Your practice management software can probably generate a huge number of financial performance metrics. If you try to keep track of too few or too many of them—or the wrong ones—they won’t help you manage your practice successfully. With experience, you’ll learn which are most helpful for you, but until then you should monitor what I call Key Production Indicators, or dental KPIs.
Not surprisingly, some of the most critical KPIs to watch are financial statistics. Here are several of the financial KPIs that the most successful dentists typically follow as they plan new management systems and growth strategies:
Over time, you’ll probably be comfortable with a longer KPI watch list, but tracking those discussed here will get you off to an excellent start. You’ll soon understand why top CEOs can always recite their key numbers… and why knowing your numbers is the first step toward growing your business.
This resource was provided by Levin Group, a leading dental consulting firm that provides dentists innovative management and marketing systems that result in increased patient referrals, production and profitability, while lowering stress. Since 1985, dentists have relied on Levin Group dental consulting to increase production.
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