Five Steps To Business Success: Step Two and Three

In an industry as dynamic and complex as dental practice management, facing challenges head-on while maintaining a focus on growth and stability can seem daunting. At Dentally, we are committed to being more than just a software provider; we are your advisor and partner. 

Our mission is to equip dental professionals like you with the tools and insights needed to navigate the complexities of the dental industry, translating challenges into opportunities for development and excellence. 

Over the next few weeks, we will be providing you with everything you need to build a thriving practice with our series ‘Five Steps To Business Success’: 

• Join us for a two-part webinar with your Canadian Henry Schein One team 

• A series of blogs to revisit the topics covered 

• A FREE downloadable workbook with practical ideas on how to put your new findings into practice 

Today, we continue our journey with: Getting Focused and Keeping Score 

Success starts with a vision that your team can aspire to, care about and believe in. Hopefully, now that you have completed step one you will have set your foundation to start mapping out your strategy: 

• We recommend quarterly Objectives and Key Results (OKR) to outline clear objectives that take time to achieve, otherwise known as lagging outcomes. 

• Driving these objectives will be key results that lead to ‘success’. These are leading indicators that can be measured to help inform adjustments to strategies in real-time. 

• Key results are delivered by consistent key activities that your team perform day to day.  

This approach gives clear structure to your team, allowing you to define measurable activities and targets. Most importantly it allows you to actively choose what you will not do, providing focus and productivity for every team member. 

We've seen the remarkable impact of these simple steps in action. Through the disciplined execution of a straightforward model, Objectives and Key Results (OKR), dental practices have witnessed astounding revenue growth of 32%. The model is simple, set your objective and break it down into key activities you can measure:   

• Recall Effectiveness: Proactively engaging with patients to ensure they return for regular check-ups and treatments significantly impacts chair time utilization, ultimately driving revenue growth. 

• Enhanced Online Presence: Leveraging the power of digital platforms to connect with existing and potential patients can significantly bolster chair time utilization and practice revenue. 

• Decrease in FTA’s and Short Notice Cancellations: Minimizing failed-to-attend appointments through effective scheduling and patient communication is a vital step in maximizing chair time utilization. 

• Optimizing Patient Experience: By creating a welcoming, patient-centric environment and delivering exceptional care, you can ensure that chair time is utilized efficiently, fostering patient retention and attracting new patients. 

• Attracting New Patients: Expanding the practice’s patient base contributes to increased chair time utilization and, in turn, propels revenue growth. 

• Boosting Treatment Acceptance: Engaging patients effectively, educating them about treatment options, reducing barriers to care, and building trust leads to higher treatment acceptance rates, directly impacting revenue. 

Don't forget to download our exclusive downloadable resource which includes the ‘OKR Framework Template’ and ‘The Dental Practice KPIs Guide’ to help determine what you should be measuring to support your practice objectives. 

Measuring KPIs and metrics holds individuals and teams accountable for their contributions, ensuring that your team remains focused on key priorities and understands how their work impacts overall success. Not only this, one of the key drivers of job misery in employees, as discussed in our webinar, is "immeasurement" - not being able to measure great, poor and average performance. Employees need to be able to measure their progress towards your expectations to ensure continual development, in turn, promoting staff retention. 

That's why at Dentally, we are here to support you in getting the data you need to drive your business. Our cloud-based software has lightning-fast reporting, allowing you to get the data you need, exactly when you need to celebrate success or pivot and adjust where needed. 

Our team is here to help guide you through how to get the most out of your software, reach out to your Elevate Consultant today to find out how we can help you realize your vision – in the meantime, don’t forget to download your free guide!