We know the feeling, the day to day demands of running a business, especially a dental practice.
It’s hard to keep your head down and get through your daily workload, focusing not only on the clinical side but also the practice as a business.
It’s easy to get into a rut and let your business plod along, not quite growing or achieving the goals you wished to achieve for your practice.
One way to keep a track on how your practice is performing is to measure your KPIs.
What exactly are KPIs?
KPI stands for Key Performing Indicators, these are measurable outcomes that contribute towards your business’s overall aims and objectives.
Let’s Take A Road Trip
KPI’s are different for each business and of course your overall goals, so how do you identify your KPIs?
Think of it as going on a road trip across-country to see friends and family, you know where you need to go and you have given your family an ETA. This is your overall objective, to travel to a destination within a certain timescale, a KPI is a little thing that contributes to you reaching your destination.
KPI for this would be making sure you have enough fuel to get there, where are the best places to stop, your tyre pressure, having up to date traffic reports, the weather conditions, all these factors help make your journey run smooth, making sure you get to your destination.
How to identify your KPIs
First, you need to establish your business’s long-term and short-term goals, are they financial? Is it to increase sales? Is it to grow as a business? Once you have a better understanding of this then you can identify the KPIs that will work towards these goals.
So, you have identified your business goals now it’s time to find your KPIs. To do this you need to think SMART.
Is it a Specific factor to your overall objective, rather than a vague focus?
Can you easily measure its overall growth?
Is it an Attainable goal or is it unachievable?
Is it Relevant to the business and does it tie in with your other KPIs?
What is your Time-Scale to get this done?
Here’s What You Could Be Measuring?
The team here at Software of Excellence have identified a list of KPIs that you can start measuring today for your practice.
1- Patient Revenue
2- Chair-time Utilisation
3- Short-notice Cancellations
5- Recall Effectiveness
6- Average Hourly Earnings
7- New Patients
8- Workflow Compliance
Now there are plenty of other KPIs you could be measuring, it all depends on your practice and your overall goals.
A good way to find further KPIs is to take a look at your MPC (MyPractice Cloud) to see how your practice is performing overall. It might be worth speaking to one of our Customer Success Consultants, they can talk you through the data and work with you to help you identify further KPIs.
How to Keep on The Straight and Narrow?
So, now you have found out your KPIs: how to make sure they’re achievable? First thing is to share them with your team. This could be part of your weekly huddle to make sure you are hitting those KPIs: it will make your staff more motivated when they all know what they are working towards.
There will always be setbacks just like in life, let alone business, so having strong KPIs will keep you striving towards success.