This guide is designed to align with the priority statistics featured on the Analysis page of Practice Hawk.  Although we suggest that you read each section, you can also just focus on those aspects that need improvement in your practice.  

In order to get where you are going, you must determine where you are at the present time. The best way to accomplish this is a systematic approach utilizing the vital statistics of your practice. One of the characteristics of the most successful dentists and businesses in general is that they track their statistics on a habitual basis. After you submit your practice numbers, you will receive an analysis based on the priorities outlined above and what changes may be necessary to improve.  It is important to note that these suggestions are of a general nature gleaned from our experiences with other practices and may not be relevant to your situation. As you accumulate your statistics over time, the numbers will become more meaningful and the suggestions more accurate. 

Does this approach take the place of using a dental consultant or coach?  Absolutely not!  No software program can take the place of the accountability factor you gain when you work with a third party.  Daily Trak, our marketing and treatment plan acceptance tracking software, can also be utilized as a monitoring program to provide some accountability in your practice.  Pearson’s Law states, That which is measured will improve.  That which is measured and reported improves exponentially.”  Learn more at www.practicehawkpro.com 

As our software program evolves, you will also be able to compare your results with other dentists and see where you stand in relation to your peers.  Many dentists wonder about other practices and how they compare to theirs.  Hopefully participation in this program will shed some light on this subject and display how your peers are performing and show they face the same challenges as you.

My number one concern is your attitude.  We are all responsible for what happens in our lives; otherwise we would just be victims of our external environment. Great things happen to those who have great passion for their career and improving themselves. As a practicing Dentist you strive to constantly improve yourself through learning new clinical skills, self development programs and having control of your business. Too often we see a level of comfort that can lead to complacency and complacency ultimately leads to boredom. 

We embrace an approach that focuses on the priorities of your practice and measuring the key elements that track those priorities is vital in sustaining practice growth. Your statistics will take on a much greater value to you when you understand how they contribute to your traffic flow and cash flow. 

No one will disagree that gathering your data is a pain in the neck and that it is very easy to ignore. What if I told you that if you that you could increase your profit by 50% if you routinely tracked your statistics for the next six months?  Of course just about everyone would answer a resounding “YES!” but these are not easy habits to develop. 

We want to ingrain this habit into your persona.  Every highly successful business closely monitors their numbers and we suggest that you follow their lead. You may have staff assist in providing some of the statistics, but it is imperative that you as practice owner fill out the forms and submit the data and also review the analysis. This is your business and you alone are responsible for its success. 

Remember that knowledge is not going to chase you down and force itself upon you. This is your practice, you career and your life. Only you can make it great. 

“That which can be measured can be improved.  That which can be measured and reported improves exponentially.”  Pearson’s Law 

Priorities of your Practice

We ask you to gather your practice data and enter it into the Practice Hawk program.  The most important metrics of your practice are displayed on the  Analysis page with importance rated in descending order.  Of course, order of importance will vary from practice to practice.

SUCCESS RATIO

CAREER ENJOYMENT

PRACTICE COMFORT LEVEL

TREATMENT ACCEPTANCE RATE

ACCOUNTS RECEIVABLE CONTROL

NEW PATIENT PRODUCTION

NET PRODUCTION

OVERHEAD EXPENSES

ADVERTISING RETURN ON INVESTMENT

INTERNAL MARKETING

We start with your Success Ratio, a simple calculation that quickly reveals the strength of your practice.  We have created this calculation to give your practice a score based on exceptional treatment plan acceptance and sound control of overhead expenses.

Obviously your Career Enjoyment is key. For how are you to excel in a profession that you do not even enjoy? Career burnout is rampant in dentistry, but it doesn’t have to be that way. 

 Parallel with your Career Enjoyment is your Practice Comfort Level.  Both of these statistics are subjective, but critical to your long term well being. Practice Comfort level is merely an average of several ratings you place on your practice management and effectiveness. 

Treatment Plan Acceptance Rate is a vital determinant of success.  Generally when we see a practice that is struggling, it reveals a low level of treatment acceptance. We will show you how to attain 100% acceptance rate. This may seem impossible, but if others can do it, so can you!

Accounts Receivable Control is one of the first statistics I check when I am called in to improve a practice. My theory is that if your office is not collecting money (isn’t that critical?), what else isn’t being accomplished?

New Patient Production is important for maintaining a stable practice.  Every practice continually loses patients (patients pass away, move away or are swayed away by other practices). Most of the time this patient attrition is insidious, as patients may not inform you of their departure from your practice.   

Net Production is simply your actual production after you have made adjustments from what your insurances will pay you. Everyone would love to own a fee-for service practice, but in this day of reduced fee plan from your competition, most of you must play the game and join multiple PPO’s.  This has a detrimental effect on your bottom line. Guess where that discount came from? That’s right-directly from your profit.  

Overhead Expenses is a fascinating statistic in that this value varies so greatly from practice to practice. I have seen overhead expenses as a percentage of revenue range from 37% to 86%!  In today’s economy with higher lease rates and staff wages, and the expense of new technology, maintaining your overhead under 60% is admirable. 

Advertising Return on Investment is nearly impossible to track on your dental software. We will equip you with our innovative tracking software program called Daily Trak. With this tool, you will have an accurate account of how well your marketing is performing.  Daily Trak also is designed to track your treatment plan acceptance rate. This is a blatantly simple program that is inputted by your office manager or other staff delegate.  Learn more about this program at www.practicehawk.com

Internal Marketing  Great customer (patient) service is the best means to increase your patient referrals.