Dental Practice

Intelligence Report

Using our proprietary Comprehensive Practice Analysis, our team will produce a Dental Practice Intelligent Report to address areas of vulnerability and develop opportunities to accelerate your practice to its maximum potential.

Your dental practice consultant will help work with your office staff to gather this information. Once collected, our analysts will discover the inner workings of your business and evaluate your strengths, weaknesses, opportunities, and threats (SWOT).

The Dental Practice Intelligent Report is comprehensive and reveals all aspects of your practice including:

  • active and inactive patients
  • patient demographics (age, race, marital status, residence, employer)
  • usual and customary fees (UCR)
  • fee schedules by insurance company
  • patients by payment type
  • patient loyalty and longevity
  • practice market share
  • market potential
  • production to collections
  • revenue cyle evaluation (claims, dates to paid)
  • outstanding accounts receivable
  • available provider capacity
  • provider performance
  • an action plan
  • marketing and advertising
  • operational changes
  • and a financial plan with budgeting

The Dental Practice Intelligence Report results in a roadmap to operate and market your practice to maximum financial efficiency and health.  Your dental practice consultant will work with you to deploy and execute the plan.

 

How can a business practice consultant help?

Practice consultants are experienced in all aspects of operating, promoting, and protecting your practice.

Using this experience, we begin every relationship with a proprietary Comprehensive Practice Analysis of your practice financials, fee schedules, patient demographics, practice operations, office policies, market share, marketing and advertising.

Data drives your marketing efforts and advertising for more of the wrong patients, with lower-paying fee schedules, will not solve your problems.

When we understand the needs of your practice, we will develop a customized program to grow your revenue, profitability, and market share.

Comprehensive Practice Analysis

We begin every business relationship with a comprehensive review of your practice. This includes a complete financial review, fee schedule review, patient demographics, practice operations, and marketing and advertising.

The result is a Dental Practice Intelligence Report that establishes a baseline of data, identifies vulnerabilities, and opportunities for growth. This data is used to formulate a Practice Action Plan and guide our collective decisions.

Financial Review

  • Do you have timely monthly financial statements?
  • What is your practice profitability?
  • Do you have an annual budget and practice goals?
  • Do you receive a Daily End of Business report?
  • How many patients pay with cash, credit, or insurance?
  • Who handles deposits and adjustments to the ledger?
  • How much debt does the practice carry?
  • How much is your current receivables and time to payment?
  • Do you have a line of credit?
  • Do you process payroll or use an outside service?
  • How many employees and doctors?
  • What are the salaries and doctor’s percentage of collections?
  • Do you conduct annual reviews tied to practice goals?

Fee Schedule Review

  • Are you Fee-for-Service (FFS) or PPO?
  • Do you file insurance as a courtesy?
  • How many in-network payers?
  • What are your PPO Rates?
  • How many patients are with each payer?
  • What are your Usual and Customary Rates (UCR)?
  • When did you last update your UCR?

Marketing and Advertising

  • Are you currently marketing and advertising?
  • Who oversees your marketing and advertising?
  • What marketing have you done in the past?
  • Do you have promotional items for patients?
  • How do you thank patients?
  • Do you have an active website and social media?
  • Are you on Google Maps and Yelp?
  • Do you ask for Google reviews?
  • What is your current Google Review percentage and count?

Patient Demographics

  • Who are your patients?
  • How many patients are active vs. inactive?
  • Where do they live and work?
  • What is their race, gender, and marital status?
  • What is their payment type (FFS or PPO)?
  • What is your patient longevity rate?

Practice Operations

  • Do you have an Employee Manual?
  • Do you have an SOP / Practice Policy Manual?
  • What is the employee longevity rate?
  • What benefits do you offer employees?
  • How do you confirm patient appointments?
  • Do you have a high rate of no shows or late patients?
  • What do you charge for no shows?
  • Do you have an answering service?
  • What phone service do you use?
  • Do you use on-hold music and voicemail?
  • Do you have an OSHA program and officer?
  • Do you have a pre-employment or random drug testing policy?