Do you use benchmark data to gain insights into the performance of your dental practice?
If not, here’s why you should be and what dental industry benchmarks you should be looking at.
Benchmarks are the key to success
In order to grow a successful dental practice, practice owners must continually evaluate themselves, their competitors, and their industry. By doing so, they can then compare their own performance with the ‘benchmarks of success.’
When assessing their numbers with those of the industry, practice owners will gain an insight into the key areas that they’ll need to focus on for their business. For example, vital information that you can gain from comparing your practice to dental industry benchmarks is whether your costs are too high, whether you have any operational mistakes or inefficiencies, and whether your productivity isn’t high enough.
Evaluation is essential to growth, so using the data gathered from dental industry benchmarks, practice owners can then make the necessary changes to maintain a competitive edge and adapt to the needs of their customers, both of which are vital to success.
Dental industry benchmarks
Dentists don’t have the time to sift through pages and pages of financial data, so to summarise the main practice statistics into a short report, these are the major dental industry benchmarks that you should be looking at.
Overhead as a percentage of sales
Drugs, supplies, consumables etc
Rent of premises
Staff wages & salaries
Depreciation (normally your fitout / equipment)
For more dental industry benchmarks, see our full industry report which gives the average results for businesses.
Use benchmarks to grow your practice
Whether one is setting practice goals for clinical results, financial results or patient satisfaction, a plan of action must be developed from data. To start making valuable changes that achieve better results, use these dental industry benchmarks above to ensure your success!
Working with a specialist accountant will give you access to these industry benchmarks, as well as an insight into what other practices are doing and what is/isn’t working. Contact me now via email@example.com to keep your ear to the ground so that your practice can flourish.