It’s a new year, but not too late to look back at your practice’s performance in 2024 and set goals for 2025. Here’s a procrastinator’s guide to getting your KPIs in check.

By KAY HUFF, RDA

IT’S ALWAYS motivating to prepare for each year well in advance so you’re ready with a fresh plan of attack for practicing smarter and more profitably starting on January 2. But guess what? Sometimes we have to settle for “better late than never.” Let’s do this Cliff’s Notes–style with the key practice indicators (KPIs) that are crucial in identifying strengths, weaknesses and opportunities for improvement—and which steps to take if one or more come up short of your expectations.

  1. Patient retention rate. This is one of the most significant indicators of a practice’s success. It’s a metric that helps you understand how many patients return for regular checkups compared to the total number of active patients.A high retention rate indicates patient satisfaction and loyalty, while a low rate may signal problems that need to be addressed, such as customer service or treatment quality. Action steps:
    • Analyze patient feedback and satisfaction surveys.
    • Implement strategies to enhance the patient experience.
    • Foster relationships through follow-up communications.
  2. New patient acquisition. Alongside retaining existing patients, acquiring new ones is essential for growth. Tracking the number of new patients each month can provide insight into the effectiveness of your marketing efforts and community engagement.
    • Evaluate marketing campaigns’ performance (online and offline).
    • Consider referral programs or business partnerships.
    • Engage the community via events and educational programs.
  3. Case acceptance rate. This reflects how many proposed treatment plans are accepted by patients. A low acceptance rate may indicate difficulties with patient education, trust or treatments’ perceived value.
    • Train staff to effectively communicate treatment benefits.
    • Ensure that financial options are clear and accessible to patients.
    • Discuss treatment plans transparently and be sure to address any patient concerns.
  4. Revenue per patient. This KPI can reveal trends in treatment demand and revenue potential.
    • Analyze treatment types and their pricing.
    • Evaluate how additional services (cosmetic, orthodontics) contribute to revenue.
    • Adjust prices based on market research and patient demographics.
  5. Appointment no-show rate. Tracking and addressing this metric can lead to better scheduling practices.
    • Implement reminder systems via text, email or phone calls.
    • Consider a cancellation policy that encourages patients to inform you in advance.
    • Analyze reasons for no-shows through patient feedback to identify patterns. Overhead costs. Keeping a close eye on overhead is vital. This includes rent, utilities, supplies and salaries. Understanding these expenses helps you make informed decisions regarding budgeting and resource allocation.
    • Conduct a comprehensive review of all expenses.
    • Identify areas where costs can be reduced without compromising quality.
    • Consider investing in technology to improve efficiency and lower long-term costs.
  6. Team productivity. Evaluating this can reveal insights into operational efficiency and employee engagement.
    • Set clear performance metrics for each team member’s role.
    • Provide ongoing training and development opportunities.
    • Foster a positive work environment that motivates your team.

Even if you track all these metrics continuously, it always helps to look back at a longer chunk of time. Whether you’re reading this in January or February—or even March—embracing these metrics will not only prepare your practice for the future but also position it for sustained growth and dental excellence.

KAY HUFF is the Practice Solutions Ambassador for Benco Dental, bringing over 40 years’ experience as a professional coach specializing in business systems, team motivation, leadership and profitability. She is one of Dentistry Today’s Leaders in CE and Dental Consulting. Contact her at kh3554@benco.com.