Informed Decision Making, Dental Practice Financial Management

Insights Reports for Informed Decision Making 

Dental Practice Financial Management 

We understand that effective financial management is crucial for the success of any dental practice.

In week six of our blog series, we explore some of the financial reports available. Dentally offers a range of reports that provide valuable insights into your practice's financial health and overall performance. of your practice. Understanding your future income is important for your dental office. This is especially true when managing rising overhead costs and tax planning. 

Let's delve deeper into the diverse dental financial reporting available to you. 

Dental Financial Management Reports 

Like a balance sheet, our financial reports show how much the company made and spent each year. This helps you track performance, set realistic business goals, and monitor your bottom line. Here are a few of the reports we recommend using to keep track of your earnings. 

The Takings Report simplifies managing your daily takings. It lets you easily view your practice's total takings over a specific period. We recommend you run this financial data report daily to compare it with your card machine and cash takings.

The Payment Allocations Report is a key financial tool for practices to monitor patient payments. It provides a detailed breakdown of payments by invoice and practitioner, allowing dental practice owners to track and manage practitioners' finances accurately. We recommend running this report monthly so you know exactly how much you should pay your practitioners. 

Explore all the financial reports available. 

Patient reports 

To give patients a great experience, its important to keep in contact with them, even if they haven't been seen recently. The Lapsed Patients report helps remind patients to return for checkups if they haven't visited the surgery in a long time. 

Use this monthly report to email or text patients who missed appointments or lapsed. This will encourage them to take charge of their oral health.

Regularly review new patients with the New Patient per Month Report. Tailor the filters to suit your needs and view monthly registrations. Enjoy a user-friendly graph showcasing the payment plan and acquisition source for clear and concise data. 

Read more about all the patient reports Dentally offers.

Treatment reports 

Staying organised is crucial to running any successful business. The Practitioner Activity Report shows the number of patients, appointments, and treatments each practitioner has completed. Easily refine your report for different time periods and see how much time has been spent on treatments. 

By staying informed about these figures, you can assess your diary space and appointment timings accordingly. You can ensure there is enough free space and open schedules for the number of treatments your practitioners provide. This preplanning is key in your dental practice management, financial planning, and ensuring that you provide the best patient care. 

Once you know your availability for the next month, use our Treatment Plans Report to see your open and incomplete plans. Customise your filters to find all the patients with outstanding treatment. From this report, you will see a quick overview of how much revenue is already charted as an opportunity for you and your practitioners should you get the patient back into the chair.  

Explore more ways you can report your treatments in Dentally. 

Appointment reports 

Utilise the Appointments Report in Dentally to see data from appointments, such as: 

• The number of patients booked online
• The number of appointments cancelled
• The cancellation reasons used

This information is useful for filling gaps in your appointment dairy,  monitoring practitioner efficiency, and altering you to problems. If you see a drop in patients booking online, it's a red flag to check that your Dentally Portal account is working effectively. 

By leveraging Dentally's reporting tools, you gain valuable insights into every aspect of your practice. These reports enable you to make informed decisions to enhance the performance of your practice to help you reach your financial goals.  

Remember! You can always refer to our Dentally Help Centre with any report queries.

Stay tuned for the final instalment of our summer school series coming next Tuesday! In the meantime, feel free to reach out to Ellie and the support team via Live Chat in Dentally with any questions.