Three Ways to Turn Your Data Into Dollars

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Are opportunities to turn your data into dollars hiding in your practice data? When you think about practice data, you probably think about the number of appointments last month or your patient treatment acceptance rate. While these are valuable, there are three ways you might not have considered to truly harness the power of your data. Continue reading…

When you think about practice data, you probably think about the number of appointments last month or your patient treatment acceptance rate. While these and other reports are valuable, you also need to analyze the data within them to uncover hidden opportunities and actionable steps you can take to turn your data into dollars.

Increasing profits with data requires a blend of skills, technology, strategic thinking and operations — and it’s not always easy. You must transform the way you approach your data so you can increase production, create operational efficiencies and make better business decisions. Here are three things to do to turn your data into dollars.

1. Know Your Numbers

You can’t increase your production without first understanding all your data and knowing how to use it. That’s why accessing and understanding all your data is your first step to turning your data into dollars.

Your data gives you an incomparable look at how well your DSO has been performing so you can maximize performance and increase your production. But most DSOs run on outdated spreadsheets and decentralized numbers. To maximize your DSO’s performance, you need to centralize your data so you can compare across locations.

For example, consider the data behind unscheduled treatment options. When you have access to your complete numbers for all locations, you can leverage case acceptance measures with other filters to find patients who have unscheduled treatments (you could even filter treatments by provider, by treatment type or by service date). With just five additional cases per month, your DSO could expect up to an additional $144,000 in annual revenue per location — all just from leveraging your data[1].

Using your data, you can increase production through other processes:

• Online scheduling. Online scheduling data can increase your production by allowing patients to book 24/7 — all you have to do is open your schedule.
• Hygiene recall. Your productivity numbers can help you ensure your patients are scheduled for a recare visit to keep your hygiene program healthy. You can measure your patient recall rate by provider, date or service to ensure each provider is meeting your goals. You can even identify patients who were not scheduled for a return visit and follow up.
• Revenue cycle management (RCM). Your RCM is nothing without your data. Use your deep data to get visibility into your revenue cycle operations across all your locations to see more opportunities to increase production.

When you know your numbers, you can increase your production — effectively turning your data into dollars.

2. Create Automatic Efficiencies

You can find some of your most valuable data in workflows that can be automated. Approaching your data with the intention of increasing efficiencies throughout your DSO by automating tasks and workflows can help you turn data into dollars.

Automation can help your practice maintain increased production by streamlining workflows for your team throughout your DSO, regardless of their role or experience. What’s more, when your staff is more efficient, patient visits become more efficient, which can lead to increased patient satisfaction and recall rate.

Some tasks and workflows to automate that can increase efficiencies include:

• Morning huddle reports. Automating your morning huddle report can give you information on production, collection, new patients, treatment acceptance and more so your team can perform at their best — all without having to take valuable time out of your day to drudge through data.
• End of day reports. A report at the end of your day is just as important as a report at the beginning, and automatic end of day reports mean you have a meaningful look at your daily production without having to stay late to put it together.

Instead of spending valuable time putting together reports, use your tools to automate tasks and workflows so you can focus on other things.

3. Use Data to Make Decisions

Use your data to make better business decisions to turn your data into dollars. An important piece of making better business decisions is centralizing all your data, no matter what form it takes, into one agnostic platform. Seeing all your data in one place can help you identify opportunities, problem areas and benchmarks easily so you can come up with goals and an action plan.

Another important piece of making better business decisions with data is viewing your data in real time. Real-time data allows you to remove the guesswork from decisions by showing past and present numbers as well as predicting future information. What’s more, with real-time data, you don’t have to wait until the end of the day, month or year to make decisions.

Other data you should be looking at to make better business decisions include:

• Key performance indicators (KPIs). KPIs can give you valuable insight when making important decisions, especially in a DSO, because you can aggregate KPIs across all of your locations to benchmark the performance of each practice.
• Practice potential. Using key metrics like hygiene recall, case acceptance, retention and collections, you can use your historical data to determine revenues and collections so you can see your DSO’s potential and make better business decisions.
• Patient portal. Don’t forget the valuable data in your patient portal when making decisions. This data is fully searchable with filters so you can intuitively find the information you need to make the right call.

Looking at your practice’s data can give you answers to your questions (maybe even some you haven’t even asked yet) to make better business decisions.

Harness the Power of Your Data With Jarvis Analytics

Your data has power that you aren’t harnessing. Jarvis Analytics can help you access the data you want to so you can turn your data into dollars. This powerful dental dashboard solution gives you the numbers you need to increase production, create operational efficiencies and make better business decisions — all within one platform. Learn the right ways to use your data to drive the results you want with Jarvis.

Would you like to see Jarvis Analytics in action?
Request a demo today or contact the sales team
for more information about how Jarvis Analytics
can turn your data into dollars.

[1] Jarvis Analytics Internal Research, https://hsps.widen.net/s/jdwdkzmldb/jarvis-analytics_revenue-impact
 

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