Goal of Quarterly Performance Review: Making Dental Practices More Successful
We know that many doctors want input on the health of their dental practice, but in most cases they are not willing to pay the tens of thousands of dollars most consulting firms charge. Much like a medical or dental checkup, the experts at Professional Transition Strategies have found many practices would benefit greatly from a quarterly confidential practice performance survey. These surveys indicate strengths and weaknesses of the practice, and compares the practice to local peers and colleagues.
Because PTS works closely with hundreds of local medical and dental practices, we see what the top performing offices are doing to be successful. We offer suggestions and a plan to improve the performance of the practice. We perform this service without a contract or large financial outlay.
What is a Quarterly Performance Review?
Some may wonder what a quarterly performance review is. The key indicators our reviews and audits focus on include:
- Production, Adjustments, Collections, Accounts Receivable
- Overhead %, Margin
- Production/Hour, Margin/Hour
- Visits, New Patients, Production/Visit, Margin/Visit
- Hygiene Performance and Hygiene Efficiency
- Confidential Local Fee Survey
- Confidential Local Salary Survey
From this data and analysis, we can find opportunities for improvement in:
- Practice and Production Growth
- Case Acceptance
- Hygiene Department
Why Are Performance Reviews So Important?
Ultimately, dental practice performance reviews and audits are important because they help the doctor understand his/her practice better, and helps him/her become a stronger leader. Strong financial performance leads to improved annual income and a higher selling price when it comes time to consider transitioning the practice.
A recent survey done by Deloitte, a multinational professional services network, highlights that business audits help improve business performance. (1)
"True professionals whose expertise alleviates stress and is second to none. Kyle’s knowledge of all things dentistry is highly valuable as is his ability to facilitate transactions and negotiations. Stanton’s knowledge of the real estate arena can’t be rivaled. They’re available through every step of the process and are advocates that I couldn’t function without."Dr. Tyler Boss
Visit Our Blog
Want to learn more about professional transitions? Or perhaps you are just curious what we have been up to? Visit our blog, Insights, where you can learn more about professional transitions, recent events we have participated in, and stories about our clients and their professional transition.
Read Our Case Studies
Every professional transition is unique its own way. Over the years we encountered a number scenarios, both simple and complex. To illustrate the variety of situations and clients we have worked with, visit our case studies page. You might find something that parallels your needs.
Read Our Ebook
What do I need to know to have a successful professional transition? Good question. We have written an ebook called Strategies for Transition, which provides a comprehensive guide for those figuring out the next steps for themselves and their practice. Learn more and register to receive your free copy.