Orthotown Jan/Feb 2014 - (Page 41)
feature // practice management
by John K. McGill, CPA, JD, MBA
In the 1990s, orthodontic practice management was relatively easy. Most practices registered double-digit gains in profitability each year with little, if any, managerial effort required
by the doctor. Unfortunately, that no longer happens. The tight
economy, growth of managed care, increasing competition, rise
of corporate dentistry and lower treatment acceptance rates have
made the business side of orthodontics much more difficult.
Unfortunately, many doctors have not exerted the extra
practice management necessary to keep pace, leading to a
decline in profitability. Below are the most important practice
management statistics that orthodontists should track (in addition to their practice overhead expenses) in order to regain
higher profit margins.
1. Source and number of new patient phone calls - The
front desk should record every new patient inquiry received, and
note the marketing source from which it originated. Identifying the
source of the new patient call helps evaluate the cost effectiveness
of each marketing strategy employed, while the number of calls
received helps gauge the success of the doctor's marketing effort.
2. Number of new patient exams - The front desk should
also record the number of new patients that actually show up for
their initial examination. Tracking this number and comparing
it to the number of new patient phone calls demonstrates the
effectiveness of the front desk in selling potential new patients
on your practice. As a benchmark, the ratio of new patient
exams divided by the number of new patient phone calls should
exceed 85 percent. In order to improve this ratio, we recommend that doctors record all incoming new patient phone calls
and monitor them to assess their front desk staff 's effectiveness.
Increasing customer service training for your staff can eliminate
negativity and boost the number of new patients and related
starts in your practice.
3. Treatment acceptance rate - This ratio measures the practice's ability to persuade patients to accept needed treatment. It is
calculated by dividing the number of new patient starts (excluding Phase 2 starts) by the total number of new-patient exams.
Treatment acceptance rates should be 70 percent or higher in
orthodontic practices. Doctors should compare their performance
continued on page 42
orthotown.com \\ JANUARY \ FEBRUARY 2014
41
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Table of Contents for the Digital Edition of Orthotown Jan/Feb 2014
Orthotown.com Highlights
Wired for Success: The Customer Service Game
Lower Incisor Extraction – Anyone Have Photos?
Topical Anesthetic for TAD Placement
Staff Treatment and Clocking In
Office Visit: Work of Art
Orthotown Townie Choice Awards
The 10 Most Important Practice Management Statistics Orthodontists Should Track
How to Start More Adult Cases
Stand Up and Stand Out
Ad Index
Orthotown Jan/Feb 2014
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