Key Performance Indicators (KPIs) for Your Dental Practice and What They Mean

Art of Dental Finance and Management

In this episode of The Art of Dental Finance and Management, Art Wiederman, CPA, speaks with Matthew Nelson, a Practice Management Analyst at the California Dental Association. They engage in an insightful discussion about key performance indicators (KPIs) in the dental industry. Drawing on his extensive experience in supporting the growth of dental practices, Matthew outlines the critical metrics and KPIs that dental teams should consistently monitor. He emphasizes a common mistake made by dental professionals: attempting to track too many or too few metrics.

Art and Matthew also explore strategies for optimizing scheduling and improving case acceptance rates. They stress the importance of consistent team communication and standardized terminology to build patient trust and enhance treatment acceptance. The episode addresses methods for managing no-shows and cancellations, examines the negative impact of low collections on practice sustainability, and outlines best practices for improving revenue collection.

Finally, the episode concludes with a thorough analysis of overhead costs, including team compensation, supplies, laboratory fees, and marketing expenses, highlighting the necessity of regularly monitoring these expenditures.

Together, Matt and Art provide actionable recommendations to help dentists improve their production, collections, and overall profitability.