How Dental Practice Principals Can Improve their Business Performance - Lily Head Dental Practice Sales
James Head August 31, 2017 No Comments

We add value to our clients engagement with us by providing consultancy services around the selling of their dental practice.  We provide that service in house or we out-source to those with particular areas of expertise.  Either way, we can explain How Dental Practice Principals Can Improve their Business Performance.

For example.  Point 2 of our sellers guide (tap on this link for your own copy) refers to maintaining or growing the financial performance of your business.

Business success and results don’t come out of thin air. They are a consequence of the strength and effectiveness of your everyday activities.

Your KPI’s, which stands for Key Performance Indicators, measure your everyday activities.  That way you can analyse current performance, then plan and monitor changes you want to make to your business.  This becomes the blueprint for determining How Dental Practice Principals Can Improve their Business Performance.

The beauty of focusing on your KPI’s and improving them is that it helps you:

  • Enhance your patient experience and care
  • Improving the success and growth of your dental practice

When you are deciding what KPI’s to measure in your dental business, consider the following:

Your goals – 

  • You may have a business goal to provide an exquisite patient ‘journey’.  In this instance, you will increase your chances of achieving this goal by measuring each step in this journey. So KPIs like the level of new patient enquiries converted to appointment, whether or not your new patients go on to book a second appointment and ‘convert’ to ongoing patients and so on.
  • You can sense how working on improving this type of KPI helps you achieve the objectives above.

The Untapped Revenue Opportunities in your dental practice

  • Maximising your patient experience and care starts with having patients attend regularly, to see both the dentist and hygienist.
  • So measure and improve your success in these areas. This includes KPIs such as your patient recall rates and also your ‘hygiene concentration rate’ – the amount of patients who will benefit from hygiene care and do visit the hygienist.
  • When you improve these numbers, it benefits your business too.

Do all your existing patients know about all your existing services? Accessing untapped potential can sometimes be as simple as making sure they do.

Your Patients’ Priorities

Retailers believe that when you give your customers what they want, the rest will follow.

For instance, I have seen dentists measure the % of patients seen on time.

So consider how your patients evaluate their experience with you. Then measure it.

You can get your team involved in defining, measuring and improving your KPI’s.

Selling a dental practice can be about the here and now.  It may be about planning a sale in the future.  As specialist dental practice brokers we can help you with either scenario.