It's been an unprecedented time for dentistry and the world. We don't yet know when COVID-19 will end and things will get back to normal. And until we have a clear pathway to full vaccination, it's likely that the unpredictability and uncertainty will continue. Dentists will face many questions when deciding how to plan, invest, act, and react to the constantly changing landscape.
Focus on a small number of key statistics. Practices need only focus on the most important statistics that ensure success, such as production, collection, revenue, overhead, accounts receivable, active patients, overdue patients, percentage of chair time, and cash. Focusing on these key statistics daily, weekly, and monthly will help practices quickly understand their strengths and weaknesses and what modifications must be made.
Don't forget that dental insurance will continue to lower reimbursements. We encourage practices to regularly submit updated fee schedules, collect all reimbursements, properly enter all information into the practice management software so that reports are realistic, and analyze all insurance participation at least twice a year. Dental insurance is a major contributor to dental practice success, and it must be regularly analyzed and rebalanced to maintain the right patient base and level of dental practice production.
Dr. Roger P. Levin is the CEO of Levin Group, a leading dental management consulting firm, and one of the most sought-after speakers in dentistry. Levin has authored 65 books and more than 4,000 articles on dental practice management and marketing. You can sign up for the Levin Group Tip of the Day.
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