track this metric, calculate the total amount of money spent on overhead in a given time period.
6. Net Profit
Net profit is the amount of money you’ve made after subtracting all of your expenses from your collections. This is the most important metric of all because it shows you how much money you’re actually making from your practice.
To track this metric, subtract your overhead from your collections to determine your net profit.
7. Online Reviews
In today’s digital age, online reviews are a crucial part of your practice’s reputation. They help potential patients decide whether or not to choose you for their dental needs.
To track this metric, simply monitor your online reviews on websites like Google, Yelp, and Facebook.
8. Referral Rate
The referral rate is the number of patients who refer friends and family to your practice. This is a key metric to track because it shows how satisfied your patients are with your services and how effectively you’re building
9. Average Revenue per Patient
The average revenue per patient measures the amount of money each patient is generating for the practice. This metric helps dentists understand the financial value of each patient and make decisions on pricing and patient acquisition strategies.
10. Marketing Return on Investment (ROI)
Measuring the ROI of marketing efforts helps dentists understand which marketing strategies are most effective in attracting new patients and generating revenue. This information can be used to make data-driven decisions on how to allocate marketing resources and optimize the return on investment.