Use key practice expanders to evaluate yearly performance
How are you measuring practice success? Are you regularly analyzing your profit and production? Do you know what your case acceptance rate is for elective procedures? Using key practice expanders (KPEs) will help evaluate and strengthen your practice. When monitored, KPEs indicate growth opportunities as well as areas that may need improvement.
Review practice performance. You can't afford to leave important areas of your practice unmonitored. KPEs measure:
- Overhead
- New patients
- Accounts receivable
- Case acceptance
- Doctor and hygiene production
- Average production per new/current patient
When performance is analyzed in these categories on an ongoing basis, appropriate strategies can be implemented to build on success and address challenges.
Don't be derailed by results -- EVERY practice can improve. KPEs provide revealing information about the financial health of your practice. While the information at times may surprise you, use it to capitalize on the opportunities exposed. This data helps to set goals for growth and remove inefficiencies.
