We’re entering that time of year when things slow down for a lot of dentists. Schools across the country are back in session, and everyone’s shedding their summer vibes and getting back to business. If you’re one of the lucky practices whose marketing strategy or referrals keep your chairs full, then the fall slump isn’t a big deal. But if you worry you’re entering the slow zone, there’s a tool that just might help you identify where things are falling short, and where missed opportunities are keeping you from growing.
Anyone paying attention to technological trends over the last decade has probably seen terms like data mining, data intelligence, or big data. The common denominator, of course, is data. And it’s the act of using data to make strategic decisions for your practice that can help you push through slow times, good times, and all the times in-between.
Data covers a broad range of areas for your business, but we’re going to focus on data that act like a crystal ball, revealing clues to your practice’s future – Only there’s nothing magic about
these numbers. They’re accurate, revealing, and show you exactly what you can expect when you apply the right pressure to the patient aspect of your business.
The data tool we use helps dentists see what they can achieve in production and collections based on the type of patient they’re working with. These could be PPOs, fee-for-service, or club
memberships. And a simple adjusting of the data dial shows clinicians unrealized production potential in each area.
Pull the Levers On Your Future
What if, like a crystal ball, you could look into your practice’s future and see unrealized collections and the profit potential your practice is capable of? You’d probably want to see a
clear vision including:
● Additional collections earned by year one
● Additional profit pulled in by year one
● Which patient type gets you to your goals faster
● What it would look like to be PPO free
Each of these would have a direct connection to your patient type – insurance, cash, membership club – giving you a perfect view of what you could have with the right patient attraction in place. The best part about this tool is that you can manipulate the numbers withoutdoing any harm to your current data structure.
Using available information can significantly assist you in understanding and maximizing your profitability potential. Here are a few more ways our tool helps:
● Financial Analysis + Performance Measurement: Identify patterns, trends, and areas that need improvement over time. For example, if you’re thinking about offering a membership club, you can adjust the numbers in the tool to see how your practice would perform with that patient structure.
● Patient Demographics + Preferences: When you can quickly analyze your patient demographics, preferences, and behaviors, you can tailor your services and marketing efforts to attract and retain the most profitable patient segments.
● Future Planning + Growth Strategies: Practice growth doesn’t happen overnight. And it shouldn’t if you’re doing it correctly. Your data plays a pivotal role in long-term planning and growth strategies. When you can project trends and estimate future demand for your premium services, you can make informed decisions about expanding your services, offering different payment structures, or even opening new locations.
Boost Your Profitability Potential
Leveraging data to make evidence-based decisions leads to improved operational efficiency, better patient care, better patients, and ultimately, higher profit potential. If you had a tool that could provide a glimpse into a very profitable future, wouldn’t you want to give it a try? Transitioning to Fee-For-Service has never been easier. illumitrac provides the software to create your custom dental membership club that is 100% yours. As your membership club grows, you can drop your bad PPOs—allowing you to work less and earn more. Predictable, passive revenue, here you come! Learn more and schedule your free demo today.