Knowledge & Growing Your Business

By 2020, customer EXPERIENCE WILL overtake price and product as the key brand differentiator. As author and popular speaker Simon Sinek has been quoted, “People don’t buy what you do, they buy why you do it.”

AND … 85% of companies that engage in customer experience efforts report an increase in revenue.

So then, how can you focus on and improve your patient experience? Where do you start?

Start with the patient journey. When you map out all the ways a patient will come into your practice, and they key touchpoints along the way, with any related business intelligence (BI) available to your practice for each, your key performance indicators (KPIs) will begin to appear and that’s where you can make appreciable differences.

The average patient journey has five key phases:

  1. Practice Awareness
  2. Patient Research
  3. Buying Decision & Conversion
  4. Patient Experience
  5. Advocacy & Practice Growth

Using “intelligence” at your practice isn’t just thinking of a new service or product offering or way to doing things at each phase. It’s the compilation of useful information and knowledge that exists at your practice. It can be found within:

  1. Your practice management system and past results
  2. Your market share data, marketing results, and competitor analysis
  3. Your team’s expertise
  4. Your patient profiles.

The way you gather and exploit the information you have can be central to your ability to grow your production and strategically gain market share. It’s all about knowledge management. KPIs should always drive action. They should be benchmarks that you and your team can challenge yourselves to improve upon.

The challenge that most dental offices have is gathering all this intelligence in a coherent and productive way.

  1. Market research – Do you know how much of the market surrounding your practice your practice owns? When planning your marketing messaging, do you clearly understand the area demographic specific to the pockets of households you draw the majority of your patients from, so that you can align messaging and offers?
  2. PMS data – Do you understand your trend lines, new-patient flows versus lost-active patients, for a clear picture of net gain of patients – or loss? Are you on top of scheduling for existing patients and new patients? Is production consistent? Is it on an upward trend or flatlining?
  3. Your team – Are they applying their skills and expertise to create a WOW experience for patients so that you’re getting more patient referrals, creating a steady stream of positive patient reviews on Google and Facebook, and experiencing a positive amount of repeat business?

Rarely do we find a practice that doesn’t HAVE all the data needed to determine a successful strategy. Yet, many dentists and office managers are overwhelmed with the amount available and what they really need to pull out. You’re data rich but don’t know exactly what you need to focus on to drive growth. Your PMS system is sophisticated, your web analytics are sophisticated, all of the various systems you’re using provide many ways to configure reports and metrics. But who needs what? What does it all mean? How do you take advantage of the analysis?

It’s very interesting to watch the myriad of dashboards and metrics that companies are pushing out, but what successful business owners need is simplicity around their analytics and data. We need “good” KPIs that will help us take action. And we want them presented in a way that makes it easy for us to take those actions.

Here’s what you need when it comes to knowledge and BI to drive practice growth and improve your patient experience:

  1. Patient market share & prospect demographic buying behavior
  2. Practice trend lines for active-patient loyalty and new-patient growth
  3. Practice and marketing performance metrics
  4. An engaged team aligned with your growth goals.

My team at Patient News, along with Practice ZEBRA™, can help you identify opportunities for improvement, opportunities to engage more patients, improve your patient experience, and to run your practice more efficiently, decrease risks, and maximize growth opportunities.

Contact our team today to schedule a FREE DEMO and practice analysis. As always, I promise you’ll be blown away by how easy Practice ZEBRA™ makes it to focus on your lowest hanging fruit. We can give you the knowledge you need to successfully grow production and profit.

Request a FREE DEMO
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