Reports are critical to the success of every dental practice. After all, if you don’t know what you’re doing, how much you’re collecting and how many patients you have, how will you ever be able to strategically plan for the future? If you aren’t sure what reports you should be running or why they matter, now is the time to educate yourself for the good of your dental practice and your patients.
Production Report
Production reports can be run monthly, quarterly or annually to let you know production by provider and production by procedure code. When running product reports, it’s a good idea to run them separately for every hygienist and dentist, in addition to an overall report. Many dentists are surprised to see where the majority of their time is going and what procedures are bringing in the most revenue.
Collections Report
Over-the-counter collections are critical to your success as a dental practice. Money is always worth the most the day of the appointment, since you will not have needed to invest administrative time, effort and funds into collecting it like you will 30, 60 or 90 days down the road. The best fee-for-service practices have over-the-counter collections rates at 45-55%. These percentages don’t just happen overnight, however. Instead, patients are taught expectations and transitioned to paying at the appointment time instead of later.
Net New Patients Report
It’s tempting to only examine new patients, but the number of new patients you have coming in is next to worthless if as many patients are headed out the door! Pay close attention to how many patients you are attracting and losing every month and note any steep inclines or sharp drops. It’s always a good idea to follow up with patients who have left to see why they transferred to another office. If you get valuable feedback, it can help you to improve your net patient count in the future.
Insurance Utilization Reports
Does your dental practice suffer from insurance providers paying you too much? We didn’t think so. An insurance utilization report lets you see what companies are paying you, and it can help inform your future contract renewal decisions. Not all companies are willing to negotiate much, but it’s always a good idea to know what providers are paying you the most and offering you the best reimbursement rates.
Grow Your Dental Practice with APEX
The experts at APEX Reimbursement Specialists can help you to explore the best insurance carrier options for your continued growth and sustained success. Contact our team today by calling (410) 710-6005. We look forward to working with you to make your practice a more profitable place.