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Howard Speaks: Dentistry Is a Numbers Game by Dr. Howard Farran

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Categories: Practice Management, HR and Accounting;
Howard Speaks: Dentistry is a Numbers Game 

by Howard Farran, DDS, MBA, publisher, Dentaltown magazine

Does your bookkeeper sit next to you?

I’ve been saying this for years: As a dental practice owner, you need to know your numbers. Statistical analysis can tell you more than just how much the practice is bringing in. Start with metrics like production per patient, total value per patient and openings per day for same-day emergency dentistry. But analysis can also shed light on more than that.

Mark Cuban, the Dallas Mavericks owner, explained how statistical analysis goes beyond rebounds and points to reveal even player and team dynamics: They can show if one certain player doesn’t perform as well when he’s teamed with another specific person. If you’ve got multiple hygienists, who’s pre-appointing all their hygiene appointments? Who’s carrying the heavy load? Who’s making all the points when it comes to overhead?

Cuban believed in statistical analysis so much, he was a key investor in Synergy Sports, which uses cameras to capture player movements and calculate player analytics. In the course of one year, the company analyzed more than 60,000 basketball games! The company now has clients including teams in the NBA, Major League Baseball and the NCAA. In late 2019, Cuban agreed to sell his investment in the company in a deal worth an estimated $90 million! Owners and investors have realized the value of data collection and analysis, and nowadays if you aren’t paying attention to your data, you’re behind the curve.

It’s up for interpretation

 However, data alone can get you only so far. To succeed, you need to know how to interpret that data, and how to enact meaningful change.

Once you have the information, Cuban says, it’s important to determine what’s most important to you. How will you weight the variables, and what are the conclusions you’ll draw from them?

Cuban has also branched out into health statistics and cognitive training, in an effort to learn more about training the brain. “You can have all the physical talent in the world—we can put you in better shape than the Six Million Dollar Man—but if your brain’s not where it should be and your mindset isn’t right, none of that matters,” he said in an interview with Bloomberg.

This is key to your dental team as well. An associate dentist might have excellent clinical skills but need training on more respectful interaction with assistants and other team members. A hygienist might need to learn how to better guide patients into scheduling their next follow-up appointment.

Being a team player

 Back in the days when I went to dental school, all the deans thought they needed to be drill instructors. Nowadays, they’ve realized they need to form positive relationships with their students, just like you need to create positive relationships with your team players.

Do you have that relationship with your CPA, your bookkeeper, your office manager? And does your office manager have that relationship with the rest of your team? You won’t really know your numbers unless the right things are being tracked and reported. And while you can decide what’s most important to work on and improve, the whole dental team needs to be on board so you can play to win.

I would love to hear your thoughts and opinions about this topic! Please leave your comments or questions below this column. 
 

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