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“What gets measured gets done” — if you want to generate more profits for your dental practice, you need to identify the right key performance indicators (KPIs) and track them consistently, so you can make targeted improvements.
Tracking your numbers helps you understand your marketing ROI and invest your money in promotional channels that are yielding the best results. You can improve your ad campaigns and identify content that performs well to promote or repurpose them.
Your metrics also give you insights into your patients’ preferences and behaviors. This can inform effective segmentation and personalization strategies to increase the effectiveness of your marketing message. You can also use the data to inform how you can improve your website experience so more visitors will turn into leads or patients.
Moreover, you can find out where you’re losing patients. Given that the average patient attrition rate for dental practices is 40%, improving this number can have a significant impact on your bottom line.
Now the million-dollar question is, “what numbers should I track and how do I track them?”
You need to quantify patient acquisition/sales and patient attrition by associating them with metrics that you can track. Here are the critical KPIs you should know:
The first step to lower patient attrition is to set measurable goals by identifying KPIs along the entire patient life cycle, so you know exactly where churn occurs.
To support these goals, you need to put the mechanisms in place to track your metrics. You should implement the right program (e.g., a qualifying process) supported by robust dental practice management software. For example, tab32 can help you track conversion as soon as a patient comes into your system.
You can create automated workflows and record each patient’s interactions with your practice on their patient profile. You can also track which acquisition channels [ LINK TO TOPIC 2 BLOG 3 ] attract patients with the highest retention rate and lifetime value so you can invest in marketing strategies with the highest ROI.
After you have identified the KPIs and set goals to lower your attrition rates, you’ll need to support your strategy with actionable insights. For example, use dental practice management software with an analytics module to track the numbers and generate real-time insights so you can make accurate business decisions.
Navigating metrics and analytics can be intimidating. On top of that, if you have to extract the numbers from various sources and then wrangle with spreadsheets, you’ll not only be spending a lot of time on running reports but you may also miss out on opportunities to reduce attrition and drive revenues.
tab32 offers a built-in analytics module that takes the data right from your patient records so you can gain valuable insight to run your practice with just a few clicks of the mouse. Learn more about our tracking capabilities and request a demo to see it in action.