Measure What You Want to Manage
The hardest part of implementing metrics can be identifying where to start.
Margaret McGuckin and Kathy Lynn-Cullotta are the co-founders of i3 Ignite, a strategic consulting company for dental groups, and are faculty members of the Dentist Entrepreneur Organization (DEO). McGuckin was the founding COO for ClearChoice Dental Implant Centers and guided its expansion to 31 multi-specialty locations and $135 million in revenue in just four years. Lynn-Cullotta is a Managing Director of an angel investor network and has decades of experience scaling up companies.
The key to their success: innovative strategy and impactful implementation.
Lynn-Cullotta says it all begins with asking the right questions.
- What do we need to know to increase our collections?
- What do we need to do to reduce expenses?
- What do we need to know to increase patient satisfaction?
- What do we need to know to increase team satisfaction?
Then narrow it down to: Which of these four is most important to you right now?
Recommended KPIs for Dental Practices
Whether you use Excel, Google Docs or implement an analytics platform like Jarvis Analytics, there are certain metrics every dentist and dental group should have at their fingertips.
Tarek Aly, BDS, is a periodontist and the COO and co-owner of OrthoDent Management, a dental support organization with 12 practices, and Modern Smiles, which has 8 locations.
“KPIs and business analytics are a passion for me. They’re like the x-rays you need to see before you treat the tooth or the gauges you check before you fly a plane. KPIs give you the data you need to make the right decisions,” said Dr. Aly.
Often the hardest part is knowing which metrics to measure and how to organize them.