New Breathe KPIs protect practice owners from information overload
Two dental business advisors have revealed a simple technique for spotting good or bad performance areas that makes it easier to sell a practice and borrow money.
Simon Hocken and Jonathan Fine, of Breathe Business, believe their Key Performance Indicators (KPIs) are desperately needed in the dental sector as clinicians often struggle to glean meaningful information from their business data before it’s too late.
Simon Hocken said: “In the post-recession world, where profits are half what they were 10 years ago, dentists need more accurate reports on what is going on in their practice, and in real time rather than as a history lesson delivered by an accountant once a year.”
Breathe KPIs give a snap shot of practice health which is displayed in an easy-to-digest infographic that can be shown to the dental team every four weeks. Practice valuations and bank loans can also be improved and fast-tracked with the information.
Jonathan Fine said: “Breathe KPIs present actionable information, which is often nearly impossible to see because practice owners get information overload. This tool also supports team building because the data is presented objectively and graphically, it’s designed to be shared and makes it easier to highlight under-achieving clinicians without outright performance-centred conversations.”
The Breathe KPIs are:
- Net practice growth
- New patient value
- New patient treatment plan take-up
- Average patient value
- Average daily yield
Breathe KPIs identify peaks and troughs in performance at a glance before using increasingly specific measurements such as average new patient value by dentist and average new patient value by source to uncover the causes.
Jonathan Fine and Simon Hocken use Breathe KPIs to help dentists in the UK and Ireland through Breathe Business, a consulting, business and advisory group, and they developed the concept in the book Moonwalking For Dentists, which is available at www.moonwalkingfordentists.co.uk.