KPI tree preview. Document date 4/1/17
Name Description Performance Value
Dental Practice Balanced Scorecard This Balanced Scorecard is designed to help dental practices measure and improve their performance. Where possible benchmarks from US dental industry were used for the target values. Learn more about how to customize it: http://www.bscdesigner.com/balanced-scorecard-and-kpis-for-a-dental-practice.htm 44.29%
Financial Perspective 35% 45
Improve profitability of the dental practice The goal of any business is profit. Besides providing excellent dental care, you run a business. You need to know the profitability of your dental practice before the owner's compensation. The industry average benchmark is 40%. 35% 45
Increase average revenue generated by patients Explain to patients at your dental practice the possible treatments that they could receive. Your goal is not just to solve the problem, but to provide comprehensive dental care. 16.67% 500
Average annual production per active patient, $ Measurement: Measure the profit generated by one patient during a 1 year period 16.67% 500
Improve payments collection ratio up to 98.5% 95% 95
Introduce to new patients the treatment plan, not just a solution of the actual problem How good you deal with new patients. Unlike old patients, new patients' behavior indicates how effective your team and patient engagement efforts are. The basic approach is introducing to new patients not just a solution to the problem they have, but offering them a detailed treatment or prevention plan. 16.67% 500
Improve patient's engagement Whitening procedures have been reported to have a positive effect on patients' engagement. Make sure your dental practice provides appropriate services. There are difference industry benchmarks on this. Some suggest having at least 1 whitening per day. Others suggest having 30% of available whitening procedures. 40% 20
Decrease Costs 40% 60
Overhead (Operating expenses), % Measurement: (Overhead expenses * 100%) / (Collections) 40% 60
Reduce the number of broken appointments one of the main reasons for service inefficiency is failure of the client to attend a scheduled service. The goal is to improve financial efficiency by decreasing the number of broken appointments. 87% 13
Profitability, % Measurement: (Operating expenses)/(Revenues generated) 30% 30
Customers 59.67% 157
Improve payments collection ratio up to 98.5% 95% 95
Accounts Receivable, $ Measurement: Percentage of due payments received after 2 months of the actual treatment 95% 95
Introduce to new patients the treatment plan, not just a solution of the actual problem How good you deal with new patients. Unlike old patients, new patients' behavior indicates how effective your team and patient engagement efforts are. The basic approach is introducing to new patients not just a solution to the problem they have, but offering them a detailed treatment or prevention plan. 16.67% 500
Average Production Per New Patient, $ Measurement: Treatment plan value, $ 16.67% 500
Develop a marketing system that will promote practice to new patients Any business loses a certain percentage of patients per year. To stay in the business and grow you need to find new patients regularly. 40% 4
Improve the quality of initial treatments and marketing materials How efficient your initial marketing system is? 30% 30
Improve patient's engagement Whitening procedures have been reported to have a positive effect on patients' engagement. Make sure your dental practice provides appropriate services. There are difference industry benchmarks on this. Some suggest having at least 1 whitening per day. Others suggest having 30% of available whitening procedures. 40% 20
% of whitening procedures Measurement: (The number of whitening procedures) * 100% / (Total treatments per day) 40% 20
Do quality assurance to prevent patients from being lost in the future Control if the patience stops using the service because of the service price or quality or because of more natural reasons (such as relocation). If you find a problem you need to initiate quality assurance procedures, e.g. prevent similar problems from occurring. 88% 12
Reduce the number of broken appointments one of the main reasons for service inefficiency is failure of the client to attend a scheduled service. The goal is to improve financial efficiency by decreasing the number of broken appointments. 87% 13
FTAs, % FTAs % = (The number of not attended appointments * 100 %) / (The total number of appointments) 87% 13
Do a data-driven decision when choosing marketing methods 68% 160
Internal Business Processes 56.5% 51.5
Develop a marketing system that will promote practice to new patients Any business loses a certain percentage of patients per year. To stay in the business and grow you need to find new patients regularly. 40% 4
% of new patients Measurements: (The number of new active patients per year) * 100% / (The total number of patients) 40% 4
Track and improve employees’ efficiency The annual production per one employee depends on where your dental practice is located. For the US, an excellent benchmark target would be $15,000. 22% 11,000
Improve the quality of initial treatments and marketing materials How efficient your initial marketing system is? 30% 30
New patient conversion rate, % Measurement: (New Active Patients) * 100% / (Qualified leads). Use this KPI to find out how efficient your marketing system is. You will need to specify what lead is your qualified lead and then find out the conversion rate of the qualified leads into active patients. 30% 30
Do quality assurance to prevent patients from being lost in the future Control if the patience stops using the service because of the service price or quality or because of more natural reasons (such as relocation). If you find a problem you need to initiate quality assurance procedures, e.g. prevent similar problems from occurring. 88% 12
% of patients who leaves a dental practice Measurement: (The number of lost patients per year) * 100% / (The total number of patients) 88% 12
Do a data-driven decision when choosing marketing methods 68% 160
Amount paid per active patient per year, $ Measurement: (Total marketing budget per year) / (The number of new active patients per year) 68% 160
Train team to present treatment plans Make sure that patients accept suggested treatment in most cases 30% 30
Education and Growth
Education 26% 5,515
Track and improve employees’ efficiency The annual production per one employee depends on where your dental practice is located. For the US, an excellent benchmark target would be $15,000. 22% 11,000
Annual production per full time employee, $ Measurement: (The total production, $) / (Number of full time employees) 22% 11,000
Train team to present treatment plans Make sure that patients accept suggested treatment in most cases 30% 30
Treatment acceptance rate, % Measurement: (The number of accepted treatments) * 100% / (The total number of recommended treatments) 30% 30