The Things You Should be Tracking for Your Dental Practice on a Regular Basis
Here at CTC Associates, we know the importance of tracking certain numbers and information for your dental practice. If you’re keeping track of these things, you’re already ahead of the game! If you’re not already tracking the following numbers, it’s not too late to start today and see how your dental practice can benefit from tracking.
What & Why to Track for Your Dental Practice
Below are a few things to keep track of for your dental practice:
- Referral Ratio – Dental care is no different than any other service or product in that it relies a lot on references. Know your referral ratio and set a goal for your dental practice to increase it this year. You may not be getting as many referrals as you think and if this is the case, it may be time to put a referral rewards program in place.
- New Patients – It’s always important that your new patients are on your radar. Know how many new patients are coming to the office as well as how many have scheduled follow-up treatment. New patients are vital to your dental practice’s success. Once you know how many new patients are being seen, you can set a goal to reach a certain number every year or even every month.
- Conversion Ratio – Conversion ratio at your practice is the number of dental patients with case acceptance. If only around half of your new patients have return visits scheduled at your office, then your conversion ratio is not great. This might mean you need to work on how you and your staff are presenting cases to dental patients and helping them to understand how important follow-up treatments are. An ideal conversion ratio should be around 80%.
- Percentage of Patients Keeping Cleaning Appointments – Focusing on how many of your patients are keeping their regular checkup appointments will help you determine if your patient communication skills are as good as they can be. It’s a good idea to make sure that you schedule a patient’s appointment before they leave the office.
These are just a few of the many areas of your dental practice that you should be keeping track of on a regular basis. While other areas should certainly be assessed from time-to-time, the above are the most important.
Contact CTC Associates for any dental consulting needs. For a specialist in buying and/or selling a dental practice, we are your number one source.