Know Your Numbers
Dashboard Technology and KPI’s Merging; Inspiration for the Dental Sector
by Joseph Fertucci DDS, CEO of Collaborative Management Systems and Dental Practice Pro
“Know your Numbers” this cliché has evoked intimidation and fear long enough! For the longest time, I believed practice numbers were synonymous with stories of new patient acquisitions, procedures rendered and practice profitability. Although this may sound completely elementary and irresponsible, when I started, my sole focus was patient care. The stories that I conveyed to colleges had no foundation for substantiation, as in 1997 cash flow and patient confidence was remarkably high. The fundamental principles that imbued the notorious cliché, “Know your Numbers”, did ring in my ear for years. Partner associates and banking professionals invariably requested written accounts of these performance stories with supporting data. This is when I realized I needed a better way to deliver this information. Fortunately, during my time as the sole principle for my dental practices, I embraced the opportunity to develop intensive spreadsheets on these statistics. Simultaneously, my team and I developed models on organizational structure and coalesced them with cash flow analysis while continuing to use our practice management software (Dentrix).
Today, my DMSO (Dental Management Service Organization) is able to keep its finger on the pulse of the practices in real time with a web based dashboard that integrates with Dentrix and amplifies its value. This dashboard, Dental Practice Pro, looks at industry specific reports and collates progress over time by pulling critical data from Dentrix. The two working seamlessly together result in a best practices management solution on a cloud based dashboard. This interface delivers executive level control over management and financial data on one screen on any device preferred!
My personal investment in the commercial development of this technology, Dental Practice Pro (DPP), aligns with the changing trends of the dental industry. With this paradigm shift, dental professionals have evolved into business entrepreneurs with a responsibility to work on their organization. To fully relate the practicality of this tool, there are a few terms that require defining. Key Performance Indicators (KPIs) are quantitative business metrics that measure factors crucial to organizational success. These values gauge how effectively a company progresses towards accomplishing its desired targets. The term ‘Dashboard’ connotes a portable, web-based interface that organizes KPI’s in a collated manner. DPP’s dashboard provides statistical data in an engaging, user-friendly interface for both solo and multiple location dental offices.
Being the first of its kind to automate organization, Dental Practice Pro is a complete enterprise solution that aims to reduce a practitioner’s growing pains. Besides addressing patient data, it also provides administrative templates for workflow and accountability for all divisions of labor, including Human Resources, Marketing, Finance and Operations. DPP aligns with Henry Schein’s Business Solutions Division to enhance the probability of industry success and meet the future dentistry demands.
Dental Practice Pro has been successfully field tested within multiple dental office entities with simple objectives in mind. The first objective was to develop an internal culture consistent with the ongoing dental office philosophy. In doing so, I educated staff on measuring KPI’s for patient statistics and cash flow data. Second, I needed a place holder for those individuals that would be division leaders. This would insure the structural integrity of the business by providing a secure and controlled environment for staff communication. Last, a cash flow ledger that would quantify the practices valuations for any capital required for an acquisition or a merger.
Exploring the future of dentistry continues to be very rewarding and I invite all dental professionals to seek resources that will inspire you towards fulfillment.