How to manage more effectively
Key practice expanders (KPEs) provide a statistical snapshot of a practice's most important performance data. KPEs can help you cut through the avalanche of information and allow you to quickly determine whether your practice goals are being achieved.
Check KPEs weekly. To track performance, doctors should use 12-15 KPEs, including:
- Production
- Collections
- Overhead
- Number of new patients
- Average production per new patient
- Average production per patient
- Case acceptance ratio
- Profitability
Once you have determined which KPEs are relevant to your practice, measure and analyze them on a weekly basis. A quick review should not take more than a few minutes. Over time, consistent evaluation of KPEs makes it possible for you to rapidly identify even minor performance changes.
Don't use only a few KPEs. Some dentists only pay attention to a few practice statistics, such as production and overhead. This could you give an incomplete or distorted view of practice performance. For instance, the practice may be hitting its production goals, but if the office is only collecting 70% of its fees, there could be a cash-flow problem. Levin Group recommends doctors review 12-15 KPEs to receive a more comprehensive picture of practice performance.
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