Metrics to track at your dental practice
Consistently monitoring Key Performance Indicators (KPIs) at your practice can help you accurately determine the current health of your business. KPIs also make it easier to set targets and milestones for your team. Here are a few KPIs worth measuring.
Production Per Visit
Tracking Production Per Visit (PPV) offers insight into several important areas of your practice:
- How much and which treatments are you providing?
- Is patient volume increasing or decreasing?
- What is your treatment acceptance rate?
PPV provides a simple gauge for measuring how your practice is performing in relation to the number of patients you serve.
This metric measures the percentage of your current patient base who have a future appointment already booked into your schedule. A low pre-appointment percentage is an indicator that your patient loyalty may be suffering, or that your current system for scheduling future appointments during patient visits may be falling short.
Hygiene re-appointment percentage
Every practice owner understands the role hygiene plays in overall profitability. By tracking your hygiene re-appointment percentage, you can analyze how satisfied your patients are with their hygiene service or identify flaws in the way your hygiene team schedules patients for their next cleaning.
Annual Patient Value
Annual Patient Value (APV) is calculated by dividing total collections by total active patients. A healthy practice will increase APV over time. A low or declining APV may indicate that patients are not receiving all of the treatment they require, either due to a low acceptance rate or because they are not scheduling enough visits per year.
Moving on to case metrics
Once you have successfully set up systems to keep an eye on these primary metrics, you can begin to take a deeper dive into practice analytics through the tracking of case metrics.
Case metrics include:
- Treatment dollar acceptance percentage
- Patient acceptance
- Patient diagnostic percentage
The further you drill down with your analysis, the easier it becomes to pinpoint the areas most responsible for the numbers, at which point you can implement a more strategic approach to improving results. Tracking meaningful metrics makes it easy to focus your efforts exactly where they’re needed.