Inefficient, broken, and outdated systems can hold your office back from being the thriving practice you deserve. In “10 Ways to Make 2023 Your Best Year Yet,” we walk you through proven strategies to elevate your patient experience and boost profitability.
Watch the webinar replay or read the recap to catch the high points below.
- Resources Mentioned in the Webinar
- 1. Improve Retention
- 2. Reduce Broken Appointments
- 3. Improve Your Recare System
- 4. Keep Receivables Low
- 5. Boost Case Acceptance
- 6. Market Your Dental Practice
- 7. Keep Your Chairs Full
- 8. Collaborate More
- 9. Nail the Patient Experience
- 10. Give Flexible Payment Options
- Get Help Implementing These Strategies
Resources Mentioned in the Webinar
- Patient Recall and Reactivation Secrets of High-Performing Practices (webinar)
- Practice-Web Appointment Lists (video tutorial)
- Practice-Web Patient Dashboard (video tutorial)
- Managing the Trickiest Parts of Patient Communication (webinar)
- Practice-Web Perio Chart (user guide)
- How to Boost Patient Collections (webinar)
- How to Boost Insurance Collections (webinar)
- 12 Simple Ways to Get Patients to Say “Yes” to Treatment (webinar)
- Treatment Plan Presentation Statistics Report (user guide)
- Marketing Magic 1: 6 Marketing Strategies to Maximize Production from Existing Dental Patients (webinar)
- Marketing Magic 2: How to Get 50 New Patients This Month (webinar)
- The Dental Practice Marketing Tree: Where to Start and Why (blog)
- How to Create the Ultimate Dental Practice Referral Program (blog)
- Tracking Your Referrals (video tutorial)
- Setting and Viewing Production Goals (user guide)
- 3 Free Intraoffice Communication Tools You’re Probably Not Using (blog)
- Customizing Appointment Views (video tutorial)
- Treatment Plans (video tutorial playlist)
- Creating an In-House Discount Plan: Step-By-Step Instructions (blog)
1. Improve Retention
- Patient attrition costs a typical practice $273,751 per year or $8,212,530 over a dentist’s career.
- Automate your appointment and recall reminder system.
- Use text message and emails to send reactivation campaigns. Practice-Web offices will use the Recall List to do this and target people who have not been in the office for the past 18-36 months.
- Send a practice e-newsletter at least once per month.
- Activate the Patient Dashboard, so it’s easy to see details like scheduling needs at a glance whenever a patient is viewed.
- Leverage the Smart Caller ID Smart Tool to automatically see appointment needs each time a patient calls via an on-screen pop-up.
2. Reduce Broken Appointments
- 10% of appointments become cancellations or no-shows on average. That’s a $150,000 annual loss or $4,500,000 lifetime loss for a dentist.
- Follow the “iron-clad reminder system” that involves texting/ emailing the patient (using the pwConnect Smart Tool):
- 6 Months Before/ At the Time of Scheduling: A Save the Date Reminder
- 4 Weeks Before: Initial Reminder
- 7 Days Before: Confirmation
- 1 Day Before: Final Reminder
- Have a clear cancellation policy that patients sign and that’s documented in your office’s Practice-Web Wiki.
3. Improve Your Recare System
- A practice that only pre-appoints 60% of its patients stands to lose $516,000 per year.
- 90% pre-appointment is ideal.
- Only 3% of hygiene codes billed are perio codes, but 46% of the adult population has some degree of perio disease. Practices with effective perio programs bill approximately 33% perio codes.
- Use the Procedures by Procedure Code report in Practice-Web to find out your perio counts.
- Use perio charting tools in Practice-Web to ensure everyone has charting once per year and to educate patients to increase compliance.
- Send educational email newsletters to boost recall compliance.
4. Keep Receivables Low
- A typical practice collects 91% of insurance balances, for an average annual loss of $135,000.
- There’s a $165,000 gap in annual collections between the top 10% of practices and the bottom 10%.
- Ideal accounts receivable targets:
- 0-29 Days: 75%
- 30-59 Days: 15%
- 60-89% Days: 7%
- 90+ Days: 3%
- Target an accounts receivable ratio of 1.0 using the formula: AR Ratio = Total Accounts Receivable/ Average Monthly Production.
- Get the figures you need from the Annual Production and Income Report in Practice-Web.
- Use tools like the Patient Dashboard and Smart Caller ID to catch patient balances and collect.
- Use pay-by-text to collect up to 50% of balances in under and hour and up to 32% in less than five minutes.
- Digitize your insurance workflow to collect faster and boost claims acceptance.
5. Boost Case Acceptance
- The average case acceptance rate for new patients is 25-35%.
- The average case acceptance rate for existing patients is 50-60%.
- A practice that applies best practices can reach 90% case acceptance, for a $1.2 million production gain over averages.
- Case acceptance formula: Case Acceptance = (Treatment Completed $ + Scheduled Treatment $) / Presented Treatment $ x 100.
- Pull your figures from the Presented Procedure Totals report in Practice-Web.
- Address barriers to treatment to boost case acceptance such as:
- Lack of confidence in the provider.
- Treatment fears/ anxiety.
- Payment concerns.
- Getting approval from other decisionmakers.
- Finding time for appointments.
6. Market Your Dental Practice
- The probability of selling to a new patient is 5-20%; the probability of selling to an existing patient is 60-70%.
- It costs 5-25x more to acquire a new patient than to retain one.
- Keeping your current patients happy and marketing to them should be prioritized over attracting new patients.
- Text and email specials and educational info.
- Ask your current patients to leave reviews online.
- Track referral sources and apply resources to the most effective ones.
- Create a referral program.
7. Keep Your Chairs Full
- On average, 10% of appointments are cancelled.
- Use Appointment Lists and texting in Practice-Web to fill holes on your schedule.
- Use the Treatment Finder report with text/email to keep your schedule full.
- Increase bookings with online scheduling and share your links in email, text, social media, your website, and more.
8. Collaborate More
- Practices with data-driven huddles boost production by 30%.
- Use production goals on your Practice-Web schedule to communicate status with the team.
- Use native Practice-Web tools like Wiki, intraoffice communication/ instant messaging, and tasks to collaborate and communicate easier.
9. Nail the Patient Experience
- 84% of practices that focus on the patient experience have more revenue.
- 50% greater financial performance is associated with better patient experiences.
- Per patient reviews, easy ways to boost the patient experience include:
- Provide self-service tools like online scheduling.
- Allow patients to text the office instead of calling.
- Make it easy for patients to complete their paperwork in advance online.
- Keep the practice running on time.
- Verify insurance benefits in advance and provide accurate estimates.
- Use x-rays and patient chart data to educate patients about their oral health.
10. Give Flexible Payment Options
- Keep patient costs manageable and boost loyalty with membership plans.
- Use payment plans to remove cost as a barrier to treatment.
Get Help Implementing These Strategies
- New to Practice-Web: Start with a demo.
- Current Clients with Support: Connect with our Support team for pointers and help implementing these strategies.
- Current Clients without Smart Tools: Connect with our Sales team for Support renewal and/or a Smart Tools consultation.