The last three years have been a bit of a crazy mixed bag for the dental industry. On one hand we've had to deal with shutdowns, severe staff shortages and plenty of H.R issues. On the other hand, demand for dental services has never been bigger. Practices fought over new associates to help them handle their growth, start-ups boomed, and practice valuations took off. 

During this period, many owners took their eye off the ball when it came to marketing or analytics. Why bother when we already cant keep up with demand? The focus was on keeping associates and staff happy rather than taking deep drives into their business- they were the limiting factor when it came to practice success. 

But all good things come to an end, and it looks like we may be at the start of a new cycle. Books are getting patchy; cancellation rates are through the roof and patients are deferring elective high-end procedures. As inflation and interest rates continue to soar, many are forecasting a challenging 2024. 

So what should practice owners and associates do? Well, it means we need to go back to basics- and learn again to do more with less. A key component is taking a deep diver into where the leaking buckets of patients renention and where the missed opportunities are. 

Associates:

Now more than ever, dentists should be analysing their performance and looking for ways to improve. This does not mean focusing on hourly rate- remember hourly rate is a product of all your other statistics. Key statistics to look at include:

• What is your procedure mix with a strong emphasis on preventative procedures.
• -What is your retention rate when it comes to re-booking
• -How does your treatment plan conversion look compared to your peers?
• Looking into ratios such as large fillings to indirect restorations, or RCT conversions from extirpation stage. 

Front Desk:

No matter how much you spend on marketing, it's up to your front desk to convert and retain. So, we need to constantly have our fingers on the pulse here. Recalls are the lifeblood of any general practice and monitoring this and practice level and individual reception level is a must. As patients continue to defer treatment, having a system to track these patients and analyse the follow-up conversion is imperative. Jeeve's follow-up platform tracks deferred treatment plans and analyses follow-up calls on both user and outcome basis. Alternatively, products like airtable (if configured correctly and with disciplined manual input) could also provide this. 

Finances:

Any business owner must always be aware of their key financial metrics including profit margin. One of the most important aspects is to constantly analyse expenses. With wages and supplies increasing in-line with inflation, it's imperative that owners review their numbers on a weekly basis. Only armed with all the data can you be agile and nimble enough to navigate the trickly months ahead. 

Conclusion:

So, for practice owners and staff alike, it's time to roll up your sleeves and take a good dive into the data underpinning your dental practice. Do more with less and seek out the missed opportunities that are laying in wait in your dental practice. 

Jeeve Analytics is the leading business intelligence platform for the Australian Dental Industry. Integrated with both Xero and MYOB and your favourite practice management platform (d4w, Exact, Core Practice and Praktika (coming soon), Jeeve Analytics provides all the data points listed above in intuitive real-time dashboards. 

For more information go to www.jeeve.com.au or email us at support@jeeve.com.au