June 8, 2017

Dental Dashboards: The Brains Behind Corporate Dentistry

Modern dentistry is demanding. Nowadays, owning a profitable practice requires you to be more than a dentist. To be successful, you need to run your practice like an efficient business. One of the best and easiest ways to do that is to use a dental dashboard. In fact, the brains behind the successful practices of “corporate dentistry” is artificial intelligence—the all-powerful dental dashboard!

Let Your Practice Thrive as a Business!

Don’t get it wrong, running a competitive practice doesn’t mean you have to take away the “family feel.” As a matter of fact, a dental dashboard works behind the scenes to help you identify the inefficiencies of your business. Not only does the data tell a story and stimulate the right conversations with the right team members, but it also helps keep your team on track, create operating budgets, and highlight problem areas. Truly, the list goes on and on.

One of the coolest things about using a dashboard, though, is the fact that you can SEE cause and effect! Not only visualize it, but actually MEASURE it!

You see, corporate dentistry isn’t all bad. Yes, they’re changing the industry. And yes, they’re raising the level of competition for new patients. But they’re simply following in the footsteps of other businesses and leveraging new technology to run more efficient and productive practices.

You can do the same thing!

By leveraging a dental dashboard to help you run your practice, you can become a better business owner and accelerate your practice growth.

So, What is a Dental Dashboard?

Well, a dental dashboard is a business intelligence (BI) dashboard specific to the dental industry. Meaning, it connects to your practice management software (PMS) and may even have pre-populated dental metrics to choose from.

Ultimately, a dashboard gives you an overview of the health of your practice as well as the specific measurements you need to improve decision-making and grow it!

Imagine instant access to your marketing, practice and financial data all in one location. Plus, visualizing that information in an uncluttered, clear and concise way. That’s a dental dashboard!

Why Do I Need a Dental Dashboard?

Honestly, this is like if I asked you, “Why do I need a toothbrush?”

Ultimately, your business generates a lot of data. You need a “toothbrush” to scrub that data for you to reveal the beautiful gems of insight that tell you exactly where you need to improve your operations. With custom reports, trend notifications, and threshold alerts, a dental dashboard lets you know exactly where your “practice cavities” are. And as you begin to “fill” them, using your data to inform your business decisions, your dashboard will also let you know how you’re performing against your targets. Plus, going forward, your historical data can be prescriptive to also help guide decisions about what should happen in your practice.

Sorry, but I don’t know a single business owner that doesn’t need that insight into their business! But if you’re still unsure to why YOU need a dental dashboard, maybe this will help.

The Top Benefits of Business Intelligence Dashboards:

  • Identify & correct negative trends
  • Increase efficiency & productivity with automation
  • Save time with insightful & actionable data at a glance
  • Gain a free flow of information between your entire team
  • Improve employee motivation with immediate performance feedback
  • Get real-time performance checks & balances & up-to-date progress evaluations

Still unsure? Okay, here are a few success stories of companies leveraging BI tools to smash their goals!

Real-World Success Stories of Companies Leveraging Data Analytics:

  • Sterling Jewelers boosted sales by 49%
  • Paychex improved their customer retention by 18.5%
  • UPS saved an estimated $300-400M in cost avoidance between 2003 & 2016
  • Macy’s increased store sales by 10%

*Source: CNBC, UPS, Business Intelligence.com

Okay, But How Does a Dental Dashboard Work?

Dashboards differ greatly from your PMS reports. Truth be told, your PMS was never designed to recognize performance trends or alert you when something looks off. Let alone, visualize your data and make it easier to understand. It’s those types of advancements that give practice owners an edge when using a dashboard to monitor their data.

Essentially, dental dashboards work by integrating your tools to consolidate your data and show that information in the best way possible. Since dashboards give you the ability to measure ongoing performance, you and your team are able to act in real-time. It’s the actionable information at your team’s fingertips that makes a dashboard so powerful. And that’s how a dashboard works to help you grow your practice!

With a dashboard on your team, you’ll know such things as:

  • Exactly how much it’s costing you to bring in a new patient per each marketing channel.
  • The lifetime value of a new patient.
  • Where to focus your attention in order to increase your # of new patients, case acceptance, and overall profitability.
  • How effective and profitable your treatment planning is, how many patients you’re treating, and the types of treatment.
  • What trends exist in treatments, patient numbers, new patients vs. returning, and more.

How Do I Choose a Dental Dashboard?

Simple. Read our blog next week (by clicking here) and we’ll walk you through all the points to check and compare before you buy!

But if you want to save yourself the time and hassle of researching and demos, just to find out that nothing out there beats BlueIQ. Then click below and schedule a 20-minute demo of our dental dashboard!

BlueIQ the Perfect Dental Dashboard

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