What was your 2017 revenue? If you’re like many dentists, the answer would be “I’m not totally sure” or “Let me call my accountant.” However, every successful practice should know their numbers inside and out. What numbers do you need to know, and why is knowing them so important?
What Numbers Are Important?
- Your Revenue
- Your Profit
- Your Reimbursement Rate from PPOs
- Other Statistics: Other statistics can be very illuminating when helping your practice become more successful. For example:
- What percentage of patients are scheduled at all times?
- What is your overhead?
- What percentage of money owed to your practice has been collected?
- What percentage of patients give you a referral over the course of a year?
- How many inactive patients did you reactivate over the course of the year?
- What is your number of net new patients, once you subtract out the patients who left?
- What percentage of your revenue comes from PPO contracts and do you know the revenue broken down by each insurance carrier?
Why Do Your Numbers Matter?
Every CEO needs to know their numbers to set achievable goals, modify the current company direction to reach those goals and make informed decisions—and you’re the CEO of your dental practice. If you don’t know your numbers, you will not be able to make decisions based on the numbers. Instead, you’ll be operating from your emotions or a guess.
Get Help from APEX with Improving Your Numbers
Once you know what your numbers are, you might realize that you need help improving them. APEX Reimbursement Specialists is dedicated to working with dentists to determine the best ways to boost their practice revenue, whether that is through coding properly or negotiating higher reimbursement rates with PPOs.
If you want to learn more about how APEX can help your practice improve your numbers, contact our team today by calling (410) 710-6005. We look forward to working with you to make your practice a more profitable place.