Establishing and Monitoring Key Objectives for Dental Practice Success (Part 2 of 3)

In Part 1 of this series, the concept of Practice Management by Objectives (PMBO) was introduced and the first two objectives of the methodology were outlined.  Part 2 of this series follows with Objectives 3 and 4.   

OBJECTIVE 3: GROW AND RETAIN A LOYAL PATIENT BASE 

For sustained practice growth, it is important to both attract new patients to the practice as well as minimize the loss of the existing patient base.

In summary, dental practices should know: 

• The active patient count and patient retention rate 
• The net patient growth of the practice (patients added, and patients lost over the same period)  
• The appointment cancellation rate and rebooking rate 
• The best source of referrals for the practice 
• The benefits of automated patient communication and reputation management 

Specific KPIs to help acquire the knowledge above and that and also provide the necessary insight to make appropriate operational adjustments include: 

OBJECTIVE 4: OPTIMIZE APPOINTMENT SCHEDULING AND RESOURCE UTILIZATION 

The dental office’s appointment schedule is the source from which all practice revenue is generated and thus provides the greatest opportunity for productivity and profitability improvements. Managing the practice’s time through schedule optimization can also minimize team stress and increase patient satisfaction. Using a well-designed electronic appointment scheduler, tracking appointment metrics and implementing appointment scheduling best practices are the key to achieving these goals.   

In summary, dental practices should know: 

• If future scheduled appointments will allow it to meet production goals 
• The efficiency of booking appointments and the amount of downtime 
• The patients to call when an unplanned opening occurs 
• The patients that are most likely to arrive late, cancel or miss appointments 
• Methods for reducing no shows and short notice cancellations 

Specific KPIs to help acquire the knowledge above and optimize your appointment scheduling protocols include: 

Stay tuned for part 3 where we conclude this series by covering Objective 5 (Save Time and Money by Transitioning to Paperless) and Objective 6 (Staff Empowerment for Enhanced Software Performance and Security).