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As business intelligence and data dashboards become more mainstream, early adopters in the dental industry are finding ways to leverage their data to inform decision-making, gain insight into their performance and fuel growth.
There’s more to data analysis than report generation and metrics — industry-leading DSOs are using data analytics technology to make better decisions, gain perspective and grow sustainably.
Data-driven strategies can make the day-to-day difference that sets successful DSO leaders apart and turns their data into dollars. Here are three ways DSOs are using smart technology to gain a competitive advantage:
1. Informing Decision-Making with Actionable Insights
By now, most businesses have realized how crucial data is to effective decision-making. But just collecting data isn’t enough — analyzing data and understanding its significance is what truly makes it useful. Without actionable insights, tracking data can feel like just another task to complete. Meanwhile, decision-making is still based on the same old perceptions, experiences and anecdotal evidence companies had to rely on before better data was available.
DSO leaders aren’t just gathering data about their organizations — they’re utilizing smart technology to automatically turn it into actionable insights that inform their strategies. With essential metrics and key performance indicators (KPIs) together in one analytics dashboard, the decision-making process is streamlined on every level. Smart technology can find opportunities and identify weaknesses in the many diverse aspects of practice management — from online scheduling to hygiene recall and revenue cycle management.
2. Making Connections to Gain Perspective
Insight into an individual practice is valuable, but understanding how it measures up in the broader context of a DSO and the industry as a whole is a much more valuable tool for gaining a competitive edge. According to one management philosophy called the “theory of profound knowledge,” profound understanding of a system cannot come from within the system itself — the biases of previous experience make it impossible to analyze the organization critically.[1] Without the necessary context, it’s easy to reach the wrong conclusions.
Data-driven insights make it easier to connect the dots and see the big picture. Consider this example from Marquee Dental Partners, a fast-growing DSO with more than 40 locations. One location was proud of the number of fluoride treatments their hygiene department completed daily. However, when compared against other locations, it was less than 15% of the daily average.[2]
A data analytics platform can automatically collect and analyze data across multiple offices (or even compare data against industry benchmarks). This creates a framework to better understand performance so you can build on strengths and improve weak points.
3. Positioning Organizations for Sustainable Growth
Whether they choose to prioritize boosting revenues at existing offices or opening and acquiring new locations, DSOs need a firm understanding of how their organization is really operating to plan for sustainable growth. An effective analytics platform can be instrumental in creating a firm foundation for a growing organization to build on.
For organizations seeking to maximize revenue at their locations, smart technology keeps real-time data flowing in, providing immediate feedback on how their strategies are affecting performance. Identifying key metrics, setting informed goals and reviewing reports to gauge progress with your team at regular intervals can help keep your day-to-day actions aligned with your long-term goals, with accountability built into the process. These analytics can also identify hidden opportunities to improve production and boost revenue.
For organizations opening new offices and acquiring other businesses, smart technology can provide a roadmap for future growth. When new locations open, their performance can easily be measured throughout the process. Tom Clark, CEO of Dentive, uses data analysis to do due diligence before acquiring a new practice. With accessible information and predetermined metrics and benchmarks, he evaluates how a provider is performing relative to his existing offices.[3]
Get Data-Driven Insights With Jarvis Analytics
Are you interested in seeing the benefits of data-driven insights in your own business? The Jarvis Analytics platform features an all-in-one data dashboard to empower you to track all metrics, data and essential KPIs in one convenient location.
Trusted by some of the biggest and fastest-growing DSOs in the dental industry, Jarvis Analytics can bring together data from multiple locations and integrate seamlessly with several different practice management systems. Its automatic analysis runs in the background to track important metrics and generate the insight you need to ensure you stay on track with your goals as you grow your dental business. Unlock the hidden potential of the information your practice management system is already collecting and turn your data into dollars.
Request a demo to explore how Jarvis Analytics
can make the difference that sets your
group apart from the competition.
[1] Turn Your Data Into Dollars Webinar, slide 5
[2] 4 Reasons You Need A Dental Dashboard, page 3
[3] 4 Reasons You Need A Dental Dashboard, page 5
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